Crypto Executives, Traders; Included in China’s Wealthiest List

Oct 12, 2018 at 20:22

According to the annual Hurun Report which lists down China’s wealthiest businessmen, at least 13 individuals connected to cryptocurrencies made it to the prestigious group despite the ongoing strict stance on cryptocurrencies in the country.

Notably, individuals with a net worth of at least 2 billion yuan or $289 million are qualified to be included in the list.

Zhan Ketuan, the chairman and founder of Bitmain Technologies, was the only crypto-related mogul to reach the top 100 at the 95th spot with an estimated net worth of 29.5 billion yuan. His company is considered as the largest Bitcoin mining company in the world which is expected to reach $10 billion in revenue by year end.

On the other hand, Wu Jihan, co-founder of Bitmain also entered the list at 204th with an estimated net worth of 16.5 billion yuan.

Other notable names who also made the list also include Zhao Changpeng of Binance with $2.1 billion; Li Lin of Huobi with $1.4 billion and Star Xu of OKCoin with $1 billion.

Likewise, Li Xiaolai, a teacher who became a crypto investor also breached the list with a net worth of around 7 billion yuan or $1 billion.

It is interesting to highlight that six from the 13 crypto executives who made it to the list are from Bitmain, while three others are from the firm’s rival Canaan Creative and another one from Ebang Intl. Holdings. All three companies have pending applications to go public via the Hong Kong Stock Exchange.

It can be recalled that the Chinese Central Bank has repeatedly warned crypto exchanges on their activities and also implemented a ban on initial coin offerings in the country. However, it seems that despite the said stance Chinese crypto market leaders were able to earn.

Overall, Jack Ma of the Alibaba Group was named as the richest Chinese man with an estimated net worth of 270 billion yuan or $39 billion.

Read the full Hurun Report here.