Changpeng “CZ” Zhao’s Net Worth Surges by $25B This Year, Despite Legal Challenges

10 months ago 4

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Changpeng “CZ” Zhao, the founder and ex-CEO of the cryptocurrency exchange Binance, has earned a spot on Bloomberg’s list of the world’s wealthiest individuals. Over the course of the year, his net worth has experienced an increase of $25 billion.

This comes amid recently pleading guilty to a string of charges, not being able to leave the United States and awaiting sentencing in February next year.

CZ’s Net Worth Sees Significant Growth in 2023

According to Bloomberg’s Billionaires Index, CZ sits at the 35th richest person in the world. CZ has a net worth of $37.2 billion, with it going up $24.6 billion in this year alone.

Leading the pack is Elon Musk, whose net worth soared by $94.9 billion to reach $232 billion. Following closely, Bernard Arnault secures second place with a net worth of $179 billion, while Jeff Bezos claims the third spot with a net worth of $178 billion.

This comes after it was recently reported that CZ has pleaded guilty to anti-money laundering violations.

The plea comes as a conclusion to a years-long investigation by federal regulators. BeInCrypto reported it has led to one of the largest corporate settlements in legal history.

CZ Has Stepped Down from Operational Roles at Binance

Following his guilty plea, CZ also stepped down from his roles as CEO of Binance and chairman of the board of directors for Binance.US.

This decision effectively diminishes his direct influence over the US operations of Binance, relegating his interest to a purely economic one.

Meanwhile, CZ is set to be sentenced on February 23, 2024, facing a potential 18-month prison term. Despite this, he is presently out on a $175 million bond.

However, his plea to return to the United Arab Emirates before sentencing was denied by the judge.