Top 7 Crypto Billionaires Lose a Combined $114 Billion

Fortune of top seven crypto billionaires plunged with cryptocurrency crash as market uncertainties amid rising interest rates dragged on capital inflow into the cryptocurrency market.

According to Bloomberg’s recent report, the top 7 crypto billionaires have lost a combined $114 billion to the present crash and it could get worse.

Changpeng Zhao, the world’s richest cryptocurrency investor and the CEO of Binance, was reported to be worth $95.8 billion in 2021. Presently, the CEO of the biggest cryptocurrency exchange company with investment in Bitcoin and BNB coins, worth $10.2 billion. Meaning, the billionaire has lost $85.6 billion since the cryptocurrency crash started last month.

Samuel Bankman-Fried, the 29-year-old co-founder and chief executive officer of FTX cryptocurrency exchange firm, has seen his net worth decline by $6.2 billion from $15.1 billion reported in November 2021 to $8.9 billion in June 2022, according to Bloomberg Billionaires Index.

Brian Armstrong, the CEO of Coinbase, is presently worth $2.1 billion after the company announced it was cutting staff strength by 18% because of the plunge in cryptocurrency value.

In 2021, Bloomberg estimated Armstrong’s net worth at $13.7 billion shortly after Coinbase was listed on NASDAQ. Since listed, Coinbase’s stock value has plunged by $290.42, or 84.92% to $51.58 a share. 

In the first quarter alone, revenue dropped by 35.28% to $1.17 billion while net income dipped by 155.69% to -$429.66 million. Highlighting the level of uncertainty in the cryptocurrency space.

Other billionaires on the list also suffer losses, Mike Novogratz, CEO of Galaxy Investment Partners which focuses on cryptocurrency investments, and Fred Ehrsam, co-founder of cryptocurrency investment firm Paradigm and Coinbase, worth $2.1 billion each as shown below.  See the top 7 crypto billionaires below.

List of Top 7 Crypto Billionaires