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CZ Loses $11.9B in Net Worth

Crypto | Oct 27, 2023

Unsplash Kanchanara On call while analyzing market charts - CZ Loses $11.9B in Net Worth

Image: Unsplash/Kanchanara

Changpeng Zhao's New Worth Declines by $11.9 Billion

According to Bloomberg, the Bloomberg Billionaires Index has adjusted its revenue estimates for Binance, one of the world's leading crypto exchanges, resulting in a 38% reduction due to a decline in trading volumes throughout 2023.

Binance and CZ are also contending with legal battles against the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, both of which have levied serious allegations against the exchange and its operations, and a stream of exiting executives.

See:  SEC’s Sealed Court Filing Raises Eyebrows for Potential Binance Setback

Binance Founder, CZ's personal networth has plummeted 80% from a staggering peak net worth of almost $97 billion in January 2022 to his current net worth of approximately $17.2 billion. This drastic change highlights the volatile nature of the cryptocurrency market and its impact on individual fortunes.

Last week, acclaimed author Michael Lewis interviewed CZ on a podcast for The Economist who talks about the intricate story of Sam Bankman-Fried and the tumultuous downfall of FTX, his crypto-trading empire. The conversation with CZ explores his perspective on the crypto industry's future and reflects on the events that are shaping the landscape.

Never a dull moment in crypto.  No doubt, stay tuned for more...

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