These crypto billionaires who lost (almost) everything in a matter of months

The 17 richest people in the crypto world lost $116 billion in a few months.

Crypto winter is hitting crypto billionaires hard. There are only 7 left today, compared to 17 last March according to the latest ranking of Forbes. In total, the 17 richest people in the crypto world lost $116 billion in just a few months.

It must be said that many events have followed each other: from the collapse of the Terra Luna ecosystem last spring, through the crypto crash in June, to the bankruptcy of the giant FTX. Result: The two main cryptocurrencies, bitcoin and ether, have lost 70% of their value compared to their all-time high in November 2021. A price drop that has a major impact on the fortunes of these executives.

There are already those who have lost everything, like former FTX boss Samuel Bankman-Fried (SBF), who went from $24 billion last March (as the second richest crypto-billionaire in the world) to $100,000 today. The latter was extradited to the United States last week after being jailed in the Bahamas, and the latter was released last Thursday on $250 million bail. Gary Wang, the other co-founder of FTX, also saw his $5.9 billion fortune wiped out. So is Barry Silbert, head of Digital Currency Group, the ailing crypto-lending subsidiary of Genesis Global Capital, whose fortune was estimated at just over $3 billion.

Changpeng Zao, from $65 to $4.5 billion

For his part, Brian Armstrong, the head of crypto exchange platform Coinbase, saw his fortune rise from $6 to $1.5 billion due to the difficulties his exchange experienced during the crypto winter. . But the person who has lost the most money in a few months is Changpeng Zao (CZ), who is the head of the crypto giant Binance. His personal wealth has thus gone from $65 billion in March of last year to … $4.5 billion today, according to estimates from Forbes.

A spokesperson for Binance said that this estimate is not an important “metric” for CZ, “What’s more important is creating meaningful use cases for crypto,” CZ clarified. .

While he remains at the top of the Forbes crypto billionaire ranking, he has almost been overtaken by the only boss who has managed to maintain his standard of living pre-crypto winter. It is the co-founder of the crypto company Ripple, Jed McCaleb, whose fortune hovers around 2 billion dollars.

“This is because he sold almost everything before the crisis. McCaleb dumped about $2.5 billion worth of XRP, Ripple’s original token, between December 2020 and July 2022, fulfilling the separation agreement he had signed with the other founders of Ripple in 2013.” , Forbes specifies.

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