BNB, COIN Chiefs Lose Billions

Binance CEO Changpeng Zhao and Coinbase CEO Brian Armstrong have experienced significant personal wealth losses due to recent securities violations accusations by the Securities and Exchange Commission (SEC). Following the SEC's lawsuit against Binance on June 5, Zhao's net worth dropped by $1.4 billion to $26 billion. Similarly, Armstrong's net worth decreased by $361 million to $2.2 billion after Coinbase was sued by the SEC on June 6. This combined personal loss for the two executives amounts to $1.761 billion. It is worth noting that earlier this year, both CEOs had seen their personal wealth increase, with Zhao's net worth rising by 117% and Armstrong's rising by 61%. The SEC's allegations against Binance and Coinbase have also had an impact on the broader crypto market, generating a bullish momentum.