Bitcoin rebounded more than 160% after the 2022 market crash, according to the Bloomberg Billionaires Index. It is expected that by the end of 2023, Changpeng Zhao will become the person with the largest net worth surge among cryptocurrency entrepreneurs, surpassing Coinbase CEO Brian Armstrong and twin brothers Cameron and Tyler Winklevoss, who have also recovered their multi-billion dollar fortunes.
Changpeng Zhao’s wealth grew by $25 billion in 2023, more than five times the $4.3 billion fine Binance agreed to pay to U.S. authorities. His current wealth is estimated to be over $37 billion, largely derived from his controlling stake in Binance. Although Binance has lost some market share this year, the exchange has benefited from increased trading volume as the cryptocurrency market rebounded. In addition, Changpeng Zhao also owns some Bitcoin and BNB, and these assets are not included in the Billionaire Index. However, compared with the peak of nearly US$97 billion in early 2022, Changpeng Zhao's wealth is still far behind.
In addition, Coinbase CEO Brian Armstrong’s wealth has increased by $5.8 billion this year, reaching $7.2 billion. According to estimates, Armstrong holds about 16% of the company's shares. Similarly, Coinbase co-founder Fred Ehrsam’s wealth increased by $1.8 billion in 2023, reaching approximately $2.5 billion. In addition, the wealth of Gemini Trust co-founders Tyler and Cameron Winklevoss each increased by $1.4 billion this year to $2.7 billion. DCG founder Barry Silbert’s wealth increased by US$1.5 billion this year to an estimated US$2 billion. FTX founder Sam Bankman-Fried’s net worth peaked at $25.9 billion in March last year and has now stabilized at $0.
The official website of the U.S. Department of Justice issued a press release on November 21, which mentioned that Binance Holdings Co., Ltd. (Binance), the parent company of the world’s largest cryptocurrency exchange Binance.com, was suspected of money laundering, unlicensed remittances and violations. sanctioned behavior. Binance reportedly admitted to the charges and agreed to pay a $4.3 billion fine. In addition, Changpeng Zhao, the founder and CEO of Binance, also admitted his responsibility for failing to effectively maintain an anti-money laundering program, resigned from his position as CEO, and paid a $50 million fine. The incident sparked industry concerns about cryptocurrency compliance and regulation.
However, just when Zhao Changpeng arrived in the United States to sign the settlement agreement, the situation took a dramatic turn. He was detained. The reason was that Changpeng Zhao was too flippant when answering questions from the U.S. Department of Justice, which resulted in them receiving a staggering $4.5 billion fine in a short period of time. However, when the huge sum of money actually arrived, the U.S. Department of Justice began to have doubts about whether it had received enough compensation. They began to consider other settlements and reassessed Zhao's value.
The change of attitude of the United States in the Binance incident has caused controversy and doubts. After reaching a preliminary settlement agreement, the U.S. Department of Justice seemed to show some tolerance and flexibility towards Zhao Changpeng. However, the situation took a dramatic turn after Zhao Changpeng arrived in the United States and he was detained and faced a series of charges. This erratic approach gave the impression of going back on one's word and sparked more controversy.
However, foreign media have some different positions and views on reporting this incident. Some media may place more emphasis on the U.S. crackdown and regulation of Binance, while other media are more focused on Changpeng Zhao’s growth in personal wealth and his position in the cryptocurrency industry. This difference in stance also affects the public's perception and understanding of this incident to a certain extent.
Regulatory agencies need to consider multiple factors and interests when implementing regulatory policies to ensure the fairness and fairness of the law. In the United States, the Department of Justice and regulatory agencies need to balance the interests and demands of all parties.
But in the author’s opinion, we need to distinguish the growth of Zhao Changpeng’s personal wealth from Binance’s overall development and market performance. As the founder and CEO of Binance, Changpeng Zhao played an important role in the company's success, but the growth of his personal wealth does not fully represent Binance's overall performance and value. At the same time, we also hope that regulatory agencies can implement regulatory policies more transparently and consistently, creating a more fair and predictable environment for the market and investors.
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