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Bitcoin

Despite pleading guilty to U.S. criminal charges, Zhao's fortune has soared by almost $25 billion this year, even as his holdings in Bitcoin and Binance's own coin, BNB, are not included in this valuation.
Zhao's wealth, now estimated at over $37 billion, ranks him as the 35th richest person globally. This increase is primarily attributed to his controlling stake in Binance. However, this figure remains well below its peak of nearly $97 billion in early 2022. It also dropped from the year-to-date high of $50.4 billion five months ago.
The increase in Zhao's wealth comes amidst a broader resurgence in the cryptocurrency market. Bitcoin rebounded by over 160% following a market collapse in 2022, which favorably impacted the fortunes of several prominent figures in the industry.
In November, Binance pleaded guilty to anti-money laundering and sanctions violations, <a href="https://financefeeds.com/binance-and-cz-pay-billions-in-settlement-with-cftc/" rel="noopener noreferrer nofollow">agreeing to a settlement with the U.S. authorities</a>. As part of this settlement, the crypto giant will pay a $4.3 billion fine, and Zhao has agreed to pay a personal fine of $50 million.
Despite the legal challenges, Zhao retains his ownership stake in Binance. He is currently scheduled for sentencing on February 23 and could <a href="https://financefeeds.com/no-escape-for-binances-cz-court-blocks-travel-before-sentencing/" rel="noopener noreferrer nofollow">face up to 18 months in prison</a>.
The cryptocurrency market's rebound in 2023 has benefited other industry leaders as well. Coinbase Global CEO Brian Armstrong's wealth has risen by $5.8 billion, reaching $7.2 billion. Coinbase's shares surged by almost 400% in 2023.
Tyler and Cameron Winklevoss, co-founders of the <a href="https://financefeeds.com/winklevoss-accuses-barry-silbert-of-fraud-submits-1-5b-offer/" rel="noopener noreferrer nofollow">Gemini Trust crypto exchange</a>, each gained $1.4 billion, taking their wealth to $2.7 billion. Gemini has been embroiled in a legal battle with the crypto lender Genesis and the Digital Currency Group, alongside facing a lawsuit from the New York Attorney General.
<a href="https://financefeeds.com/barry-silbert-sells-coindesk-to-nyse-ex-ceo-tom-farley/" rel="noopener noreferrer nofollow">Barry Silbert</a>, founder of Digital Currency Group, also saw his wealth grow by $1.5 billion to an estimated $2 billion. DCG has been restructuring, following the bankruptcy filing of its subsidiary Genesis.
In contrast, <a href="https://financefeeds.com/sam-bankman-fried-convicted-in-high-profile-ftx-fraud-case/" rel="noopener noreferrer nofollow">Sam Bankman-Fried</a>, the former CEO of FTX, who has been convicted of massive fraud, maintains an estimated net worth of $0, a significant drop from his peak wealth of $25.9 billion.

Fortunes of CZ, Winklevoss, Coinbase CEO soar in 2023: SBF at $0

FinanceFeeds

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