Introduction: The "contradiction" behind the data The 2025 Hurun Global Rich List was announced, and Binance founder Zhao Changpeng (CZ) retained the title of the richest man in the cryptocurrency field with a net worth of 160 billion yuan. This figure is in sharp contrast to the rumored 2021 "richest Chinese" worth of 90 billion US dollars (about 650 billion yuan). Judging from the market value growth of Bitcoin (BTC) and Binance Coin (BNB), CZ's wealth seems to be far higher than the current level. Behind this contradiction, it reflects the collision between the encryption industry and the traditional wealth assessment system, as well as the complex interweaving of supervision, market and personal destiny.
1. The “explicit logic” of wealth shrinkage: regulatory pressure and asset reconstruction
1. Quantitative impact of legal costs In 2023, CZ was fined $150 million due to the settlement agreement between Binance and the U.S. Department of Justice, and Binance was required to refund and pay a total of $4.3 billion in fines. This incident directly caused his wealth to evaporate by nearly 90% (from 634.8 billion yuan at its peak to 45 billion in 2023). Although his wealth rebounded to 160 billion in 2025, legal costs and compliance pressures still limited Binance's growth space and forced CZ to adjust his asset allocation strategy, such as reducing holdings of some crypto assets to meet liquidity needs.
2. Changes in Binance’s valuation logic As a non-listed company, Binance’s valuation is highly dependent on trading volume and market confidence. In recent years, stricter regulation has led to Binance’s market share being eroded by compliant platforms such as Coinbase, coupled with frequent negative events such as “rat warehouses” (such as the insider trading scandal of the uDEX project in 2025), and its valuation model has shifted from “barbaric growth” to “risk discount”.
2. The “hidden truth” of wealth data: the evaluation limitations of the Hurun List
1. The anonymity of crypto assets. The wealth statistics of the Hurun List are mainly based on publicly traceable traditional assets such as equity and real estate, while the anonymity and decentralization of cryptocurrencies make it difficult to track a large number of on-chain assets. For example, the BNB and BTC held by CZ may be scattered in multiple anonymous wallets, or indirectly controlled by entities such as foundations, which are not included in the statistics.
2. Wealth diversion of "decentralized" identities In 2025, CZ turned to blockchain education (Giggle Academy) and AI and biotechnology investments in his personal name, and emphasized that he "will no longer lead any project." This strategic transformation has shifted his wealth from centralized exchange equity to decentralized early-stage project investments, the latter of which are often lagging in valuation and difficult to quantify. 3. The "new narrative of wealth" in the crypto industry: ecological value beyond numbers
1. Positioning migration from "richest man" to "cornerstone" CZ publicly stated in 2025: "Vitalik (founder of Ethereum) is the cornerstone of the crypto industry, and I am just a learner." This statement echoes the "low-key" of his wealth ranking. In fact, he accelerated the layout of cutting-edge fields such as AI and zero-knowledge proof through Binance Labs, and his industry influence has shifted from "capital scale" to "ecological empowerment."
2. Market cycles and wealth fluctuations are normalized. In 2025, the average wealth in the cryptocurrency field will increase by 80%. MicroStrategy founder Michael Saylor's net worth will triple to 65 billion, and Coinbase's Brian Armstrong will increase by 72% to 80 billion. In contrast, CZ's "modest growth" highlights the unique challenges faced by the top exchanges - they must deal with regulation and compete with emerging forces in innovative tracks such as DeFi and Layer2.
Conclusion: "Crypto Philosophy" Outside the Wealth List
The 160 billion on the Hurun list may only be the tip of the iceberg of CZ's wealth. The real value of the crypto world lies in its potential to reshape the financial system, rather than the digital game of personal assets. As CZ said: "Price is a distraction, and construction is the core." When the industry moves from grassroots to compliance, and from hype to practicality, the ranking of the rich list will eventually become a historical footnote, and the underlying transformative power of blockchain is the eternal "wealth".
