Changpeng “CZ” Zhao, the ex-CEO of Binance, has reportedly seen his fortune increase by about $25 billion since December 2022.
As per the Bloomberg Billionaires Index on December 25, CZ’s total wealth reached $37.2 billion, marking an increase of $24.6 billion since the start of the year. This surge in wealth ranks him as the 35th richest person globally, surpassing Citadel’s Ken Griffin and just behind Uniqlo’s Tadashi Yanai.
Bloomberg noted that Tesla’s Elon Musk is currently the richest individual in the world, with a net worth of $232 billion, despite a 25% drop from his peak of $340 billion in November 2021. Additionally, Coinbase CEO Brian Armstrong’s net worth was reported at $7.25 billion, having risen by $5.77 billion this year.
Zhao, who is barred from leaving the United States until his sentencing in February 2024, could face up to 18 months in jail for breaching the Bank Secrecy Act. He admitted guilt to a single felony charge in a $4.3 billion deal with U.S. authorities in November. Despite his lawyers’ efforts to permit travel to Dubai before his sentencing, the court rejected the request. Until February, the ex-Binance CEO is likely to remain in the U.S. under a $175 million bond.
Although the November agreement resolved many of Binance’s and CZ’s legal issues, they still confront a lawsuit from the U.S. Securities and Exchange Commission filed in June. The SEC is actively pursuing several cases against various crypto exchanges, including Binance, Kraken, Ripple, and Coinbase.
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