Forbes recently reported that former Binance CEO Changpeng Zhao, also known as CZ, is currently the 24th richest person globally, largely due to his ownership of Binance Coin (BNB) tokens. It is said that Zhao possesses a whopping 64% of the circulating supply of BNB tokens, which amounts to around 94 million coins valued at over $56 billion at current prices.
Additionally, the report reveals that Zhao holds approximately 90% of the stake in the Binance exchange. Despite the controversies surrounding the crypto exchange that led to Zhao stepping down from his leadership position and facing a prison sentence, the value of BNB has continued to soar this year.
According to data from CoinGecko, BNB has witnessed a remarkable 141% price surge over the past 14 months. The cryptocurrency recently reached its all-time high (ATH) of $717, marking a staggering 1,497,749% return since its initial coin offering launch in 2017, which played a crucial role in Binance’s inception the same year.
In contrast, the S&P 500 has recorded a 3,540% gain throughout its history as an investment index. Predictions from crypto.news hint that BNB might retest its ATH soon and maintain its bullish trajectory towards higher price levels.
Despite serving a four-month jail term in a California prison, Zhao’s wealth is expected to grow even further. The unique circumstances surrounding his ownership of BNB tokens and the performance of the cryptocurrency market add an intriguing layer to his financial success story. As the value of BNB continues to rise, it remains to be seen how Zhao’s fortunes will evolve in the coming months.