Binance (CRYPTO: BNB) co-founder Changpeng “CZ” Zhao disputed on Wednesday Forbes’ estimate that his net worth has exceeded $111 billion, ranking him ahead of Microsoft co-founder Bill Gates.
CZ Says Wealth Can’t Increase In Bear Market
Forbes reported that CZ’s wealth jumped nearly $47 billion from last year. But CZ asked how that was possible, given that cryptocurrency prices have dropped over the same period.
“Binance is the largest crypto exchange. It grows and shrinks with the industry,” CZ said. “Binance’s valuation can’t increase when crypto prices are down.”
He added that Binance’s revenue is tied to trading volumes, which shrink during a “crypto winter.”
“While I appreciate Forbes thinks highly of Binance, Forbes estimating my networth increase, based on Binance’s valuation increase [recently] is just a bit illogical, at least to me,” CZ said.
CZ was ranked 17th on the billionaires list, just above Bloomberg L.P. co-founder Michael Bloomberg and Gates, with a net worth of $109 billion and $105 billion, respectively.
Forbes Finds Binance Primary Driver Of CZ’s Net Worth
Forbes noted in their report that CZ owns an estimated 90% of Binance, whose valuation they pegged at $100 billion, citing “conversations with industry insiders” and comparisons with other trading platforms.
The report mentioned that CZ holds an estimated 1,400 Bitcoin (CRYPTP: BTC), whose value dropped 15% over the last year. He was also found to hold the “majority” of BNB tokens in circulation, which have gained 17% over that timeframe.
Forbes didn’t immediately return Benzinga’s request for comment.
| Cryptocurrency | 1-year Gains +/- |
|---|---|
| Bitcoin | -15.66% |
| BNB |
+17.13% |
Ties With Trump Family
CZ was awarded a four-month prison sentence for anti-money laundering violations in 2024. He paid a $50 million fine and resigned as CEO of Binance.
He was pardoned by President Donald Trump last year. Critics, including Sen. Elizabeth Warren (D-Mass.), alleged a potential quid pro quo between the Trump family and the convicted ex-CEO, pointing to the use of a Trump-backed stablecoin in Binance-related deals.
Price Action: At the time of writing, BNB was exchanging hands at $643.89, up 0.61% in the last 24 hours, according to data from Benzinga Pro.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo Courtesy: Alexandros Michailidis on Shutterstock.com
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