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According to reports, former Binance founder Changpeng Zhao made over $25,000,000 per day in prison.
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Zhao was held in Lompoc II for 117 days, a prison of minimum security near Santa Barbara.
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Forbes reported Zhao’s networth rose from $36.5B up to $61B, while Bloomberg reported a Loss.
According to reports, former Binance founder Changpeng Zhao earned more than $25 million per day in prison. According to a Forbes report, Zhao’s net worth increased from $36.5 billion in June to $61 billion on September 27.
Forbes has not disclosed its methodology for the report. However, data from earlier suggests that the firm applied a more conservative discount to Zhao’s equity. The data also focused on the wealth Zhao acquired in equity from Binance-affiliated private companies. The authenticity of the report is unclear, however, given the circumstances surrounding the privately-held equities, and the fact Zhao is not required to publicly disclose his assets.
Read Also : Changpeng Zhao’s Release Date: The Truth behind the Rumors
Bloomberg published a report stating that the former CEO Binance lost money in prison. Bloomberg valued Zhao’s BTC, BNB and Binance.us holdings at $0, while discounting Binance.com equity 50% from the average EV to sales multiple of three peers including Coinbase Global Inc., Galaxy Digital Holdings Ltd., and Riot Platforms Inc.
Zhao’s net wealth was $36.5 billion on June 2, but it dropped to $30.8 on September 27, when Zhao gained his freedom. Binance’s founder spent 117-days in Lompoc II prison, a minimum-security prison near Santa Barbara after pleading to willful violations under the Bank Secrecy act that enabled money laundering via the Binance crypto exchange.
Read Also : Court Rules Changpeng Zhao’s 4-Month Sentencing, Prosecutors Criticise
Zhao has paid a penalty of over $50 million. He has also avoided publicly disputing the Statement of Facts in the US government’s case against Binance. Zhao’s original release date of September 29 was pushed back two days due to the weekend.
According to Forbes’ report, Zhao’s estimated net worth is $25 million per day he spent in prison.
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