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Crypto Mogul Suffers ‘History’s Biggest Wealth Loss’ – CNW

Binance founder Changpeng Zhao – or CZ – is said to have lost $87bn of his personal wealth in around 130 days


Binance chief Changpeng Zhao says retail investors in the Luna stablecoin collapse should be reimbursed first.
Binance founder Changpeng Zhao, who is more commonly referred to as 'CZ'. Photo: Reuters.

 

Crypto exchange boss Changpeng Zhao has suffered history’s biggest ever loss in wealth after seeing his fortune evaporate because of the war in Ukraine, surging inflation and the cryptocurrency crash, according to website Celebrity Net Worth.

The Binance founder, the world’s largest crypto exchange by volume, has lost $87 billion of his personal wealth in around 130 days, the website reports. It’s now estimated CZ’s net worth – he was one of the 10 richest people on the planet – has now sunk to $11 billion.

Changpeng Zhao, who is more commonly referred to as ‘CZ,’ owes his wealth to his 90% stake in Binance which he started in 2017.

 

Ukraine Invasion Impact

As of September last year, Binance was regularly handling up to $80 billion per day helping to catapult CZ to the ranks of the world’s mega-wealthy.

But soaring inflation in the wake of the global pandemic, Russia’s invasion of Ukraine and crypto’s crash this year have all combined to slash CZ’s net worth.

The news of his loss comes just a week after his crypto exchange lost close to $1.6 billion in the extraordinary TerraUSD-Luna stablecoin meltdown.

Changpeng Zhao revealed in a series of tweets that he had invested $3 million in TerraUSD’s sister cryptocurrency, Luna, four years ago. The value of the 15 million tokens then plunged from $1.6 billion before the crash to less than $3,000 last week.

 

  • By Sean O’Meara

 

 
Read more:

Binance Sees $1.6 Billion Evaporate on TerraUSD-Luna Crash

Binance Bolsters Middle East Presence With Dubai Licence

Musk Criticises Binance Over Dogecoin Withdrawals

 

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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