cryptodnes.bg
Changpeng Zhao, the founder of Binance, has experienced a remarkable jump in his wealth, which according to the Bloomberg Billionaires Index will grow by nearly $25 billion in 2023.
Zhao's estimated fortune now reportedly exceeds $37 billion, making him the 35th richest person in the world, mainly thanks to his significant stake in Binance. It is important to note that Zhao also owns significant investments in Bitcoin and Binance's native coin – BNB Faucet, which are not accounted for in the index.
In recent developments, Zhao and Binance pleaded guilty to charges related to violations of US anti-money laundering and sanctions regulations. This led to a historic agreement, as Binance itself agreed to a fine of $4.3 billion, and Zhao personally agreed to a fine of $50 million.
Zhao currently faces a potential sentence of up to 18 months in prison. The federal judge's ruling prevents him from returning to the United Arab Emirates for now, with sentencing scheduled for February 23.
Despite the recent sharp rise in wealth, Zhao's current net worth of $37.2 billion is in stark contrast to his peak of nearly $97 billion in early 2022, as they reported from Bloomberg. It was also significantly lower than the year-to-date high of $50.4 billion in July.
In the crypto space, along with Zhao, other industry figures also saw their wealth rise in 2023 amid recovering markets. This group includes Brian Armstrong, CEO of Coinbase (currently estimated wealth $7.2 billion), Coinbase co-founder Fred Ehrsam ($2.5 billion), Gemini co-founders Tyler and Cameron Winklevoss ($2.7 billion each), and Digital Currency Group founder Barry Silbert ( $2 billion).
Conversely, Sam Bankman-Fried, the former CEO of the now-defunct FTX exchange, who was convicted of fraud and is currently in prison, reportedly has a net worth estimated at $0. That's down sharply from a peak of $25.9 billion in March of the previous year.