HomeUncategorizedSEC lawsuits squeeze net worths of Coinbase and Binance CEOs By Cointelegraph

SEC lawsuits squeeze net worths of Coinbase and Binance CEOs By Cointelegraph

June 7, 2023

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© Reuters

The net worths of Coinbase (NASDAQ:) CEO Brian Armstrong and Binance CEO Changpeng Zhao (CZ) have suffered heavy blows due to recent lawsuits by the United States securities regulator.

Armstrong’s net worth was slashed by $289 million and Zhao’s by $1.33 billion within a span of 30 hours after the Securities Exchange Commission (SEC) sued Binance on June 5 and then Coinbase on June 6, according to data from the Bloomberg Billionaires Index and Forbes.

The SEC’s lawsuit against Binance has contributed to Zhao falling two spots in Bloomberg’s Billionaire Index. Source: Bloomberg
Zhao’s net worth has fallen from nearly $100 billion to $26 billion since January 2022. Source: Bloomberg
Change in net worth of Brian Armstrong since 2019. Source: Forbes