Changpeng Zhao tops crypto billionaires ranking despite legal saga

Based on a recent Forbes piece, Changpeng Zhao, the founder of Binance, has seen his fortune grow threefold since 2023.

Forbes magazine has published a ranking of the world’s wealthiest and most influential cryptocurrency billionaires, headed by Zhao. Forbes estimated his net worth at $33 billion, more than triple what it was in 2023 at $10.5 billion. Zhao’s stake in Binance is about 90%, valued at $32.5 billion.

Despite facing major legal issues with the US authorities in late 2023, Changpeng Zhao, the founder of Binance, still made it to the billionaire list. Specifically, in November of that year, Zhao and his company admitted to breaching anti-money laundering and sanctions laws.

In the course of reaching a comprehensive deal with the authorities, allowing the cryptocurrency platform Binance to keep running, Zhao resigned as its CEO and was required to pay a penalty amounting to $50 million. The settlement compelled Binance to pay a massive fine of $4.3 billion.

It’s anticipated that a decision will be made regarding money laundering accusations against Zhao by April 30th. However, Zhao confessed to the charges back in the autumn of 2023.

Despite this, it made little impact on his vast wealth. Approximately 90% of his holdings, as indicated by corporate records and talks with ex-employees, are valued at around $32.5 billion in Binance.

Forbes

Brian Armstrong, CEO of Coinbase, came in second place in the wealth ranking, according to Forbes’ estimation worth $11.2 billion. The expansion of Armstrong’s wealth mirrors the market success of Coinbase; shares of the company have seen considerable growth since the start of 2023.

According to Forbes’s estimation, Giancarlo Devasini, CFO of Tether, ranks among the top three wealthiest individuals on their list, boasting a fortune valued at approximately $9.2 billion.

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2024-04-02 18:52