Binance, Coinbase CEOs Combined Lost $1.7 Billion in Personal Fortune After SEC Charges

Binance’s CZ lost 1.4 billion, while Coinbase’s Brian Armstrong lost $361 million.

The CEOs of Binance and Coinbase have lost some of their personal fortunes following the SEC’s allegations, Bloomberg said on June 6.

Executives made billions ahead of latest losses

The SEC sued Binance on June 5 and Coinbase on June 6, alleging that both companies violated securities regulations.

These events impacted the cryptocurrency market, company valuations, and more. Binance CEO Changpeng Zhao’s net worth fell by $1.4 billion to $26 billion in the two days after the allegations were made, according to Bloomberg. It added that the net worth of Coinbase CEO Brian Armstrong fell by $361 million to $2.2 billion.

Combined, their individual losses amounted to $1.761 billion.

Bloomberg also noted that each executive’s net worth increased before the most recent recession. Earlier this year, the two executives saw their net worth increase by $15.4 billion, with Zhao’s net worth up 117% and Armstrong’s 61%.

Data from Bloomberg’s own index

Bloomberg cites its own Billionaires Index as its data source.

Zhao’s estimate is based on his private holdings in Binance Holdings and Binance.US, though Bloomberg’s star ranking suggests it lacks confidence in its estimates.

Brian Armstrong is not publicly listed in the Bloomberg index, but Bloomberg estimates are based at least in part on his Coinbase stock. According to Bloomberg, Armstrong owns 16% of the company’s stock COIN. The stock fell as much as 15% today.