Crypto billionaires lost $116B since March 2022, says report

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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)

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