2023 was a rough year for Binance Founder Changpeng ‘CZ’ Zhao

In 2023, Changpeng Zhao, the 46-year-old founder of Binance, faced multiple challenges. His company, the world’s biggest crypto exchange, pleaded guilty to money laundering and US sanctions violations. As a result, he agreed to pay a $50 million fine and step down as Chief Executive Officer. Additionally, Binance will have to pay $4.3 billion.

Despite these setbacks, the rise in crypto prices increased Changpeng Zhao’s wealth by approximately $25 billion. However, there is a possibility that he may be going to jail this year. Zhao’s sentencing is scheduled for Feb. 23.

Towards the end of 2022, Bitcoin rebounded by over 160% after a market collapse. His fortune, estimated to be over $34.4 billion, comes from his controlling stake in Binance. Zhao’s wealth is still far from its peak of almost $97 billion at the start of 2022, and it has even dropped from its year-to-date high of $50.4 billion in July.

Zhao isn’t the only billionaire who benefited from the crypto rebound in 2023:

• Coinbase Global Inc. CEO Brian Armstrong’s wealth has risen by $5.8 billion year to date to $7.2 billion. He is estimated to hold about 16% of Coinbase.
• Coinbase co-founder Fred Ehrsam’s estimated wealth swelled by $1.8 billion in 2023 to a total of about $2.5 billion. He is estimated to hold about 5% of Coinbase.
• Tyler and Cameron Winklevoss, who co-founded the Gemini Trust crypto exchange and have stockpiled millions of Bitcoin, have each seen their wealth balloon by $1.4 billion this year to $2.7 billion.
• DCG founder Barry Silbert’s wealth grew by $1.5 billion to an estimated $2 billion.

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