Binance CEO reportedly lost $12b amid regulatory problems
The fortune of the founder and head of the largest crypto exchange, Binance, Changpeng Zhao, decreased by $12 billion amid problems with the trading platform. The Bloomberg Billionaires Index cut its earnings estimate for the Binance cryptocurrency exchange by 38% amid falling platform sales. As a result, Zhao’s wealth decreased by $11.9 billion to $17.3 billion. In addition to losing his fortune, Zhao reset the wealth of the founder of the FTX crypto exchange, Sam Bankman-Fried. In November 2022, the founder of Binance announced that he was liquidating the token associated with FTX following a report that Bankman-Fried’s hedge fund Alameda Research also held a large position in it. You might also like: Scaramucci predicts Sam Bankman-Fried will be ‘skinned alive’ at trial Some FTX clients rushed to withdraw money, and the exchange could not cope with the withdrawal surge. Less than a week later, the company filed for bankruptcy. This has seen Bankman-Fried’s net wo