According to Forbes, the crypto industry’s bear market and wave of bankruptcies have drained $116 billion from the pockets of founders and investors in the last nine months.
Binance CEO Changpeng “CZ” Zhao was blamed for one of the major losses. His 70% stake in the cryptocurrency exchange was valued at $65 billion in March, but it is now worth $4.5 billion.
Brian Armstrong, CEO of Coinbase, has a net worth of $1.5 billion, down from $6 billion in March.
Chris Larsen’s fortune was reduced from $4.3 billion to $2.1 billion, while Cameron and Tyler Winklevoss of Gemini were valued at $4 billion in March but are now worth $1.1 billion each.
FTX co-founders Sam Bankman-Fried and Gary Wang, whose fortunes were valued at $24 billion and $5.9 billion, respectively, in March, and at $0 in December, are among those who have lost their billionaire status.
According to Forbes, the $3.2 billion fortune of Barry Silbert, founder and CEO of Digital Currency Group, was also lost as a result of the contagious wave caused by the collapse of FTX.
Among the former billionaires are Alchemy’s Nickel Viswanathan and Joseph Lay, OpenSea’s Devin Finzer and Alex Atallah, Coinbase’s Fred Ehrsam, MicroStrategy founder Michael Saylor, and venture capitalist Tim Draper.
(Reporting by Shikha Singh, Editing by Kapil Rajyaguru)
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