The founder of the popular cryptocurrency exchange Binance, Changpeng Zhao, has seen his wealth shrink by a staggering $12 billion.
The decline in CZ’s fortune amounts to an 82% decrease since the peak of his wealth.
The Bloomberg Billionaires Index, a renowned source for tracking the net worth of the world’s wealthiest individuals, has revised its estimation of Binance’s earnings, indicating a substantial 38% reduction due to a noticeable decrease in trading volumes at the exchange throughout the year.
As a result, CZ’s fortune plummeted to $17.2 billion, down from its previous standing at $29.1 billion.
These trying times for Binance’s founder are further exacerbated by the legal challenges the exchange is currently facing.
Regulatory authorities in the United States have filed a lawsuit against Binance, accusing the exchange of a variety of violations. The combination of regulatory pressures and the decline in trading activity has created a challenging environment for CZ and Binance, with significant financial implications.