Binance founder CZ’s wealth grew by $25 billion in 2023: Bloomberg Billionaires Index

Binance founder CZ’s wealth grew by  billion in 2023: Bloomberg Billionaires Index
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Binance founder Changpeng “CZ” Zhao, who recently pleaded guilty to U.S. criminal charges and resigned as CEO of the crypto exchange, saw his wealth soar by almost $25 billion in 2023, according to the Bloomberg Billionaires Index.

Zhao’s estimated wealth now stands at more than $37 billion, making him the 35th richest person globally, according to the index. The substantial fortune is derived from Zhao’s controlling stake in Binance, Bloomberg reported earlier today. It’s worth noting that Zhao also holds bitcoin and Binance’s own coin, BNB, and these assets are reportedly not factored into the index.

Binance and Zhao pleaded guilty 

In November, Zhao and Binance pleaded guilty to anti-money laundering and sanctions violations in a historic settlement with the U.S. Binance agreed to pay a $4.3 billion fine, and Zhao agreed to pay a fine of $50 million personally.

Zhao faces a prison term of up to 18 months, and a federal judge recently ruled that Zhao can’t return home to the United Arab Emirates for now. His sentencing is scheduled for Feb. 23.

At $37.2 billion, Zhao’s wealth is a long way from its peak of almost $97 billion in early 2022, according to the Bloomberg report. It’s also a notable decline from the year-to-date high of $50.4 billion in July.

Wealth soars for other crypto leaders as well

Alongside Zhao, several other crypto executives witnessed a surge in their personal wealth in 2023 as markets make a comeback. These include Coinbase CEO Brian Armstrong (current estimated wealth $7.2 billion), Coinbase co-founder Fred Ehrsam ($2.5 billion), Gemini co-founders Tyler and Cameron Winklevoss ($2.7 billion each), and Digital Currency Group founder Barry Silbert ($2 billion), according to the Bloomberg report.

Meanwhile, Sam Bankman-Fried, the jailed former CEO of the now-defunct crypto exchange FTX who was recently convicted of fraud, maintains an estimated net worth of $0. That’s down from its peak of $25.9 billion in March last year, according to the Bloomberg report.

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© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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