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Binance Former CEO CZ’s Wealth Skyrockets By $25 Billion In 2023, Despite Potential Prison Sentence

Press Releases Crypto News Bitcoinist Binance Former CEO CZ’s Wealth Skyrockets By $25 Billion In 2023, Despite Potential Prison Sentence

According to a Bloomberg report, Former Binance CEO, Changpeng Zhao, widely known as CZ, may face imprisonment in 2024 after pleading guilty to US criminal charges in November.

However, the year 2023 brought a “silver lining” for the former Chief Executive Officer of Binance Holdings, as his estimated net worth allegedly skyrocketed by nearly $25 billion.

CZ’s Net Worth Skyrocket Despite Binance’s Legal Challenges

According to the report, given Bitcoin’s (BTC) impressive rise through 2023, Zhao is at the top of a list of crypto entrepreneurs who have seen a significant increase in their net worth.

Despite the $4.3 billion in fines that Binance agreed to pay to US authorities, Zhao’s wealth growth of over $25 billion in 2023 exceeds the penalties imposed on the exchange.

Currently estimated at more than $37 billion, CZ’s fortune primarily stems from his controlling stake in Binance, the world’s largest cryptocurrency exchange, which he founded.

In November, both Zhao and Binance pleaded guilty to anti-money laundering and US sanctions violations, reaching a comprehensive settlement that allows the exchange to continue operating. As part of the deal, Zhao agreed to pay a personal fine of $50 million and step down as CEO, although he retains his ownership stake in the exchange.

While facing the possibility of up to 10 years in prison, Zhao’s plea deal could limit his sentence to a maximum of 18 months, potentially sparing him from more severe penalties imposed on other prominent individuals involved in cryptocurrency-related crimes.

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Author: Ronaldo Marquez

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