'Nonsense': Binance founder denies being China's 13th richest person
What's the story
Binance founder Zhao Changpeng, popularly known as CZ, has dismissed a recent report from the Hurun Research Institute that estimated his net worth at ¥190 billion ($26.7 billion). The report also ranked him as China's 13th richest person. However, Zhao called the information "nonsense" and clarified that his actual wealth is much smaller than what was reported. He suggested that the figure should be divided by 100 to get a more accurate estimate of his wealth.
Information
Speculation on Zhao's potential rise in wealth
The Hurun Research Institute's report also noted a 41% increase in Zhao's wealth this year. The institute speculated that if the digital asset sector continues to thrive, he could potentially become China's richest person. However, calculating personal wealth of cryptocurrency investors has always been difficult.
Wealth estimation
Wealth estimates for cryptocurrency investors vary widely
The discrepancies in net worth estimates for cryptocurrency investors are largely due to the volatile nature of digital assets and the lack of transparency over ownership. Forbes estimated Zhao's wealth at nearly $90 billion, while Bloomberg pegged it at over $61 billion. These differences highlight the challenges of accurately assessing wealth in the ever-changing world of cryptocurrencies.
Scenario
Trump recently pardoned Zhao
Zhao has recently returned to the spotlight as ties between the Trump administration and the crypto industry deepen. Last week, Trump pardoned the Chinese-born Canadian entrepreneur, who had pleaded guilty in 2023 to violating US anti-money laundering laws and served a four-month prison sentence last year. In a social media post, Zhao expressed his "deep gratitude" for Trump's decision and vowed to "do everything we can to help make America the capital of crypto."