The Bloomberg Billionaires Index slashed its estimate of revenues at crypto exchange Binance by 38% after data showed volumes at the firm declined this year.
That wiped $11.9 billion from the fortune of Binance’s founder, Changpeng Zhao, known as CZ, dropping him to $17.2 billion.
CZ, 46, played a role in the events that landed Bankman-Fried in federal court. In November, the Binance founder announced he was liquidating a token linked to FTX following a report that Bankman-Fried’s hedge fund Alameda Research also owned a large position in it.
Some FTX customers rushed to pull money and the exchange was unable to keep up with the surge in withdrawals. Less than a week later it declared bankruptcy.
That sent Bankman-Fried’s own fortune to zero after peaking at $26 billion in March last year.
The Index calculates Binance’s revenue using spot and derivatives trading data from crypto-tracking services Coingecko and Coinpaprika.
Binance gained market share earlier this year, peaking at 62% of total on-exchange crypto trades in the first quarter, thanks to a zero-fee promotion for popular trading pairs. Once the offer ended, Binance’s share slid to 51% at the end of the third quarter, according to research firm CCData.