Binance Founder CZ Loses $12 Billion on Crypto-Trading Slump
- Crypto exchange CEO’s wealth has plunged 82% since its peak
- US regulators have sued Binance alleging a range of violations
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Sam Bankman-Fried, on trial for fraud in New York, isn’t the only crypto founder feeling the heat.
The Bloomberg Billionaires Index slashed its estimate of revenues at crypto exchange Binance by 38% after data showed volumes at the firm declined this year. That wiped $11.9 billion from the fortune of Binance’s founder, Changpeng Zhao, known as CZ, dropping him to $17.2 billion.