Former Binance CEO CZ reportedly owns 64% of BNB supply
Forbes claims that former Binance CEO Changpeng Zhao is the 24th richest person globally due to his BNB token ownership.
Zhao reportedly owns 64% of Binance’s BNB token circulating supply. At current prices, the 94 million coins Zhao is said to control is worth more than $56 billion.
The report also states that he owns an approximate 90% stake in the Binance exchange.
While the crypto exchange has been the subject of concerning headlines, resulting in Zhao stepping down from a leadership role and serving a prison sentence. Yet at the same time, BNB has surged this year.
CoinGecko data showed a 141% price increase in the past 14 months. The cryptocurrency broke its all-time high (ATH) earlier this month, peaking at $717.
BNB has returned 1,497,749% since it launched as an initial coin offering in 2017, serving as a backbone for Binance’s debut in the same year.
In comparison, the S&P500 has posted 3,540% in gains throughout its existence as an investment index. Reports from crypto.news also suggest that BNB could retest its ATH soon and continue its bullish momentum to higher prices.
Zhao’s fortune could swell even further as he serves a four-month jail term in a California prison.
