Tag: 12B

Binance CEO reportedly lost $12b amid regulatory problems

The fortune of the founder and head of the largest crypto exchange, Binance, Changpeng Zhao, decreased by $12 billion amid problems with the trading platform. The Bloomberg Billionaires Index cut its earnings estimate for the Binance cryptocurrency exchange by 38% amid falling platform sales. As a result, Zhao’s wealth decreased by $11.9 billion to $17.3 billion. In addition to losing his fortune, Zhao reset the wealth of the founder of the FTX crypto exchange, Sam Bankman-Fried. In November 2022, the founder of Binance announced that he was liquidating the token…

Changpeng Zhao Loses Another $12B of His Fortune amid Regulatory Scrutiny

Zhao’s woes and those that are related to his exchange have been largely a result of the ongoing lawsuits against them. Binance co-founder and CEO Changpeng Zhao continues to see his fortune slashed after he reportedly lost another $11.9 billion, according to the Bloomberg Billionaires Index. This brings his total fortune loss from the January 2022 peak of $97 billion to around $80 billion. Zhao Is Losing His Wealth, Here’s Why As of publication, Zhao’s crypto empire is now worth a measly $17.3 billion, a far cry from what it…

Binance founder CZ’s fortune gets slashed $12B, while SBF is still at $0

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Binance co-founder and CEO Changpeng “CZ” Zhao has seen his net worth slashed by $11.9 billion amid falling trading volumes at his exchange. On Oct. 26, the Bloomberg Billionaires Index cut Binance’s revenue estimates by 38% amid a slump in exchange volumes which knocked Zhao down to 95th place on the rich list. Zhao’s net worth is now a paltry $17.3 billion, registering an 82% drop from its $96.9 billion peak in January 2022, where he was ranked 11th among the world’s richest people. Zhao’s net worth peaked at $96.9…

Bitcoin has caused $12b in environmental damage. There might be a solution

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Can environmentalists and regulators destroy bitcoin’s value? When Tesla stopped accepting bitcoin because of the blockchain’s “increasing use of fossil fuels”, were environmentalists drawing a line? If they team up with the regulators forcing big businesses to offset their carbon footprint, could this kill proof-of-work cryptocurrencies? Ethereum has already changed its system to proof-of-stake.  Erth points could be offering a solution. It’s a commercialized, operational, and scalable system available on a free app.  With their global partner Oracle Corp looking after data and security to help repair the planet, their system is…

Coinbase Could Earn $1.2B in Revenue Next Year From Higher Interest Rates, Says JPMorgan

The bank said that a key risk for Coinbase realizing its interest income is the possibility of reduced holding of USDC and fiat currency with the exchange. “We see the potential for institutional investors to hold less USDC given the opportunity cost of holding quasi-cash that doesn’t offer a yield. We also see retail holding less of its fiat at Coinbase since it doesn’t get a yield. As such, we see the potential for USDC balances and fiat balances to decline for Coinbase,” JPMorgan wrote. Source