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Changpeng Zhao's wealth grew by $3 billion during his imprisonment (former head of Binance)
Despite his 4-month imprisonment, Changpeng Zhao's wealth grew by $3 billion. According to estimates, his average daily income during this period was about $25 million.
Changpeng Zhao, the former boss of the crypto exchange Binance, seems to have found a new way to make money: prison. While behind bars, he managed to make a fortune worth another $3 billion. Not a bad rate compared to a bank deposit, right? Apparently, the signal for trading there was just great.
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Zhao manages to get rich even while he's on the run. Most of his savings are in Binance shares and related securities. Forbes reportsreported that by September 2024, Changpeng Zhao's personal capital had reached $61 billion. At the same time, in July of that year, he had only 57 billion. While in prison, he grew richer by $25 million every day.
Why Changpeng Zhao was arrested - why the case was opened
Last year, Binance Exchange and its founder Changpeng Zhao found themselves at the center of a scandal in the United States, where they were found guilty of neglecting regulations. Court documents show that from 2017 to 2022, they:
ignored the law on banking secrecy, not caring about creating a reliable anti-money laundering program;
international economic sanctions were circumvented through the shadowy route;
were doing business in the United States without a license, like tourists who forgot to apply for a visa.
The prosecutor's office insisted on three years in prison for Zhao, but the court spared the billionaire, handing down only four months in prison. After his release, the ex-CEO of the largest cryptocurrency exchange shared his plans for the future and asked for time to rest.
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