Changpeng Zhao’s (CZ) fortune soars to $24.6 billion amid Binance’s $4.3 billion legal dispute

Changpeng Zhao (CZ)’s assets soar

Zhao ChangfengThe ousted Binance founder has seen an unprecedented rise in his fortune, hitting a whopping $24.6 billion in 2023. Despite the legal troubles, CZ’s wealth soared 195.9%, reaching an estimated $37.2 billion, placing him among the 35th wealthiest individuals in the world.

CZ’s wealth primarily comes from its majority stake in Binance, the world’s leading cryptocurrency exchange in terms of trading volume. This remarkable rise in his wealth coincides with Bitcoin’s resurgence from its 2022 lows.

Cryptocurrency holdings and asset estimation

In particular, CZ’s cryptocurrency ownership is as follows: bitcoin And Binance Coin (BNB) This is not included in the approximately $37.2 billion. The exact quantities of these tokens are not disclosed, as detailed in the Bloomberg Billionaires Index.

However, CZ’s current estimated assets are significantly lower than its early 2022 peak of approximately $97 billion. It’s also down from the current high of $50.4 billion in July, according to the Bloomberg Billionaires Index.

Wealth surges amid legal chaos

Amazingly, the $24.6 billion surge in CZ’s wealth is more than five times the $4.3 billion fine imposed on Binance by U.S. authorities. Under a plea deal involving anti-money laundering and violations of U.S. sanctions, Binance agreed to continue operations, with Zhao retiring as CEO and retaining ownership of the exchange, while imposing a personal fine of $50 million.

Cryptocurrency Market Dynamics: Skyrocketing Industry Figures

While CZ’s fortunes have soared, Coinbase CEO Brian Armstrong has experienced a significant surge in wealth this year, accumulating $5.8 billion, bringing his total to $7.2 billion.

Likewise, Tyler and Cameron Winklevoss, co-founders of the Gemini exchange, have individually seen their wealth surge by $1.4 billion this year.