Cryptocurrency made this person one of the richest people in the world, now had to leave his country after losses

In January, Zhao was one of the 10 richest people in the world.

During the first few months of this year, cryptocurrency exchange Binance introduced a new and less risky way to invest in cryptocurrencies. He appealed to his clients to invest in TerraUSD.

during the first few months of this year cryptocurrency (cryptocurrency) Exchange Binance Investing in Cryptocurrencies (Investment) A new and less risky way of doing it was introduced. He appealed to his clients to invest in TerraUSD. Stablecoin to trade this token (Stablecoin) Known as. This cryptocurrency savings account (Savings Account) It works like this and its value is always claimed to be one dollar. According to a Bloomberg report, Binance customers who used its service to buy, sell and invest in different cryptocurrencies said that this stablecoin offers something special. In this, it was claimed to get an annual return of about 20 percent. Binance told customers that TerraUSD is safe and offers higher yields.

Big blow to the crypto industry

But the Terra proved to be neither safe nor high yielding. According to its critics, the coin was a fraudulent scheme, causing a huge drop in the price of bitcoin and forcing companies in the industry to freeze customer withdrawals and lay off employees. Bitcoin is down nearly 70 percent from its record high in November.

This has been bad news for investors. On May 16, Changpeng Zhao, the company’s chief executive officer, disclosed the level of losses related to Terra. The company’s stake was at $ 1.6 billion, but now it has reached near zero. But Zhao did not give any warning about this. He had said in an interview that he does not worry much about money.

Binance still huge company

In January, Zhao was one of the 10 richest people in the world. His net worth declined with the price of bitcoin. According to the Bloomberg Billionaires Index, his net worth has dropped from $96 billion to $11 billion. Despite this, Binance remains the largest company in crypto. The company does more transactions than the total of the subsequent four exchanges. This means that Zhao, who is the company’s largest shareholder, is earning money whether customers are buying or selling. He said in the interview that there is no bailout. There is no central bank. There is no interference of the government. According to him, it was not too bad.

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Zhao has moved to Dubai last year. He was born in China. And then he became a citizen of Canada. They have not lived in any one country for more than a few years.