Former Binance CEO Changpeng Zhao’s Wealth Surged by $25 Billion Despite Legal Troubles in 2023
Former Binance CEO Changpeng Zhao has seen his estimated wealth jump by almost $25 billion in 2023 despite his guilty plea to US criminal charges in November, which may result in his imprisonment next year.
CZ’s remarkable financial growth places him at the top of the list of crypto entrepreneurs whose net worth saw a substantial increase this year, according to the Bloomberg Billionaires Index .
Other prominent figures in the crypto industry, such as Coinbase CEO Brian Armstrong and the Winklevoss twins, also witnessed billions of dollars added to their fortunes.
The surge in wealth for CZ, who founded and holds a controlling stake in Binance , the world’s largest cryptocurrency exchange, is more than five times the size of the $4.3 billion in fines that Binance agreed to pay to US authorities.
Despite losing some market share this year, Binance benefited from the increased trading volumes that accompanied the rebound in the crypto markets.
CZ’s fortune, currently estimated at over $37 billion, is derived from his ownership in Binance, as well as his holdings of Bitcoin and Binance’s own coin, BNB.
In November, CZ and Binance pleaded guilty to anti-money laundering and US sanctions violations as part of a sweeping settlement with US authorities.
The agreement allows Binance to continue operating, but CZ agreed to pay a personal fine of $50 million and step down as CEO.
However, he will retain his ownership stake in the exchange.
While CZ potentially faces up to 10 years in prison, the plea deal is expected to result in a maximum sentence of 18 months.
The exact length of his term will be determined by the Justice Department, with his sentencing scheduled for February 23.
Despite CZ’s
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