Changpeng “CZ” Zhao, the founder of Binance, has experienced a significant decline in wealth, estimated at $11.9 billion, as the world’s largest cryptocurrency exchange witnessed a 38% drop in revenue, according to calculations by the Bloomberg Billionaires Index.
If confirmed, this decrease would bring CZ’s wealth down to $17.2 billion, marking a substantial fall from its peak at $96 billion in January 2022, as reported by Bloomberg on Friday.
The Bloomberg Billionaires Index derives Binance’s revenue calculations from trading data in both the spot and derivatives markets, utilizing data from tracking sites like CoinGecko and CCData.
Binance, which reached a peak market share of 62% in crypto trading during the first quarter, attributed to a zero-fee promotion, experienced a decline to 51% by the end of the third quarter, according to CCData.
Binance has not yet responded to CoinDesk’s request for comment on the reported wealth reduction. The downturn in CZ’s wealth mirrors the broader challenges and fluctuations faced by the cryptocurrency market, emphasizing its volatility and impact on key industry figures.
