Bitcoin and Binance token dip slightly as CZ is released
According to a previous Forbes report, Zhao and Binance collectively hold 71% of the roughly 146 million BNB tokens in circulation.
Binance founder Changpeng Zhao was released early from custody on Sept. 27, and the price of Bitcoin (BTC) and Binance’s BNB (BNB) token dipped slightly since the start of the trading day.
According to a previous Forbes report, Zhao holds 64% of the total BNB supply, placing the entrepreneur’s net worth around $61 billion in June 2024 and making him the 24th richest person in the world at the time. Zhao’s vast holdings of Binance’s native currency sparked concern about the centralization of the token once the report was published.
Today, the 94 million BNB tokens held by Zhao represent roughly $57 billion in value at the time of writing — a significant reduction when measured against prices in June 2024, which topped $700.
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Author: Vince Quill
