Changpeng Zhao lost over $1.3 billion following SEC’s lawsuit

Binance’s CEO incurred the second-biggest daily loss on Bloomberg’s Billionaires Index. CZ’s personal wealth dropped by 1.33 billion.

Zhao Binance

The SEC’s witch-hunt has shaken crypto markets, with Bitcoin dropping far below $26,000 after the regulator’s crackdown on Binance. The cryptocurrency has quickly recovered, but the business environment has changed for the worse, with companies unsure about their future in the US. The SEC’s aggression has impacted both firms and their CEOs’ personal wealth. Changpeng Zhao, the head of Binance, has incurred a huge loss following the SEC’s lawsuit.

According to the Bloomberg’s Billionaire Index , CZ’s total net worth has depleted by $1.33 billion in a daily ranking, leaving Binance’s boss with “only” $26 billion and pushing him down the ladder by two rungs. Zhao came second on the list of top losing big shots after Indonesian mining magnate Low Tuck Kwong and above Bernard Arnault, a French gazillionaire competing with Elon Musk for the world’s richest person title.

CZ Zhao Binance
Source: Bloomberg

Brian Armstrong from Coinbase, another SEC’s “victim,” has also seen his net worth drop by a serious number. The recent lawsuit has left him $361 million lighter with $2.2 billion in his pockets. However, for both CEOs, the losses are hardly tangible. CZ’s fortune surged by a massive $15.4 billion (117%) year-on-year before the recent drop, and Armstrong added 61% to his assets. In comparison, the remaining Bloomberg-listed billionaires increased their wealth by an average of 9%.