YEREVAN (CoinChapter.com) — Former Binance CEO Changpeng Zhao (CZ) owns 64% of the circulating provide of Binance Coin (BNB), in keeping with a Forbes report. This quantities to roughly 94 million tokens. A forensic analysis by Grey Wolf Analytics revealed that 80 million BNB tokens have been initially allotted to the Binance founding workforce, with the corporate nonetheless controlling 46 million of those unique tokens, elevating worries that CZ could have been manipulating BNB costs in recent times.
CZ and Binance Management 71% of BNB, Internet Price at $61 Billion
The report states that Binance and CZ collectively maintain 71% of the 147 million BNB in circulation. Zhao’s 90% fairness stake in Binance, mixed together with his crypto holdings, has made him the twenty fourth richest individual globally, with an estimated internet price of $61 billion.
BNB is the native token of the Binance change, used for charges and rewards on the platform. It has a most provide of 200 million tokens, with over 153 million at the moment circulating available in the market. At $593 per token, BNB’s market cap stands at over $91 billion. The token’s price greater than doubled from round $290 in January 2024 to a excessive of $724 in June.
“CZ Binance gave Market Makers an astounding 25% of #BNB supply to perform token manipulation fuckery,” says crypto analyst Junko Suzuki, including:
“Celsius, Bancor, FTX, XRP, #BNB , Luna, #BTC , Eth and so forth adopted go well with.
CZ Steps Down, Fined $50M, Sentenced to 4 Months
In 2023, the U.S. Division of Justice (DOJ) indicted Changpeng Zhao and Binance for allegedly violating sanctions and cash laundering legal guidelines. Zhao pleaded responsible to violating the Financial institution Secrecy Act and stepped down as CEO, succeeded by Richard Teng. The settlement included fines of $50 million for Zhao and $4.3 billion for Binance. The DOJ appointed the Forensic Danger Alliance to watch Binance for the following three years.
On April 30, 2024, U.S. federal choose Richard Jones sentenced Zhao to 4 months in jail. This sentence was much less extreme than the three years really helpful by U.S. prosecutors. The costs have been associated to Zhao’s function in facilitating cash laundering and violating sanctions.
BNB’s price surged from round $290 in January to a peak of $724 in June 2024.
