CZ Denounces $87B Forbes Valuation as “Inflated Fiction”

Forbes placed Zhao near the top of its billionaire rankings, asserting that his holdings in Binance and related digital assets justify the $87.3 billion figure. Zhao responded with a formal statement denying the number, accusing the publication of sensationalism and demanding that its methodology be disclosed. He insisted that his assets are far lower and subject to volatility beyond what any list can reliably capture.

Estimates from alternative sources place Zhao’s net worth in a more modest range. Forbes’ own 2025 list later revised his wealth to about $62.9 billion, ranking him 24th globally. That figure aligns more closely with market watchers’ expectations, though even that is debated. Bloomberg and other analysts have suggested that published estimates may omit hidden liabilities or overvalue illiquid crypto holdings.

The core of the dispute lies in how to value large holdings of cryptocurrency and stakes in private companies. Zhao’s primary asset is his stake—often cited as near 90 per cent—in Binance, along with holdings in Binance Coin and other digital currencies. Critics argue that, given crypto’s sharp swings and regulatory risks, any valuation is inherently speculative.

Zhao has navigated significant regulatory and legal peril in the past two years. In November 2023, he resigned as Binance CEO as part of a settlement with U. S. authorities. Binance admitted to operating without adequate anti-money-laundering controls and agreed to pay a $4.3 billion penalty, while Zhao personally accepted a fine of $50 million. In April 2024, he was sentenced to four months in prison after pleading guilty to failing to maintain sufficient compliance mechanisms. He completed his sentence in September 2024.

Despite legal setbacks, Zhao’s influence in the crypto space endures. Earlier this year, he was appointed advisor to the Pakistan Crypto Council and also began advising the president of Kyrgyzstan on digital assets. These roles underscore the high regard in which he remains among governments exploring blockchain regulation and adoption.

Some observers interpret his challenge of Forbes as an attempt to reshape public perception and counter narratives of overinflated wealth. Zhao has long claimed that charitable giving is an essential priority, suggesting that large portions of his wealth may be pledged or in transition, complicating external assessments.

The tension between Zhao’s rebuttal and Forbes’ headline number reflects deeper uncertainties in the crypto industry. Valuing digital assets—especially when considerable holdings are locked, pledged, or thinly traded—requires assumptions about liquidity, volatility, and regulatory exposure.

Where traditional billionaires derive wealth from well-documented assets such as shares in listed companies or real estate, crypto founders must rely on consensus valuation mechanisms that vary widely by source. Even professional observers often diverge dramatically over Zhao’s worth because of differences in models, discount factors, and what is deemed “worth counting.”