- Binance’s Changpeng “CZ” Zhao has seen a significant growth in wealth this year.
- The U.S. DOJ charged the former CEO in November.
- CZ is scheduled for a sentencing trial in the coming year.
Binance and its founder, Changpeng “CZ” Zhao, had a tumultuous 2023, marked by legal battles with regulatory authorities. From the SEC to CFTC and DOJ, the exchange and its now-former CEO were thrust in the spotlight several times for all the wrong reasons. Binance and CZ’s woes culminated in November with a criminal indictment, $4.3 billion in legal fines, and a potential 10-year prison sentence.
However, while his travails are far from over, the ousted CEO may have recouped even more than he lost, as recent data shows a substantial increase in his net worth.
Billionaire Binance Chief
According to Bloomberg, the Bitcoin rally has resulted in substantial gains for Changpeng “CZ” Zhao, placing him at the forefront of crypto CEOs whose estimated net worth surged in 2023.
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The former CEO’s fortune is estimated at over $37 billion, most of which is derived from his stake in Binance, which benefited from increased trading volumes during the market rally.
While CZ’s current estimated net worth indicates a staggering $25 billion increase, it still lags significantly behind its peak of nearly $97 billion in early 2022.
Zhao is remanded within the United States while he awaits his sentencing trial scheduled for February 23, 2024, following the DOJ’s victory in a ‘flight risk’ argument.
Other prominent industry figures, such as Coinbase CEO Brian Armstrong and the Gemini Trust Winklevoss Twins, have also seen a $5.8 billion and $1.4 billion increment, respectively.
Investor interest in altcoins is surging, threatening to displace Bitcoin:
Bitcoin Futures Open Interest Drops 12% as Altcoins Surge
Read more on Binance’s troubles with the SEC:
Binance Slams SEC Bid to Fuel Lawsuit with $4.3B Settlement
