CZ’s Net worth Includes 64% of BNB Supply

Changpeng Zhao (CZ), the former Binance CEO serving a four-month prison term, has doubled his net worth while still in prison.

According to a Forbes forensic analysis of CZ’s crypto holdings, 64% of Binance’s BNB token circulating supply belongs to the detained former CEO. Based on current value, the tokens (94 million BNB) are worth over $56 billion, making CZ the 24th wealthiest individual in the world.

CZ’s Significant Share in Binance

The Forbes report estimates that Zhao owns 90% of Binance, which has continued to consolidate its status as the world’s largest crypto exchange. This significant share emphasizes Zhao’s importance for the operations and development of the platform. Thus, CZ still influences decisions regarding the platform’s operations, including any challenges it faces.

BNB Surging Prices Amid Leadership Changes

Despite resigning from his leadership post and amid negative media coverage, the native cryptocurrency of Binance (BNB) has noted a significant rise in value. With the asset’s price hitting an all-time high of $717 earlier this month, CoinGecko statistics show a 141% price rise over the past 14 months.

This performance emphasizes the strong investor confidence in BNB and the demand on the market. Since its first coin offering (ICO) in 2017, BNB has shown remarkable expansion, producing a return of 1,497,749%. By contrast, the S&P 500, a benchmark index for conventional investments, has shown a 3,540% increase.

BNB’s Future Prospects

The crypto asset’s performance has resulted in optimistic forecasts for its future, with many experts believing it could hit its all-time high soon. After the court ruled that Zhao would spend four months in a California prison, BNB’s price briefly declined as it reacted to its judgment. Zhao’s brief absence from Binance’s leadership has not slowed the market’s enthusiasm for BNB. Instead, the platform’s robustness and resilience have soared with further expansion into many other markets.

Close
Your custom text © Copyright 2024. All rights reserved.
Close