• Sat. Aug 19th, 2023

Crypto Billionaires Lose 75% of Their Fortune

Apr 20, 2023
Marcel Bich

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.