- The cryptocurrency king’s fortune has plummeted in two days
- Coinbase CEO Brian Armstrong was also affected
The fortune of Binance CEO Changpeng Zhao has fallen by $1.4 billion in the last two days. However, he did not stop being a billionaire with double digits. At the moment its capital is $26 billion. That’s what Bloomberg says.
The reason for “impoverishment” is on everyone’s lips. It’s the SEC’s hunt for the U.S. platform Binance.
The CEO of Coinbase also captures the loss, as his company also received a lawsuit from the regulator. Brian Armstrong is $361 million poorer. Its capital is now estimated at $2.2 billion.
Remind that the SEC charges against Binance and Coinbase are almost similar. Commission considers a number of tokens unregistered securities. According to the lawsuit, Coinbase has made billions of dollars by illegally facilitating the purchase and sale of crypto-asset securities since 2019. Regulator brings more charges against Binance. Among other things, they believe the exchange secretly helped large U.S. clients trade on the global platform and evade U.S. taxes.
Chanpeng Zhao and Brian Armstrong are considered the richest crypto founders. But their combined capital began to fall in 2022 amid cryptozyma and a string of high-profile cases (TerraUSD, FTX and so on).
The cryptocurrencies’ assets have grown by $15.4 billion since the beginning of the year, as the market began to recover. Zhao’s capital, for example, has increased 117% since January, and Armstrong’s fortune is up 61%.