Despite Legal Saga, Changpeng Zhao Stands Tall as Crypto Billionaires’ Leader

It appears that the always changing world of cryptocurrencies has propelled its early adopters into unprecedented levels of riches. Changpeng Zhao, the creator of Binance, has experienced an exponential increase in his net worth since 2023, according to a new Forbes report.

The giants of bitcoin riches are featured on a prominent list that Forbes, known for its insightful financial analysis, has revealed. Changpeng Zhao is the most distinguished person on this impressive list. From $10.5 billion back in 2023, his net worth has risen to an astounding $33 billion, according to Forbes estimates. This is a stunning triple growth. His significant ownership in Binance, which amounts to over 90% and is valued at an astounding $32.5 billion, is primarily responsible for this incredible surge.

Triumph Despite Turmoil

Despite encountering significant legal turbulence in the preceding year, Zhao’s financial ascent remains unwavering. In a landmark development, Zhao and his brainchild, Binance, admitted guilt to contravening U.S. anti-money laundering and sanctions regulations in November 2023. As part of a comprehensive settlement with the authorities, Zhao acceded to relinquishing his role as CEO, accompanied by a hefty fine of $50 million. The settlement further mandated Binance to disburse a colossal sum of $4.3 billion.

Nevertheless, these legal entanglements seem to have barely made a dent in Zhao’s colossal fortune. As Forbes duly notes, “Yet it hardly left a dent in his fortune. His stake in Binance—estimated to be 90%, based on corporate documents and conversations with former employees—is worth some $32.5 billion.”

Brian Armstrong, the CEO of Coinbase, has secured the runner-up spot on Forbes’ esteemed list. His rapidly increasing wealth, estimated at $11.2 billion, is a direct result of Coinbase’s remarkable success in the cryptocurrency space. Since the beginning of 2023, Coinbase shares have experienced a notable increase in value, suggesting that Armstrong’s financial trajectory will continue to rise.

The CFO of Tether, Giancarlo Devasini, rounds up Forbes’ top trifecta. Devasini’s wealth, which is believed to be $9.2 billion, highlights the widespread impact of stablecoins in the cryptocurrency space.