- Several prominent figures in Crypto lost billionaire stature besides Sam Bankman Fried.
- Binance CEO Changpeng Zhao lost more than $50 billion in wealth.
- Due to his firm’s collapse, Barry Silbert’s net worth has reportedly dropped to zero.
Forbes estimates that over the previous nine months, $116 billion has been lost by founders and investors due to the bear market and the wave of bankruptcies in the crypto business. 17 prominent figures in the cryptocurrency space lost more than half of their wealth since March. Among them, 10 are no longer part of the crypto billionaires list.
Sam Bankman-Fried (SBF), the disgraced founder of FTX, stands out as the most infamous drop from the billionaire’s list. SBF was worth about $24 billion at the start of 2022, with FTX finishing a $400 million investment round, valuing it at $32 billion.
But in a little over a year, FTX declared bankruptcy, and SBF has plummeted in value to almost nothing. He claims to have less than $100,000 on hand and is concerned about how he will pay his legal fees.
Among those who lost their billionaire title was Gary Wang, whose fortune was assessed at $5.9 billion in March and $0 in December. Furthermore, Forbes reports that the $3.2 billion fortune of Digital Currency Group founder and CEO Barry Silbert was also wiped out by the ripple effect of FTX’s demise.
The only crypto billionaire who has not been hit hard by the market this year is Jed McCaleb. Since the Ripple co-founder sold up most of his cryptocurrency assets, his wealth has dropped from $2.5 billion to $2.4 billion.
Binance CEO Changpeng “CZ” Zhao was credited with one of the largest losses. According to Forbes, his 70% stake in Binance was valued at $65 billion in March, but is now worth $4.5 billion. Meanwhile, Coinbase CEO Brian Armstrong has seen his net worth drop from $6 billion in March to $1.5 billion today.
Chris Larsen, the co-founder of Ripple, had his fortune drop from $4.3 billion to $2.1 billion, while Cameron and Tyler Winklevoss, co-founders of Gemini, saw their wealth drop from $4 billion to $1.1 billion apiece.
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