Binance Founder Changpeng Zhao Rejects Forbes’ $110B Net Worth Estimate

• Binance’s Changpeng Zhao calls Forbes’s ranking of $110B net worth estimate inaccurate.
• Giancarlo Devasini also ranks among the top 25 billionaires in the cryptocurrency industry.

Changpeng Zhao (CZ) rejects a recent Forbes report of his net worth calculation, accusing it of being erroneous and being against the state of the current crypto market condition. Also, he ranked 17th on the global billionaires list and was even above Bill Gates, with a net worth of over $110 billion. 

Also, the Forbes report mentioned that last year, some of CZ’s smaller holdings saw modest declines, with the value of his estimated 1,400 bitcoins falling roughly 25% to around $100 million. Meanwhile, his stake in what is believed to be the bulk of Binance’s circulating BNB tokens largely remained unchanged.

It also added, “Conversations with industry insiders and comparisons with other crypto exchanges, including the publicly traded Coinbase, suggest Binance—still the world’s largest crypto exchange, with roughly 38% market share—is worth around $100 billion, and legal filings from the investigation indicate that Zhao owns about 90% of it.”

CZ Rejects Forbes $110B Valuation

With that, a post was also shared on Wednesday, which highlighted that the Binance exchange was founded in 2017, which is 9 years ago, and spoke about the Forbes ranking. Also added, “@cz_binance is still chilling with us all like it’s day 1.”

Within hours, CZ responded to that post, “Definitely not accurate. This is a “guess a number” list, at least for me. Bitcoin/crypto is down 50% from ATH…”He concluded by stressing that net worth calculations for crypto entrepreneurs are highly volatile and often fail to capture the true state of their holdings.

Other Crypto Billionaires Making the List

As per the Forbes Billionaires report, CZ is not the only person from the bitcoin industry to appear on lists of billionaires worldwide. With an estimated net worth of $89.3 billion, Giancarlo Devasini, CFO of the Bitfinex exchange and co-founder of Tether, is ranked 22nd in the world’s wealth rankings. CZ and Devasini are two of the few people in the top 25 whose wealth has mostly come from the bitcoin market.