HomeNEWSChangpeng Zhao debunks $28 billion net worth report by Bloomberg

Changpeng Zhao debunks $28 billion net worth report by Bloomberg


Follow us


Changpeng Zhao has responded to an article by Bloomberg claiming he’s worth $28 billion. In a tweet from his official Twitter handle, the CEO of Binance refuted the claims stating he’s nowhere near the valuation.

Meanwhile, in the article, Bloomberg stated that it estimated the annual revenue of Binance to be above $12 billion. The publication revealed that the exchange attracted more regulatory scrutiny after the collapse of Binance’s rival, FTX. Also, the article recalled how regulators in the U.S.

In the article, Bloomberg reported that the Binance CEO is worth $28 billion. More so, the publication disclosed that crypto entreprenuer Bobby Lee during a poker game in Shangai introdcued Changpeng Zhao to Bitcoin. Initially, the publication focused on the top 26 billionaires who made it through “computer-driven trading companies.” On the list, the Binance CEO ranked 3rd behind Kevin Griffin and Jeff Yass.

However, this ranking didn’t sit well with the Binance Boss who refuted the claims. In his response, he said the estimation is wrong. Further, Changpeng Zhao said he never saw FTX as a rival. Instead, his cryptocurrency exchange is open to welcoming more “well-run” exchanges in the crypto space. He expressed his disappointment against the publication stating that he doesn’t understand the motive behind the publication.

According to findings, Changpeng Zhao doesn’t seem anywhere close to the valuation by Bloomberg. Forbes estimated his net worth to be $10.5 billion which is way behind Bloomberg’s claim. According to Forbes, the Binance boss is listed #174 richest man in the world.

Controversies trailing Changpeng Zhao

Changpeng Zhao has been a subject of various controversies of late. Recently, reports surfaced that Interpol issued a public red notice against the Binance boss. These reports gained widespread attention until the Binance CEO took to his Twitter page to debunk the rumor. According to a Binbits report, findings revealed that the reports were malicious. In response to the claims, CZ urged the crypto community to ignore the claims.

Also, around February 2023, a Reuters report alleged that Changpeng Zhao through Binance engaged in some money laundering activities. The report revealed that between January to March 2021, Binance.US transferred about $400 million to a separate firm belonging to Changpeng Zhao. Additionally, another Reuters report hit the media space on June 7, 2022, stating that Binance facilitated the laundering of $23 billion. The report attracted a response from Changpeng Zhao who claimed that the allegation is baseless.

Read More:

David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

Most Popular