BNB the native cryptocurrency of the Binance Ecosystem dipped even after the release of the founder and former CEO of Binance from prison.
The release of CZ seems to have done very little for the native token of his platform which he owns a huge slice of its allocation.
At the time of the report BNB is exchanging hands for $595 dropping by 0.8% in the last 24 hours.
Changpeng Zhao, the ex-CEO of Binance holds a whopping 64% of the total BNB supply placing his networth within the $61 billion range and making him the 24th richest man in the world.
His release from prison was expected to spark a rally of the Tokens under his circle of influence.
CZ’s huge share of the BNB token supply sparked a series of debates and speculation on the centralization of the token when it was revealed how much of it Changpeng Zhao owned.
BNB token has dropped in price compared to a few months ago when it was trading at $700 per token. CZ’s 94 million BNB token stash is currently worth roughly $57 billion in value.
A Forbes 2024 Analysis in collaboration with Grey Wolf Analysis revealed that the Original Binance team where allocated 80 million BNB tokens and they currently retain 46 millions of those tokens.
The most significant effect of CZ’s legal tussle with US authorities on BNB happened in 2023 when Binance Ltd and the United States Securities and Exchange Commission reached a settlement agreement for $4 billion.
The Price of BNB following the news surged by 7% within 24 hours. CZ’s release expected to positively affect the price of the asset has not lived up to billing.
Back Story
Changpeng Zhao and the United States authorities ran into problems with the latter charging the former for the activities of Binance Limited.
The US (DOJ) announced charges against Binance and Zhao in 2023 — alleging that CZ violated the Bank Secrecy Act.
The filing was a joint effort between the US Department of the Treasury Office of Foreign Assets Control, the US Department of the Treasury Financial Crimes Enforcement Network, and the Commodity Futures Trading Commission.
The three government regulators in a statement said:
“While Binance is not a publicly traded company, Binance is the largest cryptocurrency exchange in the world, and news related to Zhao and Binance’s criminal and civil liability is likely to have a significant effect on the trading of various cryptocurrencies.”. They said
What to Know
- CZ was released on Friday, two days early from his official release date of September 29 after serving 4 months in jail.
- The Chinese Canadian was the richest inmate in the world during his time of incarceration.
