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Founder Changpeng Zhao's wealth drops by about $12 billion as Binance trading volume declines

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2024-07-30 14:19:20557browse

Founder Changpeng Zhaos wealth drops by about $12 billion as Binance trading volume declines

Binance founder Changpeng Zhao may have lost $11.9 billion in wealth as the world’s largest cryptocurrency exchange saw revenue fall 38%, according to calculations by the Bloomberg Billionaires Index.

The decline will drop CZ’s wealth to $17.2 billion, Bloomberg reported on Friday. His net worth peaked at $96 billion in January 2022, according to Bloomberg.

The Bloomberg Billionaires Index uses data tracking sites like CoinGecko and CCData to calculate Binance’s revenue based on trading data from spot and derivatives markets.

According to CCData, Binance’s market share fell from a peak of 62% in the first quarter to 51% at the end of the third quarter due to the zero-fee promotion.

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