Long Investigations Reveal Binance Founder CZ’s Staggering Wealth: Unveiling His BNB Holdings
The extensive investigations have finally uncovered the extraordinary wealth of Changpeng Zhao (CZ), the visionary behind the renowned cryptocurrency exchange Binance.
Changpeng Zhao, a prominent figure in the world of cryptocurrencies, saw his net worth soar while facing adversity. Currently recognized as the wealthiest individual in the crypto sphere, Zhao’s fortune has surged to an estimated $61 billion, ranking him as the 24th richest person globally, trailing closely behind Julia Koch and her family. In comparison, Coinbase founder Brian Armstrong, the next wealthiest figure in the crypto realm, boasts a net worth of $11 billion.
The substantial increase in CZ’s wealth can be attributed to two key factors. Firstly, his 90% stake in Binance, a leading crypto exchange, is valued at a staggering $33 billion. Despite CZ stepping down as CEO in November 2023 as part of an agreement with the US Department of Justice following allegations of money laundering and sanctions violations, his holdings in Binance remained intact. Although the company faced a hefty penalty of $4.3 billion, Zhao’s personal fortune was relatively unaffected, with a mere $50 million fine imposed on him.
Following his departure from Binance, the exchange witnessed a notable surge in trading volume, solidifying its position as a dominant player in the global crypto market. Data from The Block indicates that in the six months post-CZ’s resignation, Binance’s share of the total spot market among exchanges rose to 42%, compared to an average of 38% in the preceding two months.
Forbes’ revelation of CZ’s personal BNB token holdings has been instrumental in the significant spike in his net worth. With an estimated 94 million tokens in his possession, constituting 64% of the total 147.5 million BNB tokens in circulation, CZ’s wealth has skyrocketed. Additionally, Forbes estimates that Binance controls 71% of the BNB supply.
Despite the legal challenges faced by the exchange, BNB has outperformed other leading cryptocurrencies in 2024, recording a remarkable 100% increase. Recently hitting an all-time high of $714 with a market capitalization of $110 billion, BNB continues to showcase impressive growth.
Changpeng Zhao’s accumulation of BNB tokens traces back to Binance’s inception in 2017, where CZ and the founding team received 80 million tokens from the total supply of 200 million BNB. Investigations reveal that Binance currently holds 46.2 million of the original 80 million tokens, with CZ attributed 41.6 million BNB due to his substantial ownership of Binance.
The exact fate of unsold tokens remains undisclosed in Binance’s official documentation, but investigations suggest that they are stored in wallets linked to the exchange. Presently, an estimated 58 million BNB tokens, valued at $35 billion, reside in these wallets. With CZ’s 90% ownership of Binance, he is presumed to possess approximately 94 million BNB tokens, amounting to a total asset value of around $56.6 billion.
*This does not constitute investment advice.
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