Coinbase CEO Brian Armstrong, and Binance CEO Changpeng Zhao (CZ), have suffered significant losses in net worth due to recent lawsuits from U.S. securities regulators Ky.
According to data from the Bloomberg Billionaires Index and Forbes, Brian Armstrong’s net worth has dropped by $289 million, while Changpeng Zhao has lost $1.33 billion within 30 hours of the Securities and Exchange Commission. The Securities and Exchange Commission (SEC) sued Binance on June 5 and then Coinbase on June 6.
As for Changpeng Zhao, the richest person in the crypto industry and 54th on the list of world billionaires overall, his net worth has dropped by 5.1% to just around $26 billion this week. .
Lawsuits from the securities regulator have significantly impacted the net worth of these two executives and could have further implications for companies and their operations in the industry. electronic money industry.
Although there is a rebound in Changpeng Zhao’s net worth this year, it has yet to reach the highest level he has ever had. His net worth has dropped more than 73% from the peak of $96.9 billion reached in January 2022.
Brian Armstrong, ranked by Forbes as the 1,409th richest person in the world, has been hit harder by the SEC’s latest action. His net worth has dropped 11.8% to only about $2.2 billion.
Currently, the United States Securities and Exchange Commission (SEC) has sued both Binance and Coinbase for alleged violations of various securities rules, including the purported offering of cryptocurrency that the SEC considers security. unregistered stock. Following these lawsuits, a total of 67 cryptocurrencies have been classified as securities by the SEC.
In light of these lawsuits, both Binance and Coinbase stated that they would react strongly and face lawsuits against them. Both companies are determined to protect their interests and continue to operate in the crypto space.