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December 26, 2022

Crypto’s Wealthiest Titans Collectively Lost $116,000,000,000 in Less Than a Year: Report

By Henry Kanapi

The crypto industry’s richest moguls are reportedly seeing their personal net worth take a deep nosedive this year as they endure the crypto bear market.

A Forbes report reveals that the largest players in the digital asset space have collectively lost roughly $116 billion in personal wealth since March of this year.

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One the biggest losers is disgraced FTX founder Sam Bankman-Fried who witnessed his net worth plunge from $24 billion in March to zero this month, according to the report.

Following the controversial collapse of FTX, Forbes says Bankman-Fried is now likely broke.

Barry Silbert, the CEO of crypto-focused venture capital Digital Currency Group (DCG), is also strapped for cash after seeing his personal net worth plummet from $3.2 billion to zero in a span of nine months, according to the report.

Forbes says that DCG is “saddled with debt” and Silbert must raise funds or take down his crypto conglomerate to keep his head above water.

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Binance CEO Changpeng Zhao is also on the list and the biggest loser in terms of personal wealth drawdown. According to Forbes, Zhao’s net worth dropped from $65 billion in March to $4.5 billion this month.

Says Zhao,

“Think they overestimated the net worths in March, underestimated the losses, and still over estimated the current net worths. Key word: estimates (or opinions).”

Forbes also reveals that Coinbase CEO Brian Armstrong suffered a 75% devaluation in personal wealth from $6 billion in Q1 of this year to $1.5 billion.

Gemini founders Tyler and Cameron Winklevoss both watched their net worths tumble from $4 billion to $1.1 billion in nine months, according to the report.

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Meanwhile, Bitcoin (BTC) bulls Michael Saylor and Tim Draper both lost their billionaire status during the extended crypto winter, according to Forbes.

Source: Forbes

You can read the full report here.

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