Crypto billionaires lost $116B since March 2022, says report
According to recent estimates by Forbes, the bear market and the wave of bankruptcy filings in the cryptocurrency industry have drained founders and investors’ bank accounts of $116 billion over the last nine months, as reported by Cointelegraph.
According to Cointelegraph, 17 people in the area collectively lost their personal equity in the loss, with more than 15 of them losing more than half of their wealth since March. 10 names were consequently eliminated from the list of cryptocurrency billionaires.
Changpeng “CZ” Zhao, the CEO of Binance, was blamed for one of the significant losses. His 70% ownership stake in the cryptocurrency exchange was worth $65 billion in March, but it is now only worth $4.5 billion.
According to Cointelegraph, Brian Armstrong, the CEO of Coinbase, is thought to be worth $1.5 billion, down from $6 billion in March. Chris Larsen, a co-founder of Ripple, saw his wealth drop from $4.3 billion to $2.1 billion, and Gemini’s Cameron and Tyler Winklevoss, who were valued at $4 billion in March, are now each worth $1.1 billion.
Sam Bankman-Fried and Gary Wang, co-founders of FTX, who had fortunes valued at $24 billion and $5.9 billion, respectively, in March and at $0 in December, are among those who lost their billionaire status.
According to Forbes, the contagious wave brought on by the demise of FTX also cost Barry Silbert, the founder and CEO of Digital Currency Group, his $3.2 billion fortune.
(With insights from Cointelegraph)