Despite legal troubles and market fluctuations, some of the biggest names in the cryptocurrency industry have witnessed significant changes in their wealth this year. Former Binance CEO Changpeng Zhao, also known as CZ, has experienced an astonishing financial growth, increasing his estimated wealth by almost $25 billion in 2023. This puts him at the top of the list of crypto entrepreneurs whose net worth saw a substantial increase, according to the Bloomberg Billionaires Index.
Binance, the world’s largest cryptocurrency exchange, founded and controlled by CZ, faced a guilty plea to US criminal charges in November. Despite this, CZ’s fortune has grown more than five times the size of the fines imposed on Binance by the US authorities. The increased trading volumes that accompanied the rebound in the crypto markets have contributed to CZ’s rise in wealth.
The Crypto Billionaires’ Fortunes
CZ’s current fortune stands at over $37 billion, derived from his ownership in Binance, as well as his holdings of Bitcoin and Binance’s own coin, BNB. Although his net worth has experienced a decline from its peak of nearly $97 billion in early 2022, CZ’s significant surge in wealth this year is notable.
Other prominent figures in the crypto industry have also seen remarkable growth in their fortunes. Coinbase CEO Brian Armstrong’s wealth rose by $5.8 billion year-to-date, reaching $7.2 billion. Armstrong holds approximately a 16% stake in Coinbase, whose shares have surged nearly 400% in 2023. Fred Ehrsam, co-founder of Coinbase, witnessed a surge in his estimated wealth by $1.8 billion, totaling about $2.5 billion.
The Winklevoss twins, Tyler and Cameron, co-founders of the Gemini Trust crypto exchange, each saw their wealth increase by $1.4 billion in 2023, reaching $2.7 billion each. However, they have been entangled in legal battles with crypto lender Genesis and the New York Attorney General. Barry Silbert, founder of Digital Currency Group (DCG), witnessed a growth in his wealth by $1.5 billion this year, reaching an estimated $2 billion.
Unfortunately, not all crypto billionaires have experienced positive developments in their fortunes. Sam Bankman-Fried, the former CEO of FTX, currently imprisoned for massive fraud, saw his estimated net worth remain at $0 after peaking at $25.9 billion in March last year.
