There are claims that Binance’s billionaire founder, Changpeng Zhao (CZ), was released today after spending four months in both prison and a rehabilitation center.
Changpeng Zhao (CZ)’s Wealth Is Estimated to Be Between $30 Billion and $60 Billion
Despite his legal troubles, Zhao’s wealth remains vast. Bloomberg estimates his net worth to be between $30 billion and $60 billion, largely due to the unknown size of his personal crypto assets. Forbes reports that Zhao still holds a significant 90% stake in Binance, the world’s largest crypto exchange by volume, even after stepping down as CEO.
However, Forbes estimated CZ’s wealth at $61 billion.
Zhao’s legal troubles came to a head in April when he pleaded guilty to facilitating money laundering through Binance. At his sentencing, Zhao expressed regret, saying, “I now recognize the seriousness of this mistake.” In addition to his prison sentence, Zhao was ordered to pay a $50 million fine, while Binance itself was fined $4.3 billion as part of the deal.
As a condition of his sentence, Zhao was banned from further involvement in Binance’s day-to-day operations. While his future plans remain unclear, he has expressed interest in engaging in philanthropic endeavors.
*This is not investment advice.
