Zhao’s troubles and those related to his exchange are largely a result of the ongoing lawsuits against him.
Binance Co-Founder and CEO Changpeng Zhao His wealth continues to decline after reportedly losing another $11.9 billion, according to the Bloomberg Billionaires Index. This brings the loss of their net worth to around $80 billion from a peak of $97 billion in January 2022.
Zhao is losing his wealth, know why
As of publication, Zhao’s crypto empire is now worth just $17.3 billion, which is much less than a year ago.
Meanwhile, their losses can be attributed to Binance’s trading volumes. The decline in trading volumes means the exchange’s revenue estimates are now down 38%, effectively dropping Zhao to 95th on the billionaires list, according to Bloomberg Index. List, However, it may be worth mentioning that Zhao was sitting comfortably at 11th place in the world’s richest list as of January 2022.
Bloomberg’s index estimated Binance’s revenue from the exchange’s spot and derivatives trading data. This is according to data from crypto data aggregators CoinGecko and CoinPaprika.
September marks the seventh consecutive month that Binance has seen a decline in its spot trading market share, falling to 34.3% in the process. Whereas in January the same spot market share was more than 55%. Also noteworthy is the fact that the exchange’s United States-based branch, Binance.US, is also seeing low trading volumes, hitting new lows last month.
Zhao’s troubles and his exchange are largely a result of the ongoing lawsuits against him. Regulatory authority: US Securities and Exchange Commission (USSEC)seconds) and the Commodity Futures Trading Commission (CFTC) have filed various charges against them. From selling unregistered securities to mismanagement of client funds, regulators are coming down on Zhao, Binance and Binance.US.
However, the billionaire businessman has since denied all allegations. He may be hoping that the court will dismiss both suits.
Zhao’s rapidly declining wealth may seem troubling, but it certainly looks better than his one-time rival Sam Bankman-Fried (SBF). at least for now. SBF lost its entire $16 billion assets in the FTX crash in November 2022. Recently Coinspeaker informed of That Bankman-Fried would take the stand as a witness in his own criminal trial on October 26. He is being prosecuted for charges related to conspiracy and fraud. However, in court, he rejected Made all the allegations and declared himself innocent.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his writing style. He strongly believes in the potential of digital assets and takes every opportunity to reiterate it. He is also a reader, a researcher, an astute speaker and a budding entrepreneur. However, away from crypto, Mayowa’s imaginary distractions include discussing football or world politics.
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