CZ's Wealth Surges by $25 Billion in 2023
Date: 2023-12-27 Author: Dima Zakharov Categories: BUSINESS
A Remarkable Year for CZ
In defiance of numerous difficulties, 2023 has proven to be a remarkably prosperous year for former Binance CEO Changpeng Zhao, commonly known as CZ. However, this prosperity is limited to his personal finances.
Over the course of 12 months, CZ's wealth has soared by almost $25 billion. Brian Armstrong, the CEO of the cryptocurrency platform Coinbase, also found himself among those whose fortunes grew significantly in the departing year, as reported by Bloomberg.
Notable Financial Growth
Notably, CZ's wealth growth surpasses Binance's $4.3 billion fine by more than fivefold. Recall that in late November, Binance admitted guilt in money laundering and agreed to pay $4.3 billion to U.S. authorities.
According to Bloomberg, CZ's current net worth is estimated at over $37 billion. This wealth is primarily derived from his controlling stake in the world's largest cryptocurrency exchange, Binance. In addition to this, Zhao also possesses holdings in Bitcoin (BTC) and Binance Coin (BNB). However, the latter is not included in the billionaire index.
Despite this substantial increase, CZ's wealth is still far from its peak of $97 billion at the beginning of 2022. Furthermore, the current amount is lower than the 2023 peak of $50.4 billion. According to the billionaire index, CZ's capital now barely exceeds $37 billion.
Others Who Benefited in 2023
CZ is not the only one who has reaped the benefits of the cryptocurrency market in the outgoing year. Bloomberg also highlighted:
- Brian Armstrong, whose wealth grew from $5.8 billion to $7.2 billion.
- Fred Ehrsam, the co-founder of Coinbase, who earned $1.8 billion.
- Tyler and Cameron Winklevoss, co-founders of the cryptocurrency exchange Gemini, accumulated $1.4 billion.
On the other hand, Sam Bankman-Fried (SBF) had an unfortunate turn of events. His wealth is currently valued at $0, while at its peak, it reached $25.9 billion.
It's worth mentioning that the former CEO of the collapsed cryptocurrency exchange FTX was found guilty on all charges. Now, the young entrepreneur faces over 100 years of imprisonment.
