CZ of Binance, alone holds 64% of the BNB supply, a real crypto scandal

According to the latest estimates from Forbes, Changpeng Zhao, co-founder of Binance, the world's number one crypto exchange, sees his personal fortune peak at $61 billion, a huge portion of which comes from his massive BNB holdings.

Changpeng Zhao, the king of the crypto ecosystem who is bending BNB

Changpeng Zhao, the co-founder and former CEO of Binance, the largest crypto exchange platform in the world, has just conquered the throne of the great fortunes of the crypto sphere.

In his last report published on June 14, 2024, Forbes magazine estimates that CZ's total assets now stand at $61 billion, propelling him to 24th place among the richest people on the planet.

But what stands out is that according to detailed calculations by Forbes, CZ holds approximately 94 million BNB, representing 64% of the entire circulating supply of this cryptocurrency. A concentration of power and wealth which calls into question the very foundations of decentralization, a key principle of the crypto universe.

Beyond his massive BNB reserves, Forbes points out that the bulk of the rest of CZ's colossal fortune, estimated at $33 billion, comes from his overwhelming 90% stake in Binance, the exchange valued at approximately $37 billion.

Additionally, CZ reportedly holds nearly 52 million additional BNB tokens across various affiliated wallets, further strengthening its hold on the Binance ecosystem.

A meteoric rise despite legal disputes

Changpeng Zhao's impressive fortune testifies to the spectacular growth of Binance, which in just a few years has become the main crypto exchange platform in the world.

However, CZ's journey has not been free of legal pitfalls. In November 2023, he reached an out-of-court agreement with the US Department of Justice, which earned him a 4-month prison sentence.

But far from discouraging him, this setback only strengthened the entrepreneur's unfailing determination. Deploying wise strategies, he was able to masterfully retain the reins of the Binance empire despite regulatory headwinds.

His direct and indirect stakes in BNB and the company itself have grown spectacularly, making him one of the wealthiest figures in the crypto world. However, this revelation from Forbes places the platform in the spotlight, making it subject to controversy due to CZ's control over the supply of BNB.

This situation raises legitimate questions about the effective decentralization of the Binance ecosystem and could spark debate within the crypto community.