Originally published on: September 27, 2024
Binance’s founder, Changpeng Zhao, was released from custody early on Sept. 27, causing a slight dip in the prices of Bitcoin and Binance’s BNB token as trading began for the day.
An earlier Forbes report revealed that Zhao held a significant 64% of the total BNB supply, estimating his net worth at around $61 billion in June 2024 and ranking him as the 24th richest person globally at that time. Concerns arose about the token’s centralization due to his substantial holdings.
Currently, Zhao holds 94 million BNB tokens, valued at approximately $57 billion. In contrast to the peak prices exceeding $700 in June 2024, this represents a notable decrease.
An analysis conducted by Gray Wolf Analytics and Forbes in 2024 indicated that the original Binance team was allocated 80 million BNB tokens, with the company still maintaining about 46 million tokens.
Back in 2023, the United States Department of Justice pressed charges against Binance and Zhao, accusing the Binance founder of violating the Bank Secrecy Act. This legal battle culminated in a $4 billion settlement between Binance and the Securities and Exchange Commission, resulting in a 7% rise in BNB price within 24 hours.
The settlement required Binance to pay $4.3 billion and Zhao an additional $50 million, with the DOJ mandating independent monitoring of Binance’s operations for the next three years. The Forensic Risk Alliance was appointed to oversee the company’s affairs.
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