Forbes released an important report. According to the report, former Binance CEO Changpeng Zhao (CZ) currently holds approximately 64% of circulating BNB tokens, or 94 million BNB tokens. An analysis by Gray Wolf Analytics revealed that 80 million BNB tokens were initially allocated for the team, and the company currently controls 46 million of these tokens. Additionally, the report stated that CZ jointly owns 71% of the 147 million BNB tokens in circulation.
BNB Comments
Considering Zhao’s 90% stake in Binance and the value of these cryptocurrencies, the assets are valued at $61 billion, positioning him as the 24th richest person alive.
BNB, in brief, is the native token used for fees and rewards on Binance, the world’s largest exchange by volume. The maximum supply of BNB is set at 200 million, while the number of BNB in circulation exceeds 153 million.
As of the time of writing, after a 0.80% increase in the last 24 hours, BNB is trading at $603.56. BNB’s market cap remains over $89 billion, making it the third most valuable cryptocurrency, excluding the stablecoin USDT.
At the beginning of 2024, BNB was valued at approximately $290, and it reached a historic peak of $724 last week.
CZ and Legal Proceedings
In November 2023, a historic event occurred, and CZ faced a three-year prison sentence. CZ accepted the charges against him and resigned as CEO. During the trial, CZ repeatedly requested the lifting of his travel ban, which was ultimately denied, resulting in a four-month prison sentence.
The process leading to this involved CZ being found guilty of violating the Bank Secrecy Act. Richard Teng, who promised to support legal processes, replaced him as CEO. Another significant aspect of CZ’s settlement involved a $50 million fine for Zhao and a $4.3 billion fine for Binance.
Additionally, the justice department took stricter measures by appointing Forensic Risk Alliance, an independent consulting firm, as an observer for Binance over the next three years.
