Crypto moguls lost $116 billion since MarchThe bear market and the wave of bankruptcies in the crypto industry drained $116 billion from the pockets of founders and investors in the past nine months, according to recent estimates by Forbes.
One of the major losses was attributed to Binance CEO Changpeng Zhao. In March, his 70% stake in the crypto exchange was valued at $65 billion, but it is now worth $4.5 billion.
Coinbase CEO Brian Armstrong has a net worth estimated at $1.5 billion, down from $6 billion in March. The fortune of Ripple’s co-founder Chris Larsen was reduced from $4.3 billion to $2.1 billion, while Cameron and Tyler Winklevoss of Gemini were valued at $4 billion in March but are worth $1.1 billion each now.
FTX co-founders Sam Bankman-Fried and Gary Wang, whose fortunes in March were estimated at $24 billion and $5.9 billion, respectively, collapsed to an estimated $0 in December.
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