Kelvin Testimony Amachree
The price of Binance Coin (BNB) recently peaked at $720 but dropped to $583.77, marking an 18.65% decrease. However, BNB is on the verge of reaching its all-time high once again.
An analysis from Gary Wolf Analytics uncovered that Changpeng Zhao, the ex-CEO of Binance, owns a significant portion of BNB tokens. CZ holds 94 million BNB, which makes up 64% of the total supply. Additionally, he has control over 71% of the 147 million BNB in circulation and has a 90% stake in the company.
During Binance’s inception in 2017, CZ and the founding team were given 80 million BNB tokens, representing 40% of the total supply. Currently, 46 million of these tokens are still within the exchange’s holdings. This concentrated ownership grants CZ considerable power in influencing the asset’s trajectory and value.
CZ’s Wealth Status
Changpeng Zhao, the creator and former head of Binance, is estimated to have a net worth of $60.2 billion, placing him as the 25th richest person globally, as per Forbes. However, his prosperity has been clouded by legal challenges.
Known as CZ, Zhao recently made a plea deal for breaching the Bank Secrecy Act, resulting in his resignation as Binance’s CEO. Richard Teng assumed the role of the new CEO of the crypto platform. The agreement included hefty fines, with Binance encountering a $4.3 billion penalty and CZ personally facing a $150 million fine.
On April 30, CZ was sentenced to four months in prison. Despite his legal issues, his considerable net worth reinforces his standing as one of the wealthiest individuals globally.