Text | Hua Shang Tao Luo Mu Mu
At the end of last year, the unknown Zhao Changpeng rushed out of the jianghu with a worth of 90 billion US dollars, and pressed Zhong, Li Ka-shing and Ma Huateng, not only becoming the new richest man in China, but also on the list of the world's top ten richest people.
However, soon after the Luna coin thunderstorm, Zhao Changpeng's up to $1.3 billion in holding market value became $0.2 million in just a few days. In just half a year, Zhao Changpeng's entire wealth plummeted by 89.3%, and his wealth evaporated, and he handed over the throne of the richest man.
Zhao Changpeng's wealth myth is as legendary as the emergence of cryptocurrencies.
Growing up in a Chinese family in Canada, Zhao Changpeng established Fusion Information Technology Co., Ltd. in Shanghai in 2005, the main business is to develop high-frequency trading systems for brokers.
In 2013, Zhao Changpeng's financial circle began to rise cryptocurrencies, which made Zhao Changpeng, who had just come into contact with the concept, very excited, and he immediately judged that this was a path that could send himself to the peak of his wealth. The following year, Zhao Changpeng sold his house in Shanghai and bought bitcoin at a full position of $600 at the time.
Catching up with the global explosive growth of cryptocurrencies, 3 years later, Zhao Changpeng, who was already handy in the currency circle, created a digital currency trading platform - Binance.
In just half a year, Binance has become the world's largest cryptocurrency exchange with 6 million users. A year later, Zhao Changpeng was honored as Forbes' first global digital currency rich list as a "tanhua", with a net worth of nearly $2 billion.
By 2021, Binance has 3,000 employees worldwide, with a daily trading volume of up to $76 billion and a valuation of $300 billion. Zhao Changpeng also defeated Zhong Sui, Li Ka-shing, Ma Huateng and others in this year, and became the richest Man in China.
But the road to wealth and the throne of the richest man did not bring glory to Zhao Changpeng, but rather surged with doubts and criticisms. Public opinion generally believes that the myth of wealth created by relying on virtual currencies is "creating bubbles" and "harvesting ordinary people".
The policy winds also began to tighten this year.
In May, the China Payment and Clearing Association issued a joint announcement clarifying that financial institutions and payment institutions shall not carry out business related to virtual currencies. On the same day, the Inner Mongolia Autonomous Region comprehensively cleaned up and shut down the virtual currency "mining" project. As soon as the news came out, the prices of various digital cryptocurrencies such as Bitcoin plummeted across the board.
After four months, Binance suffered an even bigger blow.
In September, the central bank announced that overseas virtual currency exchanges providing services to mainland residents through the Internet were illegal financial activities. Binance had to remove the C2C CNY trading area and check Chinese mainland users.
The leak coincided with the overnight rain, the United States also began to tighten monetary liquidity at the beginning of this year, the cryptocurrency market was continuously suppressed, bitcoin plummeted from a high of $69,000 last year to $22,000, and Zhao Changpeng fell to the altar.
With the introduction of a series of regulatory measures, various problems that Binance has hidden under the glitz for many years have also surfaced. Over the years, various negative news and user rights protection incidents have begun to heat up on domestic social media.
Zhao Changpeng had to turn his attention to areas with loose policies overseas.
In fact, as early as 2017, when Binance was established, China had issued a policy to stop the issuance and financing of tokens, and Zhao Changpeng transferred Binance to Japan, but received a warning from the Japanese Financial Services Agency, and he had to move his headquarters from Japan to Malta. In the following years, Binance received warnings and even eviction orders from the United Kingdom, Germany, Malaysia, the United States, Singapore and other countries.
Previously, there were media reports that with the continuous efforts of all parties, Binance has established a blockchain technology center in the Dubai World Trade Center and has been allowed to carry out some business.
In the wave of rich people going south and investing in Vietnam, Zhao Changpeng also pinned his hopes on this "blue ocean". At the 2022 Vietnam NFT Summit, Zhao Changpeng appeared and publicly expressed his expectation to open new business in Vietnam.
Vietnam is one of the first countries to have a legal blockchain association, and the overall policy in Southeast Asia, except for Singapore and Malaysia, is relatively relaxed. The 2022 Top Market Insights for Financial and Cryptocurrency Applications says that Southeast Asia is becoming an emerging market for global cryptocurrency applications. According to other data, the number of downloads of the top cryptocurrency applications in Southeast Asia was only 6 million in 2020, and has increased to 21 million by 2021.
Virtual currency fell to the altar, and hundreds of millions of dollars of wealth were lost. Zhao Changpeng's road to prosperity is more like a dream of Nan Ke, after the hustle and bustle, where Binance will go, whether Vietnam can help it continue to write the myth, can only wait and see.
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