Binance CEO Rubbishes Reports of $28 Billion Wealth

Binance CEO Rubbishes Reports of $28 Billion Wealth
Table of Contents

The CEO of the largest global cryptocurrency exchange, Binance, has refuted the news reports suggesting he holds a big fortune. Changpeng Zhao tweeted that his fortune was way less and the news report was based on misleading facts. In his tweet, he referred to Bloomberg’s Latest Finance Rich List.

As per the list, crypto entrepreneurs rank among the top 3 finance billionaires in the world. The article further suggests that CZ has a total net worth of about $28.2 billion. In reply to this claim, CZ stated,

“Numbers all wrong. I don’t have anywhere near as much. Don’t know why they do this.”

Moreover, CZ also marked a tweet with 4 which refers to ignoring fear, uncertainty, doubt (FUD), and fake or misleading news. Earlier this year, CZ stated,

“In the future, would appreciate if you can link to this post when I tweet 4.”

CZ Against Mainstream Media

The rich list claimed that Citadel’s Ken Griffin is at number 1 with $35 billion and Jeff Yass of Susquehanna International Group was worth $33.1 billion. Only these two billionaires were listed above the Binance CEO.

CZ Against Mainstream Media

In addition, the list also shared a short journey of CZ’s career, stating that the annual turnover of Binance is more than $12 billion. The list further shared the details of the FTX fiasco and referred to FTX as Binance’s rival exchange. It said,

“Scrutiny from regulators intensified after the collapse of rival exchange FTX. In March the US Commodity Futures Trading Commission sued Binance and Zhao for allegedly helping clients mask their locations to evade trading restrictions and failing to implement effective compliance policies.”

CZ also mentioned that he never saw FTX as a rival, and he views well-run crypto exchanges in the industry.

The Binance Chief’s Stance Against Misleading Media Stories

In the recent past, CZ has repeatedly pointed out false news, rumors, and reporting inaccuracies from media giants. He argues that the crypto industry’s image is distorted by its negative portrayal in the media. He was often critical of news pieces from Bloomberg and Forbes, classifying them as FUD. Earlier this year, CZ criticized Forbes in a news story and said that they do not know how an exchange works.

The Binance Chief’s Stance Against Misleading Media Stories

Nonetheless, users had a lot to say about CZ’s recent tweet. One of the users referred to him as the wealthiest on the planet, alongside Elon Musk and Vladimir Putin. To this comment, CZ said,

”No way. I am a small potato in a small (but growing) industry. Those guys are 100x bigger, or more.”

Recently, crypto founders and entrepreneurs have stayed in the limelight due to the events with Terra’s Do Kwon and FTX’s Sam Bankman-Fried. Thus, these clarifications are often necessary to clear their public image.


Follow us on Social Networks

Crypto Tutorials

Crypto Reviews