World's Biggest Crypto Fortune Began With a Friendly Poker Game (bloomberg.com) 15
An anonymous reader shares a report: The Abu Dhabi Grand Prix draws princes, movie stars and world-famous athletes every year to party on Yas Island, the entertainment hub about 30 minutes from the center of downtown. Mingling among them last month was a figure charting an unlikely ascent: a former McDonald's burger-flipper and software developer who, practically overnight, has vaulted into the ranks of the world's wealthiest people -- cryptocurrency pioneer Changpeng Zhao. CZ, as he's known to cryptophiles, is quickly becoming a fixture in the United Arab Emirates, meeting with royalty in Abu Dhabi who are eager to bring his Binance exchange to the country, according to people with knowledge of the situation. He has scooped up an apartment in Dubai and hosted dinners near the Burj Khalifa, the world's tallest building, and on the city's Palm Jumeirah island -- making him the most prominent personality in the nation's booming crypto scene.
In a region known for dizzying wealth, Zhao, 44, fits right in: His net worth is $96 billion, according to the Bloomberg Billionaires Index. It's the first time Bloomberg has estimated his fortune, which exceeds Asia's richest person, Mukesh Ambani, and rivals tech titans including Mark Zuckerberg and Google founders Larry Page and Sergey Brin. Zhao's fortune could be significantly larger, as the wealth estimate doesn't take into account his personal crypto holdings, which include Bitcoin and his firm's own token. Binance Coin, now called BNB, surged roughly 1,300% last year. Binance's success underscores the vast riches being created in the unshackled cryptoverse, even with recent declines, but controversy has swirled around the firm. Banished from China -- where it was founded -- the company faces regulatory probes globally. The U.S. Department of Justice and Internal Revenue Service are investigating whether one entity Zhao controls, Binance Holdings, is a conduit for money laundering and tax evasion, according to people with knowledge of the matter.
In a region known for dizzying wealth, Zhao, 44, fits right in: His net worth is $96 billion, according to the Bloomberg Billionaires Index. It's the first time Bloomberg has estimated his fortune, which exceeds Asia's richest person, Mukesh Ambani, and rivals tech titans including Mark Zuckerberg and Google founders Larry Page and Sergey Brin. Zhao's fortune could be significantly larger, as the wealth estimate doesn't take into account his personal crypto holdings, which include Bitcoin and his firm's own token. Binance Coin, now called BNB, surged roughly 1,300% last year. Binance's success underscores the vast riches being created in the unshackled cryptoverse, even with recent declines, but controversy has swirled around the firm. Banished from China -- where it was founded -- the company faces regulatory probes globally. The U.S. Department of Justice and Internal Revenue Service are investigating whether one entity Zhao controls, Binance Holdings, is a conduit for money laundering and tax evasion, according to people with knowledge of the matter.
What were they playing? (Score:5, Funny)
World's Biggest Crypto Fortune Began With a Friendly Poker Game
I'm guessing the game was Texas HODL'em.
I'll see myself out.
Re: (Score:1)
How about both? (Score:3)
The U.S. Department of Justice and Internal Revenue Service are investigating whether one entity Zhao controls, Binance Holdings, is a conduit for money laundering and tax evasion
How about both?
Re: (Score:3)
Crypto currencies are a conduit for money laundering and tax evasion. This one seems like a no-brainer.
Re: How about both? (Score:3)
The real question is if Binance is intentionally providing these services, or they are simply unable or unwilling to help stop it. All forms of money are used to facilitate tax evasion. That cryptocurrency is being used for such things isn't interesting to anyone excepts FUDders.
Re: (Score:1)
Funy how western nations are embracing cryptos at (Score:3)
Not all billionaires are equal (Score:5, Interesting)
The Economics Explained podcast did a good job of describing it as "lower class" billioniares, "middle class billionaires" and "upper class" billionaires. He's in the lower class, meaning his wealth is entirely tied to one thing, if he were to turn it into liquid assets he'd actually tank the value and thus hurt himself, etc. Elon Musk is this way too; he's often said he's wealthy but cash poor.
Middle class billionaires are like Bill Gates. He's divested himself sufficiently from Microsoft that if he sold $2B in stock he'd not really hurt his own wealth. His liquidity is assured and representative of true purchasing power.
Upper class billionaires are the Saudi Arabian oil princes. It doesn't matter what these guys are worth. They literally own the oil wealth in the country. They can print money whenever they want. they command armies and economies and judges and people. Their networth is both inestimable and vast.
Why? (Score:2)
I don't understand why anyone would want to go to Dubai to party because of the drug laws. Seems like the place would suck.
Re: Why? (Score:2)
Re: Why? (Score:2)
The ultra rich get to snort lines.
The poor get thrown into a dungeon and body parts removed.