🚨 Time is Running Out: Reserve Your Spot in the Lucky Draw & Claim Rewards! START NOW
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!

Crypto Masterminds Lost around $116 Billion in 2022

Crypto Masterminds Lost around $116 Billion in 2022

The bear market has hit hard to both investors and the masterminds of crypto exchanges.

It appears that the fall of crypto exchange FTX and crypto trading firm Alameda Research, as well as other unfortunate events in the crypto industry in 2022, made the wealthiest crypto players lose billions of dollars.

According to the research conducted by global media company Forbes, altogether, 17 of the wealthiest crypto investors and founders have lost around $116 billion since March 2022.

DEX vs CEX: Which is Best for YOU? (Explained with Animation)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

DEX vs CEX: Which is Best for YOU? (Explained with Animation)

DEX vs CEX: Which is Best for YOU? (Explained with Animation) DEX vs CEX: Which is Best for YOU? (Explained with Animation)

It is worth noting that to conduct the research, Forbes looked into the net worth of each individual. In a nutshell, net worth is the value of all owned assets minus owed assets.

Therefore, Forbes found that ten of the crypto billionaires lost not only a big chunk of money but also their status as billionaires. On top of that, 88% of Forbs-listed crypto billionaires (15 people) lost more than half of their fortune.

At the top of Forbes’ list is Binance founder and CEO Changpeng “CZ” Zhao. Based on Forbes calculations in March, Zhao’s net worth was $65 billion. However, in December 2022, his net worth was valued only at $4.5 billion. The man has allegedly lost around 93% of his funds.

It is believed that CZ has a 70% stake in Binance. According to Forbes, Zhao’s value started drastically falling when on November 6th, the man shared a tweet revealing Binance’s plans to sell all of their FTX native tokens, FTT. What went afterwards will be included in crypto’s history books.

FTX’s collapse pushed two crypto exchange-related figures, FTX co-founder and former CEO Sam Bankman-Fried and FTX co-founder and CTO Gary Wang, out of the billionaires' list. In March, Sam Bankman-Fried’s net worth was allegedly $24 billion, while Gary Wang’s net worth was $5.9 billion. In December, the net worth of both FTX co-founders fell to $0.

The top 5 list of Forbes wealthiest investors and founders include Bankman-Fried, Wang, Zhao, Coinbase CEO Brian Armstrong and Ripple Labs co-founder Chris Larsen. 

In March, Armstrong’s net worth was valued at $6 billion, whereas in December, after falling by 75%, Coinbase CEO’s net worth was valued only at $1.5 billion. On the other hand, in the last nine months, Larson’s net worth allegedly fell by a little bit more than a half, from $4.3 billion to $2.1 billion.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

Loading...
binance
×
Verified

$600 WELCOME BONUS

Earn Huge Exclusive Binance Learners Rewards
Rating