The fortunes of crypto billionaires have eroded significantly since March.
Losses are based on the losses of 17 people, including 15 who lost more than half of their fortunes.
Crypto Billionaires Take a Big Harm
With the bear market and subsequent waves of bankruptcies, the loss of crypto billionaires has reached $116 billion, according to the latest estimates by Forbes.
One of the biggest losses was attributed to Binance CEO Changpeng Zhao. CZ’s 70% stake in the crypto exchange was valued at $4.5 billion in March, from $65 billion.
Coinbase CEO Brian Armastrong’s net worth fell from $6 billion to $1.5 billion. While Chris Larsen’s wealth, one of the co-founders of Ripple, fell from $4.3 billion to $2.1 billion, the fortunes of the Winklevoss brothers decreased from $ 4 billion to $ 1.1 billion.
Among those who lost their billionaire status are FTX co-founders Sam Bankman-Fried and Gary Wang, whose assets fell to zero from $24 billion and $5.9 billion, respectively. The $3.2 billion fortune of Barry Silbert, founder and CEO of Digital Currency Group, also melted in the wake of the storm caused by the collapse of FTX.
After the crises, it seems unlikely that the bear market will end any time soon. Analysts expect the decline in the market to continue until the end of 2023.