Changpeng Zhao On His Net Worth: “No One Knows”
While the Binance chief is skiing for Christmas, crypto twitter is abuzz on conflicting reports about Changpeng Zhao’s current net worth.
Forbes’ profile on the crypto mogul puts his worth at $17.4 billion while a separate article showed that the CEO’s net came down to $4.5 billion from $65 billion in March.
Zhao downplayed the reports on his net worth, cryptically replying to tweets that wish to clarify the real numbers.
“No one knows. Just opinions,” Zhao replied. He also said that the article overestimated the current net worths of crypto’s big names as well as underestimated losses–but in the end, Zhao said that it “doesn’t matter” as these are just estimates.
This comes after Zhao posted a twitter thread on why he believes people “FUD” about Binance. FUD is a shorthand for fear, uncertainty, and doubt. Among the list includes the industry hating centralization and crypto exchanges (CEX), competitors lobbying and conducting FUD campaigns on Binance, and politicians who are not cutting-edge progressive.
“And then there are generalizations. ‘If one CEX is bad, then all other CEXs must be bad too.’ Especially if they liked a CEX before, who later turned out to be bad. Then, they must hate the other CEXs with a stronger vengeance,” Zhao added.
Zhao also said that one of the reasons is “a tiny number of people who are jealous, or just plain racist against Chinese-looking Canadians.”
In the end, the Binance chief admitted that the exchange is “not perfect,” saying it welcomes the feedback and asks people to “ignore FUD.”
The argument on net worth and losses have been noteworthy for Binance whose financial standing is chiefly obscured from the public, with reports referring to it as a “black box.” According to two people who worked with Binance’s previous chief financial officer Wei Zhou, he himself did not have access to the company’s full accounts during his three-year employment.
READ: Former Binance CFO Reportedly Claims To Have Never Seen Firms Full Books
Further reports claim that the global Binance exchange is commingling its assets with the US counterpart. In a piece written by Dirty Bubble Media–whose report on FTX and Alameda was instrumental in exposing the crypto firms–it is claimed that the exchange is freely exchanging assets with Binance.US in an attempt to skirt the American regulatory laws.
READ: Are Binance.US Assets Commingled With Binance’s?
Zhao’s twitter thread on FUD could be viewed in a different context after realizing that the term seems to be fast-becoming the Binance CEO’s go-ro reply on issues hurled at the crypto exchange.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.