Binance founder Changpeng "CZ" Zhao's wealth probably fell $11.9 billion as revenue at the world's largest crypto exchange slid 38%, Bloomberg Billionaires Index calculated.
The drop would see CZ's wealth drop to $17.2 billion, Bloomberg reported on Friday. His net worth hit a peak of $96 billion in January 2022, Bloomberg said.
The Bloomberg Billionaires Index calculates Binance's revenue based on trading data from the spot and derivatives markets using data tracking sites such as CoinGecko and CCData.
From a peak of 62% of crypto trading in the first quarter, thanks to a zero-fee promotion, Binance's market share slipped to 51% by the end of the third quarter, according to CCData.
Binance did not immediately respond to CoinDesk's request for comment.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.