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.
CZ, 46, played a role in the events that landed Bankman-Fried in federal court. In November, the Binance founder announced he was liquidating a token linked to FTX following a report that Bankman-Fried’s hedge fund Alameda Research also owned a large position in it. Some FTX customers rushed to pull money and the exchange was unable to keep up with the surge in withdrawals. Less than a week later it declared bankruptcy.
Read the full story on Bloomberg here.