Thomas Daniels
Former Binance CEO Changpeng Zhao has been identified as the 24th wealthiest individual globally, primarily due to his substantial ownership of Binance Coin (BNB), according to Forbes.
Zhao reportedly controls 64% of Binance’s BNB token circulating supply. With 94 million coins under his ownership, his holdings are valued at over $56 billion at current prices.
Additionally, the report states that Zhao possesses an approximate 90% stake in the Binance exchange.
Despite Binance facing numerous challenges, including Zhao’s resignation from his leadership position and a prison sentence, BNB has experienced significant growth this year. Data from CoinGecko indicates a 141% price increase over the past 14 months. Earlier this month, BNB achieved a new all-time high (ATH), reaching $717.
Since its initial coin offering (ICO) in 2017, BNB has delivered a staggering return of 1,497,749%, underpinning Binance’s market debut in the same year. In contrast, the S&P 500 has realized a 3,540% gain over its lifetime as an investment index.
Reports from crypto.news suggest that BNB might soon retest its ATH and maintain its bullish trajectory.
As Zhao serves a four-month jail term in California, his fortune is poised to expand further, given the continuing appreciation of BNB.
