Forbes reported $116 billion loss in the wealth of crypto billionaires. Some are bankrupt

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Crypto billionaires losing in the bear market

From Sam Bankman Fried to ChangPeng Zhao, these crypto billionaires lost heavily in the crypto bear market.

After reaching an all-time high marketcap of roughly $3 trillion, the crypto industry nosedived and fell to $870 million in 2022. From Celsius network to FTX exchange, top brass companies filed for bankruptcy reporting losses in billions of dollars.

A report published by Glassnode also registered the fall in Bitcoin billionaires by 80% since 2021, from over 100K to just 23K this year.

To further measure the depth of loss, a new report has been published by Forbes stating the loss of $116 billion of wealth of crypto investors & crypto billionaires in the last nine months from March 2022.

To start with the list of crypto billionaires we have Sam Bankman-Fried, the founder of the bankrupt FTX exchange. His wealth fell from $24 billion to near zero after FTX filed for bankruptcy. FTX co-founder Gary Wang also lost $5.9 billion.

After FTX founders, we have Binance founder ChangPeng Zhao who holds 70% stake in Binance valued at $65 billion in March, which is now worth $4.5 billion in December.

Coinbase founder Brian Armstrong lost $4.5 billion in the bear market. His net worth stands at $1.5 billion in Dec 2022. Last but not the least, the co-founder of Ripple Labs Chris Larsen wealth dropped from $4.3 billion to $2.1 billion in the same period.

By far, 2022 has been the worst year for the crypto & NFT industry. The bear market has washed out all the gains it made in 2021 during the bull run. Bitcoin & Ethereum prices fell by 70% and top projects like LUNA, SERUM fell to zero.

There’s no sign of recovery after FTX collapse and things are moving sideways for the time being. Crypto became a game of patience this year. However, there’re still hopes for a revival in 2023.

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