Key Points:
- The crypto giants have been losing assets since March of this year.
- The damage figure is about $116 billion.
- The market downturn may continue until the end of 2023 due to the collapse of FTX.
The crypto giants have lost a total of about $116 billion in personal wealth since March of this year, Forbes estimates.
Fifteen of them have lost more than half their fortune in the past nine months, while 10 have lost their billionaire status. The personal wealth of Binance CEO Changpeng Zhao has shrunk the most.
His net worth hit $65 billion in March and has since dropped to $4.5 billion. Coinbase CEO Brian Armstrong’s net worth is currently around $1.5 billion, down from $6 billion in March.
Ripple co-founder Chris Larsen’s fortune fell from $4.3 billion to $2.1 billion, and the Gemini Winklevoss co-founders had a personal fortune of $4 billion as of March, but each has dropped to $1.1 billion.
Among those who lost their billionaire status in particular were FTX co-founders SBF and Gary Wang, who were worth $24 billion and $5.9 billion respectively in March and were wiped out in December after only a few short days when the empire considered the second largest market collapsed suddenly and quickly.
At the same time, the $3.2 billion fortune of DCG founder Barry Silbert was also wiped out due to the FTX crash. Currently, DCG’s company chain is still in a difficult situation. FTX’s most closely related subsidiary, Genesis, is on the verge of bankruptcy. Its subsidiary Grayscale has repeatedly gotten into legal troubles with the SEC over the Bitcoin ETF dispute.
Some market analysts believe that the crypto bear market is unlikely to end anytime soon. The market decline is expected to continue until the end of 2023 as the FTX crisis has reduced investor confidence and created a liquidity crisis throughout the industry.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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