The cryptocurrency market is a fertile ground for financial enthusiasts and has enabled many to transform their lives faster than any other financial market. Among them, the ten Richest Billionaires listed below can be considered the most successful in this field, boasting immense wealth (data updated to March 2024).
1. Changpeng Zhao – $33 Billion (Richest Billionaires)
Changpeng Zhao (CZ) is one of the founders of the world’s largest cryptocurrency exchange, Binance. Since its establishment, CZ has been a prominent figure in the crypto community, known for his market insights and belief in the future of Bitcoin and the crypto market. However, CZ’s journey to amassing a $33 billion fortune hasn’t been smooth, marked by numerous lawsuits in 2023. Issues related to customer fund management led to Binance and CZ being scrutinized by the U.S. Securities and Exchange Commission (SEC), culminating in accusations of non-transparency in handling customer funds. Despite legal efforts, Binance faced high-level management resignations under mounting pressure.
By late 2023, following legal controversies, CZ resigned from his position, handing over the reins to Richard Teng, who was speculated to replace him since June 2023. To continue its operations, Binance agreed to a $4.3 billion fine on November 22, 2023, concluding the SEC investigation into the exchange.
2. Brian Armstrong – $11.2 Billion
Brian Armstrong, the founder and CEO of Coinbase, is one of the rare names thriving in the U.S. cryptocurrency market, despite the industry’s regulatory scrutiny. Armstrong’s $11.2 billion fortune started with his curiosity after reading Bitcoin’s whitepaper. In 2012, Armstrong and his team founded Coinbase with an initial investment of $30 million from funds like Ribbit Capital, USV, and Andreessen Horowitz.
After six years, Coinbase successfully raised more capital, bringing its valuation to $8 billion. In April 2021, Coinbase went public, marking a significant milestone. However, like CZ and Binance, Armstrong and Coinbase became targets of SEC investigations led by Gary Gensler. In June 2023, the SEC alleged that certain trading and staking activities involving assets like AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, NEXO, SOL, ADA, MATIC, FIL, and SAND violated U.S. regulations.
Following the accusations, Coinbase delisted 80 spot trading pairs, reportedly to enhance USDC utility and ease tensions with the SEC.
3. Giancarlo Devasini – $9.2 Billion
Giancarlo Devasini, the CFO of Tether, ranks third with a net worth of $9.2 billion. He is one of the major shareholders of Tether Limited, the company behind the USDT stablecoin. Last year, Tether generated over $6.2 billion in profits from customer collateral, with Devasini owning a significant stake in the company.
4. Michael Saylor – $4.4 Billion
Michael Saylor, the CEO of MicroStrategy, is a well-known figure in the crypto community, especially for his bullish stance on Bitcoin. Saylor and MicroStrategy, often referred to as a “Bitcoin whale,” have accumulated 226,331 BTC worth approximately $14.7 billion, with an average purchase price of $36,990 per BTC since 2020.
5. Paolo Ardoino – $3.9 Billion
On October 13, 2023, Paolo Ardoino was promoted to CEO of Tether, replacing Jean-Louis van der Velde, who transitioned to an advisory role and CEO of Bitfinex. Ardoino, with an estimated net worth of $3.9 billion, has been instrumental in Tether’s success, significantly increasing its market cap from $100 million to over $83 billion since joining Bitfinex in 2014. As of Q1 2024, Tether holds over $74 billion in U.S. Treasury bills, making it one of the largest holders of T-Bills globally.
6. Chris Larsen – $3.2 Billion
Chris Larsen, co-founder and Chairman of Ripple, has been a pivotal figure in the company’s journey. Under his leadership, Ripple secured major clients like Bank of America, Mitsubishi Financial, and Santander. RippleNet, Ripple’s payment network, can process transactions in just four seconds. In July 2023, a legal ruling clarified that XRP, Ripple’s token, is not considered a security except under specific conditions, concluding a significant legal battle initiated by former SEC Chair Jay Clayton.
7. Jed McCaleb – $2.9 Billion
Jed McCaleb, with an estimated net worth of $2.9 billion, is a well-known name in the crypto world, having founded Mt. Gox, Ripple, and Stellar. In July 2023, Ripple and XRP finally received a favorable court ruling after a prolonged legal battle with the SEC. McCaleb reportedly earned over $3 billion from selling his XRP holdings, including $175 million from selling 819 million XRP between 2016 and 2020.
8 & 9. The Winklevoss Twins – $2.7 Billion Each
Tyler and Cameron Winklevoss are prominent figures in the crypto market, each with an estimated net worth of $2.7 billion. The founders of Gemini first learned about Bitcoin during a vacation in 2012 and invested over $10 million at $120 per BTC. By 2015, when BTC reached $11,000, they became some of the first crypto billionaires. Besides their crypto ventures, the twins were also involved in a legal battle with Mark Zuckerberg over the origins of Facebook, resulting in a $65 million settlement in 2008. Recently, Gemini faced regulatory challenges in the U.S., leading to its relocation to the UAE and involvement in the FTX collapse’s aftermath.
10. Tim Draper – $2 Billion
Tim Draper, with a $2 billion fortune primarily in Bitcoin, rounds out the top ten. Draper acquired 29,656 BTC for $18.7 million at $632 per BTC in a U.S. government auction of Silk Road assets. His investments span various sectors, including AI, blockchain, crypto, and genetics, with notable investments in companies like Robinhood, Coinbase, eShares, Tezos, DefiMoneyMarket, and OpenGov.
