The large wave of bankruptcies, as well as the bear market, contributed heavily to the crypto billionaires losing around $116 billion from their own pockets in the last nine months-according to an estimate that was laid out by Forbes. This loss does represent the combined personal equity of around 17 people in that space- which also includes 15 others who have lost more than 50% of their own fortunes since March.
As a result of this, the billionaires’ list removed around 10 different names. One of the biggest losses was attributed to Changpeng Zhao, the CEO of Binance. Back in March, around 70% of his stake in the crypto exchange had a valuation of $65 billion, but it now has a valuation of $4.5 billion.
Crypto Billionaires Have Started Losing Their Wealth
Another crypto billionaire that saw a loss in their income is Brian Armstrong, the CEO of Coinbase, whose income went down from $1.5 billion, down from a sum of $6 billion in March. The fortune of Chris Larsen, the co-founder of Ripple, also had his fortune reduced from $4.3 billion to $2.1 billion, while the Twinklevoss twins of Gemini have a current valuation of $1.1 billion each, a far cry from their earlier valuation of $4 billion in March.
Among the erstwhile crypto billionaires, the investors who lost their status were Sam Bankman-Fried, the co-founder of FTX, and Gary Wang, the other founder of this bankrupt company. Back in March, they had a valuation of $29 billion and $5.9 billion respectively- and now they have a valuation of $0. The fortune of Barry Silbert, the CEO, and founder of Digital Currency Group, which was $3.2 billion previously, also went down as a result of the collapse of FTX.