Binance Coin (BNB), the native token of the world’s largest cryptocurrency exchange Binance, hit a record high of $725 on the first day of Changpeng Zhao’s four-month prison sentence. After this, the market capitalization of the asset exceeded $109 billion.
Thanks to this, the founder of a crypto exchange of Chinese origin with Canadian citizenship became the richest person ever to serve time in a US federal prison. His fortune grew to $38 billion.
The exact amount of assets of former Binance CEO Changpeng Zhao still remains undisclosed. However, official documents from 2017 published during the initial coin offering (ICO) indicate that the site’s founding team was allocated 80 million BNB. Today their value is about $56 billion.
According to Bloomberg, the rise in the BNB price coincides with an increase in the total value of assets on Binance, which has grown from $80 billion to $125 billion since the beginning of January 2024. This strengthened the dominance of the crypto exchange in the industry, even despite a huge fine of $4.3 billion, which she had to pay to settle the case with the US authorities.
BNB is consistently listed on several major centralized exchanges, accounting for 85% of total trading volume.
Source: Cryptocurrency
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