Changpeng Zhao, the former CEO of Binance Holdings Ltd., has witnessed a remarkable surge in his estimated wealth, defying legal challenges. In a year marked by significant rebounds in the crypto market, Zhao’s fortune has expanded by almost $25 billion, according to the Bloomberg Billionaires Index.
Legal troubles and financial triumph
Despite pleading guilty to US criminal charges in November and facing a potential prison sentence, Zhao’s financial gains in 2023 far surpassed the $4.3 billion in fines Binance agreed to pay to US authorities. Currently estimated at over $37 billion, Zhao’s wealth is derived from his controlling stake in Binance, the world’s largest crypto exchange.
According to Bloomberg, the crypto market rebound, particularly the resurgence of Bitcoin by over 160% in 2023, played a pivotal role in Zhao’s financial ascent. Analysts attribute the success of crypto billionaires like Zhao, Coinbase Global Inc. CEO Brian Armstrong, and the Winklevoss twins to their unwavering belief in the long-term opportunities within the crypto space.
Top crypto gainers of 2023
Zhao isn’t the only beneficiary of the crypto rebound in 2023. Other top crypto gainers of 2023 include Brian Armstrong and the Winklevoss twins. It is important to know that Brian Armstrong, the CEO of Coinbase Global Inc., saw his wealth rise by $5.8 billion in 2023, reaching a total of $7.2 billion. Coinbase’s shares surged nearly 400% during the year, contributing to Armstrong’s significant stake in the company.
On the other hand, Cameron and Tyler Winklevoss, co-founders of the Gemini Trust crypto exchange, witnessed their wealth balloon by $1.4 billion each in 2023, totaling $2.7 billion. This financial uptick comes amid legal battles with crypto lender Genesis and regulatory challenges from the SEC, highlighting the complexities within the crypto industry.
Legal woes for FTX’s Sam Bankman-Fried
In contrast, Sam Bankman-Fried, the imprisoned former CEO of FTX, convicted of massive fraud, faces a starkly different financial reality. His estimated net worth remains at $0, following a peak of $25.9 billion in March of the previous year, as per the Bloomberg Billionaires Index.
While Zhao’s wealth is currently below its peak at the start of 2022, the year’s high of $50.4 billion in July underscores the volatility in the crypto market. As Zhao awaits sentencing on February 23, his legal troubles and potential prison term cast a shadow over his financial success.
