However, closer inspection shows that most of this value is tied to highly questionable tokens.
The largest asset in Zhao’s wallets is a token called Bermuda Shorts (SHORT), valued on paper at roughly $68.5 million. Data shows CZ holds nearly 4 trillion units of the coin, but analysts note this is almost certainly misleading. The token appears to have been sent to Zhao without his consent, carries negligible liquidity, and may be part of a scam. If CZ attempted to sell, it would likely be worth little to nothing.
Beyond SHORT, Zhao’s wallets contain a modest balance of more recognizable tokens. The only significant holding is 956,546 Binance Coin (BNB), valued at around $800,000. Other assets include:
Arkham notes that many of these smaller assets were most likely “airdropped” to Zhao by token creators hoping to boost visibility by associating their projects with a well-known figure in crypto.
The report stresses that these findings only reflect Zhao’s publicly known wallets. Given his central role in building Binance into the world’s largest crypto exchange, analysts widely believe CZ controls far greater private holdings than what has surfaced on-chain.
For now, though, the data highlights how misleading wallet trackers can be — a billionaire on paper may still hold bags of worthless tokens they never asked for.
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