A Deep Dive into the Wealth of Binance Founder CZ: Unveiling His BNB Holdings
A comprehensive investigation has shed light on the current wealth of Changpeng Zhao (CZ), the mastermind behind the popular cryptocurrency exchange Binance.
Changpeng Zhao, renowned in the crypto world as the founder of Binance, saw a significant increase in his net worth during a period of imprisonment. He now stands as the wealthiest individual in the crypto industry, with Forbes estimating his fortune at a staggering $61 billion. This places him as the 24th richest person globally, trailing closely behind Julia Koch and her family. In comparison, the next wealthiest figure in the crypto sphere is Brian Armstrong, the founder of Coinbase, with a net worth of $11 billion.
The bulk of CZ’s wealth surge can be attributed to two key factors. Firstly, his 90% ownership stake in Binance, a prominent cryptocurrency exchange, is valued at $33 billion. This impressive figure comes despite CZ stepping down as CEO in November 2023 as part of a settlement with the US Department of Justice, following allegations of money laundering and sanctions breaches. Despite Binance facing a hefty penalty of $4.3 billion, CZ himself incurred a relatively minor $50 million fine.
Since his departure from Binance, the exchange has witnessed a notable rise in dominance within the global crypto trading arena. Data from The Block reveals that CZ’s share of the total spot market among exchanges has surged to 42% in the six months following the settlement, up from an average of 38% in the preceding two months.
A significant revelation contributing to CZ’s soaring net worth is the discovery of his personal stash of BNB tokens. It is estimated that CZ holds a remarkable 94 million tokens, constituting 64% of the total 147.5 million BNB tokens in circulation. Forbes suggests that Binance itself commands a whopping 71% of the BNB supply.
Despite legal troubles surrounding the exchange, BNB has experienced a remarkable 100% surge in 2024, outpacing other popular cryptocurrencies like Bitcoin, Ethereum, and Solana. With BNB hitting an all-time high of $714 and boasting a market cap of $110 billion, CZ’s holdings continue to flourish.
Changpeng Zhao acquired BNB through two primary avenues. Following Binance’s establishment in 2017, CZ and the founding team received 80 million tokens from a total supply of 200 million BNB. Investigations indicate that Binance currently holds 46.2 million of these original tokens, with CZ laying claim to 41.6 million BNB owing to his 90% ownership of the exchange.
As for the unsold tokens referenced in Binance’s white paper, it has been revealed that they reside in wallets owned by the exchange, totalling 58 million BNB worth $35 billion at current prices. CZ, with his 90% stake in Binance, is presumed to possess an additional 52 million BNB. Altogether, his holdings amount to approximately 94 million BNB tokens, equating to a total asset value of around $56.6 billion today.
*This article does not constitute investment advice.
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