Binance founder Changpeng Zhao, already the richest person to go behind bars and the wealthiest person in crypto many times over, Zhao’s net worth has soared since he became a felon.
Forbes now estimates that he is worth $61 billion, making him the 24th richest person in the world, just after Julia Koch and family. The next richest person in crypto is Coinbase founder Brian Armstrong at $11 billion.
CZ’s upward revision has two components. First, his 90% equity stake in Binance, the large crypto exchange, is valued at $33 billion despite CZ stepping down as CEO in November 2023 as part of a settlement with the U.S. Department of Justice in which he pled guilty to anti-money laundering and sanctions violations. His company also paid a $4.3 billion fine to the government. However, the impact on Zhao’s personal wealth was less severe, since he only had to pay a $50 million fine. In the six months since his plea.
Binance increased its dominance among crypto exchanges worldwide in terms of trading volume (though it was excluded from Forbes’ list of the most trustworthy crypto exchanges.) According to data compiled from The Block, its share of the total spot market across exchanges has increased to 42% in the six months since he left the company from an average of 38% in the two months before his settlement.
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