Cryptocurrency Billionaires Lost Over $116 Billion From March This Year
There have been huge losses as the crypto market endures a huge bear run, but the crypto billionaires have suffered more significant losses since March this year. A report by Forbes discloses that the most prominent players in the crypto industry lost around $116 billion from their wealth from March 2022 to date.
Furthermore, the cumulative loss of $116 billion comes from the loss experienced by 17 crypto giants, with 15 whose wealth valuation dropped by more than 50%. As a result, ten names left the crypto billionaire list.
A Rundown Of The Major Losses As Reported By Forbes
Indeed, Sam Bankman-Fried — FTX founder and former CEO, had a considerable share of loss, with his net worth of $24 billion plunging to zero in the Forbes report. Based on this report, Sam Bankmn-Fried is one of the biggest losers of wealth in the world right now.
According to Forbes, since the bankruptcy of FTX, Sam Bankman-Fried is most likely broke. However, Sam Bankman-Fried isn’t the only one who lost all his wealth in the last nine months; Barry Silbert — the chief executive officer at Digital Currency Group (DCG), also lost all his wealth.
According to the Forbes report, Silbert lost his net worth of $3.2 billion in 9 months. Additionally, Forbes commented on Silbert’s loss by saying DGG is swimming in debt, and the CEO must source for funds or drop his crypto portfolio to ensure the company’s survival.
Changpeng Zhao of Binance is also on the list. Worst of all, he is the most significant loser based on the personal wealth category checklist.
An Overestimation And A Loss Of Status
Although CZ is still the wealthiest player in the crypto space, Forbes reported that he lost around $55.5 billion this year alone, from his net worth of $60 billion in March to $4.5 billion this month.
Zhao had said, “I believe they overestimated my March net worth, ignored the losses, and again overestimated the present net worth. The keyword here is estimates.”
Forbes also reported that Coinbase CEO Brian Armstrong had a 75% loss in individual wealth from $6 billion earlier this year to $1.5 billion. Founders of Gemini exchange — Cameron and Tyler Winklevoss, witnessed a significant decline in their net worth from $4 billion to $1.1 billion within the same timeframe.
Above all, Michael Saylor with Tim Draper — famous BTC bulls lost their billionaire titles because of the losses they endured due to the crypto winter, as reported by Forbes.
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