Binance Founder Changpeng Zhao, better known as CZ, founder and former CEO of Binance, made headlines after spending four months in Lompoc II prison in the United States. His financial status during this time has been the subject of two contrasting reports from Forbes and Bloomberg, each offering very different insights into his wealth. These reports diverge primarily due to differing approaches regarding Zhao’s crypto holdings and his stake in Binance.
Binance Founder CZ’s Wealth Soars in Prison, Says Forbes
According to Forbes, Zhao’s net worth was around $33 billion when he entered prison on June 2, 2024. By the time of his release on September 27, 2024, this figure had skyrocketed to $61 billion, meaning CZ’s wealth increased by nearly $28 billion during his time behind bars. This equates to a daily wealth increase of about $25 million. Forbes bases its estimates on Zhao’s holdings in Bitcoin and Binance Coin (BNB), along with his stakes in Binance-related companies. Zhao is known to hold a significant portion of his personal wealth in Bitcoin and Binance Coin, both of which continue to serve as primary sources of his fortune despite market fluctuations.
Bloomberg’s Contradictory View: A Decline in Wealth
In stark contrast, Bloomberg reports that Zhao’s wealth has actually decreased during his time in prison. According to their estimates, his net worth fell from $36.5 billion on June 2 to $30.8 billion by September 27, marking a decline of roughly 18.8%. Bloomberg takes a much more conservative approach, assigning zero value to Zhao’s cryptocurrency holdings and offering a cautious valuation of his Binance shares. The volatility of crypto assets and the legal challenges Binance has faced likely contributed to Bloomberg’s more restrained valuation.
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Crypto Market Data and Diverging Perspectives
The stark differences between Forbes and Bloomberg’s assessments stem from their varying treatment of Zhao’s crypto holdings and Binance shares. Bitcoin and Binance Coin experienced considerable fluctuations during Binance Founder CZ’s time in prison. On June 2, Bitcoin was valued at approximately $67,724, but by September 27, it had dipped to $65,809—a drop of around 2%. Meanwhile, Binance Coin (BNB) saw a slight increase from $602.7 to $607.7, a modest rise of 0.82%. While these figures don’t directly support the drastic increase in wealth reported by Forbes, they highlight the unpredictable nature of the crypto market.
Binance’s Performance During Zhao’s Absence
Despite Zhao’s absence, Binance continued to perform strongly in the global crypto market. The platform maintained its leadership position, with an average of 53 million monthly visitors and consistently high daily trading volumes. On June 2, Binance’s 24-hour trading volume was around $10 billion, but by September 27, it had climbed to $17 billion. In August, Binance even hit a daily trading volume of $38 billion.
The contrasting reports from Forbes and Bloomberg underline the complexity of valuing CZ’s wealth, particularly in a market as volatile as crypto. While Forbes suggests that Binance Founder CZ’s time in prison saw his fortune balloon, Bloomberg presents a more conservative estimate, reflecting the uncertainty surrounding cryptocurrency and Binance’s legal battles. Regardless of these discrepancies, one thing is clear: Binance Founder Changpeng Zhao remains a dominant figure in the crypto world, with Binance continuing to lead the industry.
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