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Editor’s Note: This story has been updated to include a comment from a Forbes spokesperson.

Binance co-founder Changpeng “CZ” Zhao disputed on Wednesday Forbes’ estimate that his net worth has exceeded $111 billion, ranking him ahead of Microsoft co-founder Bill Gates.

Forbes reported that CZ’s wealth jumped nearly $47 billion from last year. But CZ asked how that was possible, given that cryptocurrency prices have dropped over the same period.

“Binance is the largest crypto exchange. It grows and shrinks with the industry,” CZ said. “Binance’s valuation can’t increase when crypto prices are down.”

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