JAKARTA Recently, the crypto market has experienced significant shocks as a result of the actions of law enforcement by the US Securities and Exchange Commission (SEC) against leading crypto companies in the world, Binance and Coinbase. This condition helped reduce the personal wealth of Binance boss Changpeng Zhao and Coinbase boss Brian Armstrong.
According to a Bloomberg report released on June 6, Changpeng Zhao lost most of his personal fortune after being faced with a lawsuit filed by the US Securities and Exchange Commission (SEC).
On June 5, Binance was sued by the SEC for alleged violations of securities regulations. A similar lawsuit was also addressed to Coinbase, another leading crypto exchange, on June 6. These two companies are accused of committing violations in their operations.
The impact of the lawsuit was felt on Changpeng Zhao's personal wealth. According to a Bloomberg report, his net worth has decreased by Rp20.8 trillion in just two days since the lawsuit was filed. With this decline, Changpeng Zhao's personal wealth has now reached Rp450 trillion.
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Meanwhile, Brian Armstrong, CEO of Coinbase, also did not escape the impact of the SEC's lawsuit. His personal wealth was reported to have decreased by IDR 4.4 trillion, bringing his current total net worth of IDR 26.6 trillion. Overall, the personal losses suffered by both reached IDR 25.2 trillion.
Bloomberg noted that before this decline, Changpeng Zhao's net worth had increased significantly. Earlier this year, his net worth rose by 117 percent, while Brian Armstrong's net worth increased by 61 percent.
This event has an impact not only on the personal wealth of the two CEOs, but also on the overall valuation of crypto companies and markets. Legal travel between Binance, Coinbase, and the SEC will be of major concern in the near future, as the outcome could have a significant impact on the worldwide crypto asset industry.
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