Changpeng Zhao, the former CEO of cryptocurrency exchange Binance, owns approximately 94 million BNB, which equates to about 64% of the total coin supply of 147.5 million. This revelation, reported by Forbes, underscores the vast wealth amassed by Zhao in the burgeoning world of cryptocurrency.
According to Forbes, Zhao acquired his BNB holdings through two primary methods. Initially, when Binance was founded in 2017, Zhao and his team were allocated 80 million BNB. "Analysis of the wallets that received these coins shows that the company owns 46.2 million BNB from the original 80 million. Zhao himself holds 41.6 million coins from this amount, thanks to his ownership of Binance shares," Forbes reported.
The acquisition of these BNB tokens wasn't straightforward. The second component of Zhao's wealth is more obscure and involves the initial coin offering (ICO) phase of Binance, which had a lackluster start with insufficient buyers. As a result, Zhao and his company redirected the unsold shares to wallets under their control.
"In 2017, Binance claimed to have sold 100 million BNB at $0.15 each, raising a total of $15 million. However, our analysis revealed that no more than 10.8 million BNB were actually sold, generating less than $5 million," journalists added. Binance did not disclose what would happen to the unsold tokens in its official ICO document for investors, which has added to the murky details surrounding the initial distribution of BNB.
Further examination revealed that these assets are stored in Binance wallets and are valued at over $35 billion, based on a coin price of $602. Considering that Zhao owns 90% of Binance's shares, he retains an additional 52 million BNB, contributing significantly to his net worth.
Forbes estimates Zhao's fortune at $61 billion, ranking him as the 24th richest person in the world. This immense wealth has been largely attributed to his strategic control and stake in Binance, one of the world's leading cryptocurrency exchanges.
Previously, it was reported that the French division of Binance had completely divested Zhao of his shares, marking a significant shift in his involvement with the company. This move could have implications for Zhao's holdings and his future in the crypto industry.
Zhao's story is a testament to the lucrative potential of cryptocurrencies and strategic company leadership. As the crypto market continues to evolve, the financial movements of influential figures like Zhao will undoubtedly be watched closely, both for their personal impact and their broader influence on the cryptocurrency ecosystem.
