Arkham Flags Questionable Tokens in Changpeng Zhao’s wallets

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 scam.

Smaller holdings look more authentic

Outside of SHORT, Zhao’s balances appear far more modest. His most notable legitimate asset is 956,546 Binance Coin (BNB), worth roughly $800,000 at current prices. Other wallets list a mix of obscure coins with minor valuations, including:

• SIREN: $150,070
• BNB CARD: $114,380
• DOGE BABY: $114,000
• QUQ: $100,390
• GHIBLI: $57,990
• BUBB: $40,570
• XOXO: $32,300

Arkham suggests many of these were likely airdrops, a common tactic where project creators send tokens to prominent figures in hopes of gaining publicity.

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A distorted picture of CZ’s fortune

The research underscores a broader point about on-chain wealth tracking: wallet balances don’t always tell the whole story. While the addresses linked to Zhao contain questionable or unsolicited tokens, his true net worth almost certainly lies elsewhere.

As the architect of Binance – the largest crypto exchange by trading volume – CZ is believed to control substantial private holdings not visible on public blockchains. Analysts caution against taking wallet trackers at face value, since they can easily inflate an individual’s apparent wealth with tokens of little or no real value.

In CZ’s case, what looks like tens of millions in assets is more a reflection of how open blockchain systems can be exploited for appearances rather than an accurate measure of one of crypto’s most influential figures.