Binance, Coinbase CEOs together lost $1.7B of personal wealth after SEC charges

Binance and Coinbase CEOs have lost some of their personal fortunes in the aftermath of the SEC accusations, Bloomberg reports. June 6th.

Management earned billions before recent losses

The U.S. Securities and Exchange Commission sued Binance on June 5 and Coinbase on June 6, alleging that both companies violated securities regulations.

These events affected the cryptocurrency market and corporate valuations. Bloomberg reported that Binance CEO Zhao Changpeng lost $1.4 billion to $26 billion in net worth two days after the allegations. Additionally, Coinbase CEO Brian Armstrong added that he sees his own net worth dropping by $361 million to $2.2 billion.

Their personal losses totaled $1,761 million.

Bloomberg also noted that each executive’s net worth had increased before the recent economic downturn. Mr. Zhao’s net worth increased 117% and Mr. Armstrong’s 61%, giving executives a total profit of $15.4 billion earlier this year.

Data is from Bloomberg’s own index

Bloomberg cited its own Billionaires Index as a source of data.

Mr. Zhao’s estimate The figure is based on his personal holdings of Binance Holdings and Binance US, but Bloomberg’s Star Rankings show little confidence in the estimate.

Brian Armstrong is not publicly listed on the Bloomberg Index, but Bloomberg’s estimates are based, at least in part, on his stock on Coinbase. According to Bloomberg, Armstrong owns a 16% stake in COIN. Stocks fell 15% today.

Binance and Coinbase CEOs together lost $1.7 billion in personal fortune after the SEC indictment first appeared on CryptoSlate.