Changpeng Zhao, better known by the initials CZ, is the founder of Binance, the world’s largest cryptocurrency exchange. Despite his recent troubles with the American justice system, his personal fortune continued to grow in 2023 to exceed $37 billion. Portrait of a resilient boss, who still largely dominates the crypto sector.
The collapse following legal setbacks
In the United States, Binance and CZ are being investigated for fraud and money laundering. Forced to leave his position as CEO, CZ agreed to pay a $100 million fine. In just a few months, his fortune has shrunk by more than $60 billion, directly impacted by the fall in cryptocurrency prices and the setbacks of Binance. The fall is brutal for the man who was adored by crypto aficionados.
CZ’s fortune rebounds despite legal risks
Although he faces up to 10 years in prison after pleading guilty in a U.S. fraud case, CZ saw his net wealth increase significantly in 2023. It is estimated at more than $37 billion according to Bloomberg.
This increase is largely explained by the rebound in the prices of cryptocurrencies such as Bitcoin in 2023, after a catastrophic 2022 financial year. Binance, including CZ owns around 20% of the shares, benefited from higher trading volumes. Despite his setbacks, Changpeng Zhao still dominates the crypto world.
Despite the risk of imprisonment following his legal troubles, CZ thus remains the richest man in the crypto world. Even reduced compared to its peak in 2022, its fortune symbolizes the resilience of this universe in the face of turbulence, but also its extreme volatility, where billions can disappear overnight.
The incredible trajectory of the former boss of Binance is reminiscent of the speculative excesses that characterized the crypto ecosystem, where fortunes were built at lightning speed before diving back just as sharply. CZ’s adventures demonstrate how this universe remains unstable and unpredictable. Will the fallen king manage to return to the top? This remains a matter to follow.
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