Former Binance CEO Changpeng Zhao increased his fortune by almost $25 billion in 2023 amid a recovery in the cryptocurrency market. Zhao, along with the crypto exchange, pleaded guilty to criminal charges related to money laundering and was forced to leave his post as part of an agreement with the US Department of Justice. By the end of the year, with Bitcoin up more than 160% following the 2022 cryptocurrency market crash, Zhao topped the list of crypto businessmen whose estimated net worth rose in the past year, according to the Bloomberg Billionaires Index. Zhao’s fortune is currently estimated at more than $37 billion. Despite the fine that Binance agreed to pay to US authorities and the loss of some market share this year, the crypto exchange benefited from the increase in trading volumes that accompanied the recovery of the cryptocurrency market. As part of the deal, Zhao himself must pay a fine of $50 million, but his sentencing is expected on February 22, and he faces up to 10 years in prison. However, Zhao is expected to receive no more than 18 months as part of his deal with authorities. 2023 was not only a successful year for the now former CEO of Binance. According to the Bloomberg Billionaires Index, Coinbase CEO Brian Armstrong's wealth has increased by $5.8 billion year-to-date to $7.2 billion, and Coinbase co-founder Fred Ehrsam's wealth has increased by $1.8 billion to about $2.5 billion. The capital of twin brothers Tyler and Cameron Winklevoss, co-founders of the Gemini Trust crypto exchange, also increased by $1.4 billion to $2.7 billion.