The cryptocurrency market is having a downtime as many industry experts are experiencing a decline in their earnings. Recently, the founder and CEO of Binance, Changpeg Zhao, also experienced a substantial decrease in his net worth.
Based on the current Bloomberg Billionaires Index, the CEO of Binance had his net worth slashed by $11.9 billion, which signifies that his earnings dropped by 82%. Zhao's current net worth is $17.3 billion, which is lower than his net worth in 2022, which was $96.9 billion, making him the 11th richest person in the world.
The reason for the decline in Zhao’s net worth was due to a 38% cut in the estimated revenue of his crypto platform, Binance. The recent data released showed that the fall in trading volumes throughout the year contributed to the financial setback.
The Bloomberg Billionaires Index determines Binance’s revenue based on spot and derivatives trading data from crypto-tracking services Coingecko and Coinpaprika, a report says.
Changpeg Zhao, the 46-year-old also played a significant role in events around a crypto figure, Sam Bankman-Fried.
In November, the Binance founder announced the liquidation of a token that was linked to FTX after there were reports that Bankman-Fried’s hedge fund, Alameda Research, held a big position in it.
This led to a rush between FTX customers to remove their funds, which led to the bankruptcy less than a week after the announcement of the Binance CEO.
Read more: https://www.investingport.com/binan...on-in-net-worth-as-cryptocurrency-fluctuates/