• Fri. May 24th, 2024

Crypto Billionaires Lose 75% of Their Fortune

Avatar photo

ByMarcel Bich

Apr 20, 2023
Marcel Bich
Latest posts by Marcel Bich (see all)

According to a Forbes study, crypto billionaires forfeited more than 75% of their capital in 2022.

The wealthiest participants in the cryptocurrency sector lost 75% of their wealth in 2022. According to a Forbes calculation, in 2022, crypto billionaires lost a total of $110 billion.

The magazine ranked a total of 19 billionaires in 2022, with total assets of about $140 billion. Only nine members of the crypto business remained billionaires due to the 2022 crypto winter, which caused the total capital of crypto billionaires to fall to $30 billion by mid-March.

According to Forbes’ ranking…

Changpeng Zhao, the CEO of Binance, kept the top spot in the ranking in 2021 with a fortune of $65 billion, but currently, he has only $10.5 billion. Jed McCaleb, who founded one of the earliest crypto exchanges, MtGox, as well as the blockchain initiatives Stellar and Ripple, came in second. His capital is thought to be $2.4 billion, down from $2.5 billion in the previous year.

Coinbase’s CEO, Brian Armstrong, and Chairman of Ripple, Chris Larsen, completed the top three with a combined wealth of $2.2 billion. In 2022, Armstrong’s net worth was reported to be $6.6 billion, while Larsen’s was $4.3 billion.

The developers of the Alchemy Web3 infrastructure, Joseph Lau and Nikhil Viswanathan, are listed next. Each of them has $1.8 billion in capital ($2.4 billion in 2022). The Gemini founders, brothers Tyler and Cameron Winklevoss, are ranked seventh and eighth, respectively. They are each worth $1.2 billion, down from $4 billion a year ago.

Crypto investor Matthew Roszak, whose wealth was $1.4 billion in 2022, rounds out the list of cryptocurrency billionaires with $1.1 billion.

The two co-founders of the platform, Gary Wang and Sam Bankman-Fried, who developed the cryptocurrency exchange FTX, were the most affected by what happened in 2022. The same year, the former placed second with a $24 billion capital. Nevertheless, Forbes now pegs his net worth at less than $10 million. Analysts judged Wang’s capital to be equal to the $5.9 billion he had a year earlier.

 
Avatar photo

Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.