Cryptocurrency NewsCrypto CEOs Hit: SEC Lawsuit Decimates Net Worth

Crypto CEOs Hit: SEC Lawsuit Decimates Net Worth

Due to recent actions by the US securities commission, the net worths of Coinbase CEO Brian Armstrong and Binance CEO Changpeng Zhao (CZ) have taken significant hits.

According to information from the Bloomberg Billionaires Index and Forbes, after the Securities Exchange Commission (SEC) sued Binance on June 5 and later Coinbase on June 6, Armstrong’s net worth was reduced by $289 million and Zhao’s by $1.33 billion over the course of 30 hours.

Zhao — the richest man in the crypto industry and the 54th richest person overall — had his net worth fall 5.1% to $26 billion this week.

Armstrong is ranked as the 1,409th richest person by Forbes and took the bigger hit from the SEC’s latest action with his net worth falling 11.8% to $2.2 billion.


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