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As a Binance CZ, holds alone 64% of the BNB supply, a true crypto scandal

Sun 16 Jun 2024 ▪ 3 min of reading ▪ by Fenelon L.
Getting informed Event

According to the latest estimates from Forbes, Changpeng Zhao, co-founder of Binance, the world’s number one crypto exchange platform, sees his personal fortune peak at 61 billion dollars, a large part of which comes from his massive holdings in BNB.

CZ de Binance desormais riche

Changpeng Zhao, the king of the crypto ecosystem who bends BNB

Changpeng Zhao, the co-founder and former CEO of Binance, the largest crypto exchange platform in the world, has just conquered the throne of the great fortunes of the crypto sphere.

In its latest report published on June 14, 2024, Forbes magazine estimates that CZ’s total assets now amount to 61 billion dollars, propelling him to the 24th place among the richest people on the planet.

But what catches the eye is that according to Forbes’ detailed calculations, CZ holds about 94 million BNB, representing 64% of the entire circulating supply of this cryptocurrency. A concentration of power and wealth that calls into question the very foundations of decentralization, a key principle of the crypto universe.

Beyond his massive reserves in BNB, Forbes notes that the majority of the rest of CZ’s colossal fortune, estimated at 33 billion dollars, comes from his overwhelming 90% stake in Binance, the exchange platform valued at about 37 billion dollars.

Moreover, CZ is believed to hold nearly 52 million additional BNB tokens distributed in various affiliated wallets, further strengthening his grip on the Binance ecosystem.

The impressive fortune of Changpeng Zhao reflects the spectacular rise of Binance, which in a few years has become the main crypto exchange platform in the world.

However, CZ’s journey has not been without legal hurdles. In November 2023, he reached an amicable settlement with the US Department of Justice, which resulted in a 4-month prison sentence.

But far from discouraging him, this setback only strengthened the unwavering determination of the entrepreneur. Deploying astute strategies, he masterfully kept the reins of the Binance empire despite regulatory headwinds.

His direct and indirect holdings in BNB and the company itself have seen spectacular growth, making him one of the wealthiest figures in the crypto world. However, this revelation by Forbes puts the platform under the spotlight, making it subject to controversy due to CZ’s grip on BNB’s supply.

This situation raises legitimate questions about the effective decentralization of the Binance ecosystem and could spark debates within the crypto community.

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Fenelon L. avatar
Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.