Binance Founder CZ: The Path to Financial Greatness
Date: 2024-06-11 Author: Henry Casey Categories: IN WORLD
As he begins serving a four-month prison sentence, the founder of cryptocurrency exchange Binance, Changpeng Zhao, made an impressive move in the market. Binance Coin (BNB), its native token, hit a record high of $725. Following this rise, BNB's market capitalization exceeded the threshold of $109 billion.
Thanks to this sudden rise, the founder of the crypto exchange became the richest person ever to serve time in a US federal prison. His fortune has grown to an astonishing $38 billion.
Secrets of Wealth: Changpeng Zhao's Net Worth
The exact amount of assets of the former Binance CEO remains undisclosed, but official documents from 2017 indicate the allocation of 80 million BNB to the site’s founding team, which is now valued at $56 billion.
According to Bloomberg, the increase in the BNB price coincided with an increase in the total value of assets on Binance, rising from $80 billion to $125 billion since the beginning of January 2024. Despite a $4.3 billion fine paid to settle the case with US authorities, Binance continues to strengthen its dominance in the crypto industry.
BNB remains consistently listed on several major centralized exchanges, where it accounts for up to 85% of total trading volume.
