Technology

Factcheck: Did CZ’s net worth really fell by 93%?


Information plays a very pivotal role in the cryptocurrency ecosystem. The nature of the information helps in the formation of positive or negative sentiment in the market which further heavily impacts the market. Recently there’s been a news article pertaining to the networth of Changpeng Zhao (CZ). Deep down into this article in order to find out the factual strength of the article.

Who is Changpeng Zhao?

Changpeng Zhao, also known as CZ in the cryptocurrency circuit, is the CEO of Binance. Currently Binance is the largest Cryptocurrency exchange in the world. Apart from that Binance facilitates a horde of crypto services on its network. These services range around venture capital funding systems,credit cards and blockchain networks for apps.

Recently various websites such as Cryptoslate.com published a news article wherein they claimed that CZ witnessed a massive decline in his personal net worth over the course of the past 9 months. They even presented factual data regarding this phenomenon wherein they claimed that his net worth plummeted from $65 Billion in March to $4.5 Billion in the month of December. By analysing these factors these websites claimed that he had lost around 93.07% of his overall wealth.

Further they attributed these losses towards various factors such as the global macroeconomic conditions and Russia Ukraine war as the probable reasons for this decline. CZ’s name ranked first in the article along with names of various crypto moguls and businessmen who had lost a substantial amount of their fortune in the recent market upheaval.

Did CZ’s net worth really fell by 93%?

Although the article claimed that CZ lost around 93% of his fortune, the factual data provided by them seemed incorrect. Although it was claimed that his wealth plummeted to $4.5 Billion in December, but on checking the real time data pertaining to CZ’s net worth it was found that his net worth is around $17.4B.

The incoherency in the data reveals the fact that the published news article is false and is trying to spread misinformation around CZ.

The fact that it is misinformation can also be confirmed by the fact that there has been no official communication by any concerned authorities pertaining to this event which is a highly unlikely factor in case such an event occurred

Related posts
Technology

Lazarus Group Moves $63.5M ETH from Harmony, Binance and Huobi Freezes Account

The crypto market is volatile and sensitive. Even in the past several exchanges have fallen victim…
Read more
Technology

Moonbirds, a Bluechip NFT initiative, contracts with UTA, a Hollywood talent agency

In February 2022, early-stage investors Kevin Rose and Justin Mezzell of Facebook and Twitter…
Read more
Technology

CoinSwitch Proof of Reserve Released, Company Has 1,083.45 crore of its customers’ assets

The company published its proof of reserves analysis in an effort to provide transparency for its…
Read more
Newsletter
Become a Trendsetter

Sign up for TheTechly’s Daily Digest and get the latest and trending technology updates.

[mc4wp_form id="729"]