June 7, 2023 at 16:01 GMTModified date: June 7, 2023 at 16:01 GMT
June 7, 2023 at 16:01 GMT

SEC suits hit CZ and Armstrong’s billions

The SEC’s latest crypto crackdown has just hit the money piles of the two Coinbase and Binance CEOs, according to the Bloomberg Billionaires Index.

Cash. Pic: Unsplash

The SEC’s latest crypto crackdown has just hit the cash stores of the Coinbase and Binance CEOs.

According to the Bloomberg Billionaires Index, Binance’s Changpeng Zhao has witnessed $1.33billion drop from his $26bn money pile.

Meanwhile, Coinbase’s CEO Brian Armstrong has lost $361 million from his $2.2bn mega-capital.

Coinbase responds

Coinbase CEO Armstrong has responded to the legal suit and said that it “is very different from others out there – the complaint filed against us is exclusively focused on what is or is not a security. And we are confident in our facts and the law.

“We’ll get the job done. In the meantime, let’s all keep moving forward and building as an industry. America will get this right in the end.”

In the meantime, Binance’s CZ has not stopped tweeting since Monday’s news.

At the time of writing, the COIN stock price is up 2.5%, while the price of BNB coin is down 7.1% in the past 24 hours to $258.94.

The overall crypto market is down 0.12% to $1.1tn, while the price of Bitcoin is trading at $26,304.67, up 0.92% in the past day. Similarly, the price of Ethereum is down 0.21% to $1,838.25.