Binance co-founder and CEO Changpeng “CZ” Zhao saw his net worth decline by $11.9 billion amid declining trading volumes on his exchange.

On October 26, the Bloomberg Billionaires Index lowered Binance’s revenue estimates by 38% amid a decline in exchange volumes, dropping Zhao to 95th place on the rich list.

Zhao’s net worth now stands at $17.3 billion, marking an 82% decline from its peak of $96.9 billion in January 2022, ranking him the 11th richest person in the world.

The Bloomberg Index calculated Binance’s revenue from spot trading data and derivatives from cryptocurrency data aggregators CoinGecko and Coinpaprika.

As of September, the exchange’s spot market share had fallen for seven straight months to 34.3%. In January, Binance’s spot market share exceeded 55%.

US-based exchange Binance.US also saw a new decline in trading volume last month.

Zhao’s declining net worth and dwindling trading volumes at Binance follow a dual suit from the US Securities and Exchange Commission and the Commodity Futures Trading Commission.

The SEC sued Zhao, Binance and Binance.US in June alleging that the exchanges operated illegally, sold unregistered securities and mishandled client assets while naming Zhao as a “controlling person.”

The lawsuit filed by the Commodity Futures Trading Commission (CFTC) in March alleged that Binance had not properly registered with the regulatory body. Zhao and Binance reject the regulators’ claims and seek to have both lawsuits dismissed.

Related: Cynthia Loomis is leading the charge calling on the Department of Justice to take action against Binance and Tether

The recent decline pales in comparison to former CZ rival Sam Bankman-Fried, who saw his $16 billion fortune effectively wiped out in November 2022 after FTX revealed its liquidity crunch just days before it filed for bankruptcy.

Some believe the crisis started with a tweet from CZ when he announced that Binance was selling its holdings of FTX tokens (FTT), leading to mass FTX withdrawals. Zhao initially moved to buy the beleaguered exchange but withdrew less than 48 hours later.

Bankman Fried took the witness stand at his criminal trial on October 26, where he had previously pleaded not guilty to two counts of fraud and five counts of conspiracy.

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