Binance CEO Changpeng Zhao ‘CZ’ calls Bloomberg Rich List entry fake news

Original author: Samuel Wan

Binance CEO Changpeng Zhao (CZ) responded “4” to his recent Bloomberg rich list entry.

CZ added that the numbers were all wrong. He also corrected the supporting text, saying he never viewed the now-defunct FTX exchange as a rival.

“4” signifies ignoring fear, uncertainty, doubt (FUD,) fake news, and attacks — as set out in a January tweet in response to a period of sustained criticism, particularly over rumors of insolvency.

“In the future, would appreciate if you can link to this post when I tweet “4”. “

CZ ranks third on Bloomberg Rich List

Bloomberg published its Finance Rich List on April 25, giving a rundown of the top 26 money moguls ranked by their purported wealth.

Ranked first is Citadel’s Ken Griffith at $35 billion, followed by Jeff Yass of trading firm Susquehanna International Group — said to be worth $33.1 billion. CZ came third on the list with a $28.2 billion valuation.

Giving a summary of his journey to becoming CEO of the world’s largest crypto exchange, Bloomberg stated Binance has an annual turnover of more than $12 billion.

It also included details of increased regulatory scrutiny following the collapse of “rival exchange FTX” — subsequently being sued by the U.S. Commodity Futures Trading Commission (CFTC) over charges of operating an illegal exchange.

The numbers are all wrong

In his response to the Rich List entry, CZ began by denoting it as fake news. He clarified that the reported $28.2 billion valuation is inaccurate, saying his actual worth is much lower.

Additionally, the Binance CEO expressed concerns over the motives behind inflating the number.

“Numbers all wrong. I don’t have anywhere near as much. Don’t know why they do this.“

A commenter implied that the Bloomberg valuation is understated and that CZ is among the wealthiest in the world alongside “Elon Musk and Vladimir Putin.”

Downplaying the comment, CZ humbly said he is a “small potato” in a burgeoning industry and not in the same league as those mentioned.