Changpeng Zhao's fortune for 2023 grow by $25 billion
Changpeng Zhao's fortune for 2023 grow by $25 billion
The rise of cryptocurrencies in 2023 amid the possible approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) has boosted the fortunes of industry notables such as Changpeng Zhao, Brian Armstrong, Fred Ehrsam, and the Winklevoss twins.
A recent Bloomberg report that piqued the crypto market's interest revealed that Changpeng Zhao topped the list of crypto makers whose estimated net worth grew in 2023 after the digital asset market crash in 2022.
Zhao, who is now facing jail time after pleading guilty to violating U.S. law, has more than five times the $4.3 billion in fines for settling Binance's charges with U.S. authorities to $25 billion in
wealth growth in 2023. His total wealth is now estimated at more than $37 billion, consisting primarily of a controlling stake in Binance, the world's largest cryptocurrency exchange, which he founded. Although Zhao owns Bitcoins, BNB tokens, and other cryptocurrencies, these assets are not included in the Bloomberg Billionaires Index.
However, Zhao's fortune is still far from its record high of nearly $97 billion in early 2022.
Coinbase CEO Brian Armstrong's fortune increased by $5.8 billion to $7.2 billion, driven by a nearly 400% increase in the company's stock. Meanwhile, Coinbase co-founder Fred Ehrsam's fortune rose by $1.8 billion to about $2.5 billion, despite a legal standoff between the SEC and the cryptocurrency exchange.
The report showed that Tyler and Cameron Winklevoss, co-founders of Gemini Trust, increased their fortune by $1.4 billion to $2.7 billion, despite litigation with Genesis and regulatory issues.
On the other hand, the fortune of Sam Bankman-Fried, the former CEO of FTX who was convicted of fraud, is valued at zero after peaking at $25.9 billion in March 2022.
"Cryptocurrency investing is not for the faint of heart; you have to be prepared for spectacular ups and downs," Campbell Harvey, a finance professor at Duke University, commented on the Bloomberg Billionaires Index data.
"There's a reason these investors are billionaires, and it's not luck. They are not tempted to dump their assets in falling markets. They believe in the long-term opportunities in this space," he noted.
Read also: Altcoin market could repeat 2016 and 2020 bull rallies.
