Blockchain analytics firm Arkham Intelligence has mapped out the on-chain activity of Binance founder Changpeng Zhao, better known as CZ.
Their findings suggest more than $70 million worth of tokens linked to wallets attributed to him. But the numbers are far less straightforward than they appear at first glance.
The Bermuda Shorts mystery
The bulk of the supposed fortune comes from a little-known token called Bermuda Shorts (SHORT). On paper, Zhao’s wallets contain nearly 4 trillion units, with a theoretical value of $68.5 million. Yet market data reveals the token has almost no liquidity, leading analysts to conclude the valuation is illusory.
Industry watchers believe the tokens were deposited into Zhao’s address without his involvement. If he attempted to trade or cash out SHORT, the holdings would collapse to nearly zero in real terms. Many suspect it could even be part of a promotional scheme or…
