A surge of unheard-of losses, bankruptcies, and liquidations occurred in 2022 and during the current bear market. crypto billionaires lost $116 billion in total this year, according to a new Forbes report.
In the past nine months, the bear market has emptied the coffers of investors of $116 billion, according to Forbes’s investigations.
Forbes reports that the loss reflects the combined personal equity of 17 individuals in the space, with more than 15 of these persons losing more than half their fortunes since March 2022. As a result, 10 names were removed off the list of crypto billionaires.
Cointelegraph said that one of the worst losses was sustained by Binance CEO Changpeng “CZ” Zhao, whose 70% ownership in Binance in March was valued at a stunning $65 billion but is now only worth $4.5 billion.
The post-pandemic economic crash, which sparked waves of inflation and increasing interest rates, drained capital from the speculative bitcoin ecosystem.
The CEOs of other bitcoin exchanges might likewise be held accountable for substantial losses. Brian Armstrong, the CEO of Coinbase, had an estimated net worth of $6 billion in March, but it has decreased to $1.5 billion as of the present. Chris Larsen, the co-founder of Ripple, has seen his net worth decrease by more than half, from $4.3 billion in March to $2.1 billion now.
Earlier in the year, each of the Winklevoss twins of Gemini was estimated to be worth $4 billion, but their current estimated value is about $1.1 billion.
Sam Bankman-Fried and Gary Wang, co-founders of FTX, had some of the worst losses in 2022. Prior to December, their fortunes were valued at $24 billion and $5.9 billion, respectively, but now worthless.
