The Strategist

World’s richest crypto-billionaires lose $116B since March

12/26/2022 - 09:13

According to Forbes USA, the wealthiest crypto-entrepreneurs have collectively lost nearly $116 billion since March. 15 of the 17 wealthiest people have lost more than half of their wealth, and three have lost everything.

Noam Galai
Noam Galai
According to estimations by U.S. Forbes, the aggregate wealth of the 17 biggest billionaires who became rich on cryptocurrencies decreased by nearly $116 billion in the nine months since March. During this time, fifteen of them lost more than half of their wealth.

Most significantly, this affected Changpeng Zhao, the founder and CEO of the exchange Binance and the man Forbes dubbed the world's biggest crypto-billionaire in the spring. The entrepreneur's capital has dropped from $65 billion to $4.5 billion since March. According to Forbes USA, Zhao's fortune was destroyed as a result of the FTX collapse, which involved Sam Bankman-Fried’s cryptocurrency exchange.

Co-founder of the largest cryptocurrency exchange in the United States, Coinbase, Brian Armstrong, has lost $4.5 billion of his initial $6 billion investment since March. The capital of brothers Tyler and Cameron Winklevoss, who founded the cryptocurrency exchange Gemini, has been assessed at $1.1 billion after they lost $2.9 billion apiece. Chris Larsen, the executive chairman and co-founder of the blockchain business Ripple, lost roughly half of his wealth.



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