A wave of bear markets and bankruptcies in the crypto space took $116 billion out of the wallets of founders and investors over the past nine months.According to the latest estimates by Forbes.
Loss represents joint personal property of 17 industry personswhy More than 15 have lost more than half their fortune since March As a result, 10 names have been removed from the list of cryptocurrency millionaires,
One of the biggest losses was attributed to Binance CEO Changpeng “CZ” Zhao, In March, his 70% stake in the cryptocurrency exchange was valued at $65 billion, but is now worth $4.5 billion.
CEO de Coinbase, Brian Armstrong, has an estimated net worth of $1.5 billion, down from $6 billion in March. fate of Ripple co-founder Chris Larsenfell from $4.3 billion to $2.1 billion, while Cameron and Tyler Winklevoss of Geminiwere valued at $4 billion in March, but are now valued at $1.1 billion each.
Those who lost their billionaire status include FTX co-founders Sam Bankman-Fried and Gary Wang.Whose assets were $24 billion and $5.9 billion respectively in March, and $0 in December. The $3.2 billion fortune of Barry Silbert, founder and CEO of Digital Currency Group, was also lost as a result of the wave of contagion generated by the collapse of FTX.According to Forbes.
Former billionaires also include Nickel Viswanathan and Joseph Lay.From cryptocurrency software company Alchemy, Devin Finzer and Alex Atallah of OpenSea, Fred Ehrsum of Coinbase, Michael Saylor, founder of MicroStrategy, and VC investor Tim Draper,
Crypto bear market unlikely to end anytime soon The FTX crisis has shaken investor confidence and caused a liquidity crunch across the industry, Cointelegraph reported. As a result, the market decline is expected to last till the end of 2023.
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