Changpeng Zhao, CEO of cryptocurrency exchange Binance, has disputed recent media reports about his net worth.
Changpeng Zhao, CEO of cryptocurrency exchange Binance, has disputed recent media reports about his net worth. Bloomberg’s The New Finance Rich List had estimated his net worth at $28.2 billion, placing him among the world’s wealthiest billionaires. However, Zhao dismissed these figures as incorrect and tweeted that his net worth should be closer to Dan Gilbert’s $19.4 billion and Uday Kotak’s $13 billion.
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Numbers all wrong. I don’t have anywhere near as much. Don’t know why they do this.Also, never viewed FTX as a rival. We welcome more (well run) exchanges in the space. pic.twitter.com/xfa31RZp7t— CZBinance (@cz_binance) April 27, 2023
At press time, Bloomberg has not responded to Zhao’s claims.
Zhao has been actively challenging inaccuracies in reporting about his company, Binance, and the broader cryptocurrency industry. He has criticized reputable news outlets such as Bloomberg and Forbes for spreading fear, uncertainty, and doubt (FUD) about the industry.
Zhao refuted other media reports related to Binance, including Forbes’ report alleging a $1.8 billion transaction in 2022 was carried out through a “backroom maneuver,” which he dismissed as a lack of understanding of how exchanges operate. He also criticized Bloomberg’s report claiming that Binance was planning to sever ties with its American business partners.
Zhao also clarified that he does not view the now-defunct FTX Bitcoin exchange as a competitor and welcomes more exchanges in the space, provided they are well-run. He noted that his efforts to challenge inaccurate reporting align with his broader mission to promote transparency in the cryptocurrency industry, where misinformation and rumours can significantly impact market sentiment.
Meanwhile, Binance’s Chief Strategy Officer, Patrick Hillman, recently accused Sam Bankman-Fried, founder of the defunct cryptocurrency exchange FTX, of spreading false and biassed rumours about Zhao, prior to FTX’s demise. Hillman alleged that Bankman-Fried’s portrayal of Zhao as an “evil Chinese” was necessary to execute his own plans, likening it to the narrative of Luke Skywalker and Darth Vader. Bankman-Fried or anyone from his team has yet to respond to this accusation by Hillman.
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