Former Binance CEO Changpeng Zhao (CZ) is believed to have increased his net worth by around $25 billion since December 2022. According to the Bloomberg Billionaires Index as of December 25, CZ’s net worth now stands at $37.2 billion, a gain of $24.6 billion from the previous period. This increase has elevated CZ to the 35th-ranked billionaire globally, surpassing Citadel CEO Ken Griffin and trailing behind Uniqlo CEO Tadashi Yanai.
Meanwhile, Tesla CEO Elon Musk has become the world’s richest man with a net worth of $232 billion, although it represents a 25% decline from the estimated $340 billion in November 2021. Bloomberg also reported that Coinbase CEO Brian Armstrong currently holds a net worth of $7.25 billion, with a $5.77 billion increase since the beginning of the year.
However, CZ is currently facing several legal issues, including being banned from leaving the United States and an 18-month prison sentence after admitting to violating the Bank Secrecy Act. He pleaded guilty as part of a $4.3 billion settlement with the U.S. government in November. CZ’s lawyers had proposed allowing him to travel to Dubai before being sentenced, but this request was denied.
Although previous settlements had resolved many of Binance’s and CZ’s legal issues, both still face a lawsuit from the U.S. Securities and Exchange Commission (SEC) filed in June. There are currently multiple enforcement cases pending against Binance, Kraken, Ripple, Coinbase, and other cryptocurrency exchanges.