Binance CEO Changpeng Zhao ‘CZ’ calls Bloomberg Rich List entry fake news Binance CEO Changpeng Zhao ‘CZ’ calls Bloomberg Rich List entry fake news
CZ said his personal fortune is much less than Bloomberg's purported $28.2 billion figure — denoting it as fake news.
2 min read
Updated: Aug. 13, 2023 at 2:33 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance CEO Changpeng Zhao (CZ) responded “4” to his recent Bloomberg rich list entry.
CZ added that the numbers were all wrong. He also corrected the supporting text, saying he never viewed the now-defunct FTX exchange as a rival.
“4” signifies ignoring fear, uncertainty, doubt (FUD,) fake news, and attacks — as set out in a January tweet in response to a period of sustained criticism, particularly over rumors of insolvency.
“In the future, would appreciate if you can link to this post when I tweet “4”. “
CZ ranks third on Bloomberg Rich List
Bloomberg published its Finance Rich List on April 25, giving a rundown of the top 26 money moguls ranked by their purported wealth.
Ranked first is Citadel’s Ken Griffin at $35 billion, followed by Jeff Yass of trading firm Susquehanna International Group — said to be worth $33.1 billion. CZ came third on the list with a $28.2 billion valuation.
Giving a summary of his journey to becoming CEO of the world’s largest crypto exchange, Bloomberg stated Binance has an annual turnover of more than $12 billion.
It also included details of increased regulatory scrutiny following the collapse of “rival exchange FTX” — subsequently being sued by the U.S. Commodity Futures Trading Commission (CFTC) over charges of operating an illegal exchange.
The numbers are all wrong
In his response to the Rich List entry, CZ began by denoting it as fake news. He clarified that the reported $28.2 billion valuation is inaccurate, saying his actual worth is much lower.
Additionally, the Binance CEO expressed concerns over the motives behind inflating the number.
“Numbers all wrong. I don’t have anywhere near as much. Don’t know why they do this.“
A commenter implied that the Bloomberg valuation is understated and that CZ is among the wealthiest in the world alongside “Elon Musk and Vladimir Putin.”
Downplaying the comment, CZ humbly said he is a “small potato” in a burgeoning industry and not in the same league as those mentioned.
“No way. I am a small potato in a small (but growing) industry. Those guys are 100x bigger, or more.“
Mentioned in this article
Author 
Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
Editor Editor 
Josh O'Sullivan
Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance.
Latest US Stories
Latest Alpha Market Report
In this article
BNB, or Binance Coin, is a cryptocurrency created by Binance.
Bitcoin
$66,426.89
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
