238
© Reuters SEC lawsuits reduce net worths of Coinbase and Binance CEOs
The net assets of Brian ArmstrongCEO of Coinbase (NASDAQ:), and by Changpeng Zhao (CZ), CEO of Binance, have taken a heavy hit due to recent lawsuits brought by the US regulator.
According to data from the Bloomberg Billionaires Index and Forbes, after the Securities Exchange Commission (SEC) complaint to Binance on June 5 and Coinbase on June 6, the net worth of Armstrong was reduced by $289 million is that of Zhao of 1.33 billion dollars within 30 hours.
The net worth of Zhao — the richest man in the crypto industry and the 54th richest person overall — dropped this week by 5.1% to $26 billion.
Read the full text on Cointelegraph