From Programming to Crypto Pioneer: Changpeng Zhao's Entrepreneurial Transformation and Wealth Secrets

An Unconventional Path of a Programmer

Changpeng Zhao, a name almost universally known in the crypto industry. This former “China’s richest man” is about to complete his incarceration period, and his life story has once again become the focus of media attention. But to truly understand how he accumulated hundreds of billions of dollars, we must start from his initial identity as a programmer.

Changpeng Zhao (commonly known as CZ) was born in 1977 in Lianyungang, Jiangsu. At age 12, he moved to Canada with his parents. During university, he chose to major in computer science, forging an inseparable bond with code from then on.

The Foundation of His Technical Career

After graduating from university, CZ began his professional journey in technology. He served as a technical consultant for several well-known companies, mainly responsible for designing and developing trading order matching systems. Notably, he developed an order matching system for the Tokyo Stock Exchange and served as Technical Director at Bloomberg in New York, developing futures trading software. These experiences led to three promotions in less than two years, but his dissatisfaction with the status quo prompted him to make a change.

In 2005, CZ resigned and founded his first company in Shanghai—Fuxin Information Technology Co., Ltd., focusing on developing high-frequency trading systems. This company provided the fastest trading processing solutions for major brokerages.

Turning Point: The Attraction of Blockchain

However, what truly changed CZ’s life trajectory was a pivotal piece of advice. Bobby Lee, the former co-founder and CEO of BTCC and Bitcoin CN, once told him: If you invest 10% of your net worth in Bitcoin, and it appreciates tenfold, your wealth will double; even if you lose, the loss is limited to that 10%. This statement sparked deep reflection in CZ and ignited his passion for blockchain.

Subsequently, CZ began exploring blockchain projects, joining Blockchain.info as the third founding employee. During those 8 months, he frequently interacted with industry pioneers like Bitcoin evangelist Roger Ver and Ben Reeves, whose exchanges further strengthened his confidence in this emerging field.

A Critical Decision: Selling His House and Going All-in

In June 2014, an invitation from He Yi changed everything. At that time, He Yi was responsible for operations at a certain trading platform, and she invited CZ to join as Chief Technology Officer. This was a turning point—CZ made a decision that seemed extremely radical at the time: sell his house in Shanghai and invest all his funds into Bitcoin.

From that moment, CZ became the first in the crypto community to hold “99% of assets in cryptocurrencies.” Ironically, shortly after making this decision, Shanghai’s housing prices doubled, while Bitcoin experienced a sharp decline. The huge paper loss could have broken anyone, but CZ did not give up.

Deepening into the Core of Exchange Operations

During that period, CZ systematically studied the operational logic of crypto trading platforms and the industry’s ecosystem. However, disagreements with founder Xu Xingming over culture and values eventually led to conflict. Less than a year later, CZ left that platform.

After leaving, CZ saw opportunities in the cultural goods trading sector and founded Bijie Technologies, providing trading systems for various collectibles. But this still wasn’t his true passion. He always harbored a bigger dream: to build his own trading platform.

The Moment of Entrepreneurship

In June 2017, CZ’s opportunity finally arrived. He decided to establish his own trading platform and launched a platform token. The fundraising effort demonstrated the market’s enthusiasm—less than 10 days, they raised $15 million in crypto assets.

The subsequent story proved CZ’s vision. Within just a year, several top venture capital firms wanted to invest, including Black Hole Capital (whose investment returns once exceeded 4360 times), Fancheng Capital, and others.

Explosive Growth

From September to December 2017, Bitcoin’s price soared from $3,000 to $20,000, attracting massive capital into the crypto trading market. During that period, the global daily trading volume peaked at $60 billion. Emerging trading platforms, with their innovative user experience and smooth system performance, stood out in competition, rapidly increasing market share.

In just three months—from December 2017 to February 2018—the platform’s registered users grew from 1 million to 7 million, becoming the world’s largest crypto asset trading venue. CZ also appeared on the cover of Forbes magazine, with his net worth reaching $2 billion, ranking third among the wealthy.

The Peak of Wealth

By the end of 2021, amid the surge of Bitcoin and other cryptocurrencies, CZ became China’s richest person, with a net worth of $94.1 billion (about 634.8 billion RMB). Even by April 2024, according to Forbes rankings, his wealth remained above $30 billion.

The Core Competitiveness of the Platform

From the very beginning, CZ paid special attention to transaction speed and user experience. He understood how to attract users through innovative products and expand the platform. To cope with regulatory changes, CZ and He Yi adopted a global development strategy, establishing operational bases in multiple countries and cooperating with local regulators.

In March 2018, despite regulatory pressure from a certain country, CZ quickly received an invitation from that country’s prime minister to relocate the platform there, hoping to leverage local friendly policies to promote blockchain industry development.

Ecosystem Expansion

As the business grew, CZ and his team launched more innovative products. In 2019, the platform introduced Launchpad incubation services, with the first project attracting significant attention. This innovative model was soon widely adopted by other trading platforms, becoming an industry standard.

Conclusion

From an ordinary programmer to a pioneer in the crypto industry, Changpeng Zhao’s story has not been smooth sailing. There have been losses, business disputes, regulatory pressures—yet these challenges shaped his resilient character.

In just a few years, CZ has transformed a startup into a top industry player through keen market insight, continuous technological innovation, and bold strategic decisions. No matter how the future unfolds, the logic behind his wealth creation has been etched into industry history—truly the mark of a genuine entrepreneur.