SEC Lawsuits Shake Cryptocurrency Titans: Armstrong and CZ's Fortunes Take a Hit
Binance and Coinbase CEOs Face Legal Battles and Substantial Wealth Losses Amid SEC Lawsuits
Thu, 08 Jun 2023, 04:28 am UTC
Despite these setbacks, Armstrong still maintains a position on the distinguished Forbes rich list, ranking 1,409th. However, his wealth has decreased by 11.8%, totaling $2.2 billion. Despite this decline, Armstrong's fortune has seen a modest recovery, with a surge of over 60% this year following the market's rebound.
Meanwhile, CZ, a prominent figure in the crypto world and the 54th richest person, experienced a 5.1% dip in his wealth, now totaling $26 billion. Although CZ had a remarkable 106% surge in net worth this year, he remains significantly below his peak fortune of $97 billion in January last year, having declined by more than 73%.
At the core of the lawsuits against Binance and Coinbase are the SEC's allegations of these exchanges violating multiple securities regulations. The central point of contention is the alleged trading of cryptocurrencies classified as unregistered securities by the regulatory body.
The repercussions of these lawsuits are already becoming evident. According to the latest data, the SEC has classified a total of 67 cryptocurrencies as securities. In response to the lawsuits, both Binance and Coinbase have declared their preparedness to vigorously fight against these legal actions. Their resolve remains unwavering, and they are determined to robustly counter these allegations.
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