Richest Crypto Titans Collectively Lost $116 Billion in Less Than a Year: Report

[ad_1]

The crypto industry’s wealthiest tycoons would see their personal net worth plunge deeply this year as they endure the crypto bear market.

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

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

Following FTX’s controversial collapse, Forbes says Bankman-Fried is now likely broke.

Barry Silbert, CEO of venture capital group Digital Currency (DCG), is also strapped for cash after seeing his personal net worth plummet from $3.2 billion to zero in the space of nine, according to the report. month.

Forbes says DCG is “debt-ridden” and Silbert needs to raise money or break up his crypto conglomerate to keep his head above water.

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

Said Zhao,

“I think they overstated net worth in March, understated losses and still overstated current net worth. Key word: estimates (or opinions).

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

Gemini founders Tyler and Cameron Winklevoss both saw their net worth plummet from $4 billion to $1.1 billion in nine months, according to the report.

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.

Don’t miss a beat Subscribe to receive crypto email alerts straight to your inbox Check price action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check the latest headlines Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Featured Image: Shutterstock/Warm_Tail

[ad_2]