Forbes has recently estimated that over the past nine months, founders and investors’ bank accounts have been drained of $116 billion due to the bear market and the wave of bankruptcy cases in the cryptocurrency business.
Bear Market and the wave of bankruptcy have drained investor’s bank accounts of $116 billion over the last nine monhs
The CEO of Binance, Changpeng “CZ” Zhao, was held accountable for one of the big losses. In March, the value of his 70% ownership share in the bitcoin exchange was $65 billion; as of now, it is only $4.5 billion.
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17 people collectively lost their personal equity in the loss, with more than half of them losing half of their wealth since March and 10 names were consequently eliminated from the list of cryptocurrency billionaire
Brian Armstrong, the CEO of Coinbase, is reportedly worth $1.5 billion, down from $6 billion in March . Co-founder of Ripple Chris Larsen saw his wealth decline from $4.3 billion to $2.1 billion, and Cameron and Tyler Winklevoss of Gemini, who were valued at $4 billion in March, are now individually worth $1.1 billion.
One group of people that lost their billionaire title was Sam Bankman-Fried and Gary Wang, co-founders of FTX, whose respective fortunes were estimated at $24 billion and $5.9 billion in March and at $0 in December.
According to Forbes, Barry Silbert, the creator and CEO of Digital Currency Group, lost his $3.2 billion fortune as a result of the viral tsunami caused by the failure of FTX.
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