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Binance, Coinbase CEOs Together Lost $1.7B in Personal Assets Following SEC Allegations

Bloomberg Says Binance and Coinbase CEOs Lost Part of Their Personal Wealth After SEC Allegations june 6,

Execs profited billions before latest loss

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

Those events affected the crypto market, company valuations, and more. Bloomberg said Binance CEO Changpeng Zhao saw his net worth drop from $1.4 billion to $26 billion in the two days since the allegations. It added that Brian Armstrong, the CEO of Coinbase, saw his net worth decrease by $361 million to $2.2 billion.

Together, their personal losses amount to $1.761 billion.

Bloomberg also noted that each executive’s net worth increased before the latest downturn. Executives gained a total of $15.4 billion earlier this year as Zhao’s net worth rose 117% and Armstrong’s 61%.

Data is from Bloomberg’s own index

Bloomberg cited its own Billionaires Index as the source for its data.

Zhao’s guess based on his personal holdings in Binance Holdings and Binance.US, although Bloomberg’s star ranking indicates he has little confidence in his estimate.

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

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