{"id":17467,"date":"2024-10-02T15:55:36","date_gmt":"2024-10-02T12:55:36","guid":{"rendered":"https:\/\/forklog.com\/en\/forbes-changpeng-zhao-amassed-25-million-daily-during-incarceration\/"},"modified":"2024-10-02T15:55:36","modified_gmt":"2024-10-02T12:55:36","slug":"forbes-changpeng-zhao-amassed-25-million-daily-during-incarceration","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/forbes-changpeng-zhao-amassed-25-million-daily-during-incarceration\/","title":{"rendered":"Forbes: Changpeng Zhao Amassed $25 Million Daily During Incarceration"},"content":{"rendered":"

The fortune of Binance co-founder and former CEO Changpeng Zhao (CZ) grew by approximately $3 billion during his prison term, according to an estimate by Forbes<\/a>.<\/p>\n

This suggests that the entrepreneur “earned” about $25 million for each of the 117 days of his incarceration, as noted by Protos<\/a>.<\/p>\n

On April 30, a court sentenced<\/a> Zhao on charges of money laundering and other illegal activities. Prior to this, as part of an agreement with the US Department of Justice, he agreed to pay a $50 million fine and step down as CEO of the exchange.<\/p>\n

On June 1, CZ arrived<\/a> at the federal prison in Lompoc, California, to serve his four-month sentence. He was scheduled for release on August 29<\/a>, but was freed two days earlier as the set date fell on a weekend.<\/p>\n

As of September 27, Forbes estimated Zhao’s net worth at $61 billion. The nearest archived data from the publication regarding the Binance founder’s wealth at the start of his imprisonment dates to May 7 ($33 billion) and July 12 ($57.8 billion). This led to the assumption that his wealth increased by at least $3 billion during his time in prison.<\/p>\n

Much more conservative estimates are provided by Bloomberg<\/a>. According to the agency, as of June 2, CZ’s assets were valued at $36.5 billion, which decreased to $30.8 billion by September 27.<\/p>\n

Unlike Forbes, Bloomberg discloses its calculation methodology. Experts do not account for Zhao’s bitcoins and BNB tokens, as their amounts are unknown. They also consider his 86% stake in Binance.US to be zero, as the platform supports only cryptocurrency trading without fiat transactions. In 2022, the American branch of the exchange was valued at $4.7 billion following a funding round.<\/p>\n

In effect, the agency includes only Zhao’s stake in Binance itself (90% according to some reports) in his net worth. Analysts calculate this based on trading volumes. They use average enterprise value-to-sales ratios of public counterparts like Coinbase Global, Galaxy Digital Holdings, and Riot Platforms, applying a 50% discount due to institutional and regulatory risks.<\/p>\n

Earlier in September, Binance permanently removed Zhao from management. However, the current CEO of the exchange, Richard Teng, emphasized that CZ remains the largest shareholder.<\/p>\n","protected":false},"excerpt":{"rendered":"

The fortune of Binance co-founder and former CEO Changpeng Zhao (CZ) grew by approximately $3 billion during his prison term, according to an estimate by Forbes. This suggests that the entrepreneur “earned” about $25 million for each of the 117 days of his incarceration, as noted by Protos. On April 30, a court sentenced Zhao […]<\/p>\n","protected":false},"author":1,"featured_media":17466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,935],"class_list":["post-17467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-changpeng-zhao"],"aioseo_notices":[],"amp_enabled":true,"views":"32","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=17467"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17467\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/17466"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=17467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=17467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=17467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}