"Nearly $570 million were minted and taken by the hacker, $100 million are unrecovered and moved off chain by the hacker. Binance added they would also consider implementing a "bug bounty reward system," so users are incentivized to report bugs. The decision would be made through a series of "on-chain governance votes" - the system that manages and implements changes to the blockchain. Zhao told CNBC in an October interview that no users had lost money in the attack, and that "software code is never bug free." The Binance hack is one of the biggest cryptocurrency hacks of all time.īinance said in a blog post that in the event of a hack in the future, its validators will decide if the hacked funds will be frozen. In October, some $570 million worth of cryptocurrency traded on Binance was stolen in a blockchain hack, according to the New York Times. Mustajab declined to confirm Zhao's net worth and the source of his wealth to Insider.īut Zhao's journey at Binance has been far from smooth sailing - the company has been embroiled in several controversies.Ĭhangpeng Zhao, CEO of Binance. Zhao is said to have a considerable amount of wealth from Bitcoin, having bought $1 million worth of the digital currency when it was just $600 a unit, per Maclean's. In 2021, Binance had over 90 million users, Bloomberg reported, citing an estimate from Zhao. Zhao has personal cryptocurrency holdings in Bitcoin and Binance Coin, per a September report by Bloomberg. Bloomberg said it did not include cryptocurrency directly held by Zhao in his net worth, as the amount is not publicly available. While Bloomberg estimates Zhao is worth around $25.8 billion from his majority stake in the cryptocurrency platform, it's not a complete picture of his wealth. When Zhao moved to Canada, he held a number of part-time jobs, according to the Maclean's report.Ĭryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris, France, July 8, 2022. Zhao told Maclean's that it wasn't until he moved to Canada that he ever drank fresh milk, because it was so rare to find it in China. "You get a ticket to buy meat," Zhao told Fortune in a March interview. Zhao said he experienced food rationing growing up in rural China. After the Tiananmen Square protests in 1989, Zhao and his family followed his father and moved to Vancouver. Shengkai immigrated to Canada to pursue a doctorate degree at the University of British Columbia, per Maclean's. He added that he was "lucky to have been able to leave at that time." Zhao said in a September blog post that his family had to wait in line outside the Canadian embassy for three days to procure visas. Zhao's father, Shengkai, was a professor who was exiled to the countryside during the Cultural Revolution in China, according to the Maclean's report. Zhao, who is Chinese-Canadian, moved to Vancouver in the late 1980s with his family, according to Forbes. Zhao was born in a rural village in Jiangsu province in China in 1977 to a family of teachers. Binance is bigger than its four largest competitors combined, per Bloomberg.Įditor's note: This story was first published in October 2022 and has been updated to reflect recent developments. In 2021 alone, Binance generated over $20 billion in revenue, according to Bloomberg. The exchange handles some $76 billion in daily trading volume, according to Protocol. Zhao founded Binance in 2017 and powered it to become the biggest cryptocurrency exchange by trading volume. His career in the up-and-coming digital currency industry started at, where he served as the head of development. Zhao's interest in cryptocurrency began in 2013 when he first learned about Bitcoin, according to a 2018 Forbes report. His real-time estimated net worth is a far cry from the peak of his personal wealth: His net worth peaked at $95.9 billion earlier this year, the Bloomberg Billionaires Index shows. But crypto winter has taken a toll across the industry, and Zhao is no exception.
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