Changpeng Zhao’s Net Worth Plummets by 82% Amid Binance Regulatory Turmoil
The CEO and co-founder of Binance Changpeng Zhao has taken personal hits from the market with his net worth falling due to low trading volumes.
The Bloomberg Billionaire Index Index released on Oct 26, shows the net worth of Zhao cut by $11.9 billion, a massive decline from his $96.9 billion portfolio at the start of last year.
Formerly ranked 11th on the world’s most wealthy list, the crypto boss now sits in 95th place with a $17.3 billion net worth.
On the other end, Sam Bankman-Fried the former CEO of collapsed crypto exchange FTX which was at the time in competition with Binance has his once-hailed $16 billion net worth wiped to zero.
Bankman-Fried currently stands criminal and civil trial for his role in the implosion of FTX in November 2022 which led to billions of dollars wiped out from the market.
Zhao’s drop in net worth can be linked to Binance’s 38% drop in trading volumes due to renewed regulatory scrutiny of digital asset exchanges from the United States and global authorities.
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