Crypto billionaires lost $116B since March: Report

Must read

Binance is suspending USD-based bank transfers

Binance is suspending USD-based bank transfers Oluwapelumi Adejumo · 38 seconds ago · 1 min read ...

Yuga Labs settles case with developer of Ryder Ripps’ copycat project

Yuga Labs settles case with developer of Ryder Ripps’ copycat project Dorian Batycka · 26 mins ago · 4 min...

Riot Platforms’ Bitcoin production hits ATH in January

Riot Platforms’ Bitcoin production hits ATH in January Oluwapelumi Adejumo · 50 mins ago · 1 min read ...

Over $76M invested in crypto funds in past 7 days

Over $76M invested in crypto funds in past 7 days Zeynep Geylan · 1 hour ago · 1 min read...

The loss represents the collective personal equity of 17 people in the space, including 15 who have lost over half of their fortunes since March.

8226 Total views

41 Total shares

Crypto billionaires lost $116B since March: Report

Ho-ho-ho! Get Limited Holiday Trait!

Collect this article as NFT

The bear market and the wave of bankruptcies in the crypto industry drained $116 billion from the pockets of founders and investors in the past nine months, according to recent estimates by Forbes. 

The loss represents the combined personal equity of 17 people in the space, with over 15 losing more than half of their fortunes since March. As a result, 10 names were removed from the crypto billionaires list.

One of the major losses was attributed to Binance CEO Changpeng “CZ” Zhao. In March, his 70% stake in the crypto exchange was valued at $65 billion, but it is now worth $4.5 billion.

Coinbase CEO Brian Armstrong has a net worth estimated at $1.5 billion, down from $6 billion in March. The fortune of Ripple’s co-founder Chris Larsen was reduced from $4.3 billion to $2.1 billion, while Cameron and Tyler Winklevoss, of Gemini, were valued at $4 billion in March, but are worth $1.1 billion each now.

Related: FTX collapse: The crypto industry’s Lehman Brothers moment

Among those who lost the billionaire status are FTX co-founders Sam Bankman-Fried and Gary Wang, whose fortunes in March were valued at $24 billion and $5.9 billion, respectively, and at $0 in December. The $3.2 billion fortune of Barry Silbert, founder and CEO of Digital Currency Group, was also lost as a result of the contagious wave caused by the collapse of FTX, according to Forbes.

Among the former billionaires are also Nickel Viswanathan and Joseph Lay from crypto software firm Alchemy, Devin Finzer and Alex Atallah of OpenSea, Fred Ehrsam of Coinbase, Microstrategy founder Michael Saylor, and venture capitalist Tim Draper.

The bear market to cryptocurrencies is unlikely to end soon, as the FTX crisis has deterred investor confidence and created a liquidity crisis across the industry, Cointelegraph reported. As a result, the market decline is expected to last until the end of 2023.

More articles

Latest article

Binance is suspending USD-based bank transfers

Binance is suspending USD-based bank transfers Oluwapelumi Adejumo · 38 seconds ago · 1 min read ...

Yuga Labs settles case with developer of Ryder Ripps’ copycat project

Yuga Labs settles case with developer of Ryder Ripps’ copycat project Dorian Batycka · 26 mins ago · 4 min...

Riot Platforms’ Bitcoin production hits ATH in January

Riot Platforms’ Bitcoin production hits ATH in January Oluwapelumi Adejumo · 50 mins ago · 1 min read ...

Over $76M invested in crypto funds in past 7 days

Over $76M invested in crypto funds in past 7 days Zeynep Geylan · 1 hour ago · 1 min read...

UK FCA warn crypto companies to comply with new ad regime or face imprisonment

UK FCA warn crypto companies to comply with new ad regime or face imprisonment Oluwapelumi Adejumo · 3 hours ago ·...