The Strategist

Richest crypto-billionaires lose nearly $50B on Bitcoin dip

05/13/2022 - 08:17

According to estimations by Forbes, aggregate fortunes of the 11 richest billionaires who made their capitals from cryptocurrencies decreased by $49.06 billion in the two months following the crypto market crash.
Bitcoin has lost 35% of its value since early April, and has now dipped below $27,000 for the first time since December 2020.

Binance exchange founder Changpeng Zhao, the world's richest crypto-businessman, lost $37.6 billion between March 11 and May 11, bringing his fortune to $27.4 billion.

Second on the list is FTX cryptocurrency co-founder Sam Bankman-Fried, whose fortune has dropped by $3 billion in the last two months to $21 billion.

Coinbase co-founder and CEO Brian Armstrong is ranked third, having lost $4.4 billion throughout the period (his fortune is now valued at $2.2 billion). Coinbase's other co-founder Fred Ehrsam lost $1.3 billion (his current fortune is valued at $0.85 billion), Forbes reported. He was ranked seventh on the list.

Chris Larsen, the co-founder and CEO of the blockchain business Ripple, saw his fortune plummet as well. In two months, it fell by $0.7 billion.