Binance exchange token (BNB) founder Changpeng Zhao is now the wealthiest inmate in US federal prison history, thanks to a record price surge for the token. A new record was set for the cryptocurrency during the initial week of his four-month prison term.
According to CoinGecko, BNB’s market capitalization reached $109 billion on June 5 after reaching a peak of $717 on June 4, the day Zhao arrived at a California prison. The token’s value has increased by more than 100% since the start of the year.
The BNB Smart Chain is a blockchain that is widely used in crypto applications, such as games and exchanges. Holders of BNB tokens can use it to settle on the BNB Smart Chain and also receive discounts on Binance trading fees. Launchpool, Launchpad, Simple Earn, and other Binance investment programs require the purchase of the token, which is driving up demand for it.
Spot market demand started to rise in June, and from June 2nd to June 5th, market purchases regularly surpassed sales. Although BNB is traded on other exchanges, the majority of its volume—85%—is still handled by Binance.
Two major financial news outlets have put Zhao’s wealth at $38.5 billion and $33 billion, respectively. During an interview with the Associated Press in 2021, Zhao revealed that BNB is the main source of his wealth and went on to call himself a “major stake owner in Binance.”
The Bloomberg Billionaires Index ranks him as the 40th wealthiest person in the world, and in 2024, his fortune grew by $4.1 billion. On Forbes’ real-time ranking, Zhao currently sits at number 48.
Although Zhao has remained tight-lipped about his BNB coin holdings, a document from BNB’s ICO in 2017 indicates that the founding team was given 80 million tokens, which are currently valued at approximately $56 billion. Funds Collectable They were utilized to initiate the Binance exchange during this initial coin offering.