Sam Bankman-Fried, on trial for fraud in New York, isn’t the only crypto founder feeling the heat. The Bloomberg Billionaires Index slashed its estimate of revenues at crypto exchange Binance by 38% after data showed volumes at the firm declined this year. That wiped $11.9 billion from the fortune of Binance’s founder, Changpeng Zhao, known as CZ, dropping him to $17.2 billion. In November, the Binance founder announced he was liquidating a token linked to FTX following a report that Bankman-Fried’s hedge fund Alameda Research also owned a large position in it. The Index calculates Binance’s revenue using spot and derivatives trading data from crypto-tracking services Coingecko and Coinpaprika.
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