Changpeng Zhao, CEO of Binance, known as a leading figure in the cryptocurrency world, has drawn attention with a significant increase in his estimated wealth despite facing potential imprisonment in 2024. Since the beginning of the year, the crypto industry has seen a notable increase in the fortunes of major investors such as Brian Armstrong, Fred Ehrsam, and the Winklevoss twins, thanks to an approximate 160% rise in Bitcoin prices and heightened expectations for a potential spot Bitcoin ETF.
Recent reports by Bloomberg highlighted the wealth changes of cryptocurrency entrepreneurs in 2023, drawing attention to the Bloomberg Billionaires Index. The positive momentum regained in the crypto market this year is believed to have significantly influenced the increase in billionaires’ fortunes.
Despite the increase in his wealth, Zhao faced potential imprisonment following sensational events in 2023, as he was found guilty of charges in the US. Nevertheless, his wealth surged by about $25 billion in 2023, after a drop in 2022.
This increase in CZ’s fortune is over five times more than the $4.3 billion mega-deal Binance made with US authorities, underscoring the strength of the world’s largest crypto exchange by volume. Zhao’s $37 billion fortune shows the potential power of Binance.
Interestingly, while Zhao’s wealth increase is significant, other crypto giants are not far behind. The crypto comeback in 2023 has painted a positive picture for the industry leaders.
Coinbase CEO Brian Armstrong’s fortune rose to $7.2 billion, a remarkable increase of $5.8 billion, while Coinbase shares surged by about 400%. Fred Ehrsam, co-founder of Coinbase, also benefited from the rise, now owning assets worth approximately $2.5 billion despite legal proceedings with the SEC. Additionally, Tyler and Cameron Winklevoss of Gemini Trust saw their wealth increase by $1.4 billion to a total of $2.7 billion, amidst legal battles with Genesis and regulatory challenges.
