100s of titles, one news app for just $10 a month.
Dive Deeper:
Crypto billionaires’ vast wealth destroyed in weeks amid turmoil
That’s now been reduced to just $2.3 billion, according to the Bloomberg Billionaires Index, as a selloff in digital currencies…
Crash in stablecoins drags crypto market, Bitcoin logs most volatile week in yrs
In the last seven days, Bitcoin fell by nearly 18% and Ether shed more than 25%. A sharp decline in…
Did Vitalik Buterin And Sam Bankman-Fried Predict Terra (LUNA) Fiasco?
Ethereum (CRYPTO: ETH) co-creator Vitalik Buterin and FTX CEO Sam Bankman-Fried hinted at the troubles the stablecoin Terra USD (CRYPTO:…
CEO Of 'India's Robinhood' Echoes Coinbase's Warning: Crypto Exchanges Carry A Risk
Indian financial services firm Zerodha's co-founder and CEO Nithin Kamath sounded the alarm for crypto investors as the U.S. cryptocurrency…
One subscription that gives you access to news from hundreds of sites
Bitcoin Bull Jack Dorsey Likens Coinbase To A Casino
Twitter Inc (NYSE: TWTR) founder and CEO of Block Inc (NYSE: SQ) Jack Dorsey equated rival Coinbase Gobal, Inc (NASDAQ:…
Crypto reckoning looms in Washington as investors lose billions
Industry leaders fear that the latest blow-up will provide ample fodder for powerful skeptics
Get all your news in one place

Crypto Billionaires See Wealth Eroded With This Week's Market Crash

By Samyuktha Sriram

The billionaire CEOs of major crypto exchanges saw their personal fortunes diminish as Bitcoin (CRYPTO: BTC) and the wider crypto market extended losses this week.

What Happened: A report from Bloomberg on Wednesday details significant declines in worth for some of the biggest names in the crypto industry.

Coinbase Global Inc (NASDAQ:COIN) CEO Brian Armstrong’s personal net worth dropped from as much as $13.7 billion in November to under $2.2 billion this week, as per the Bloomberg Billionaires Index.

Coinbase is now trading 84% lower than its Nasdaq debut last year. The firm ended its first day of trading with an $85.7 billion valuation and the direct listing reportedly created 1,000 millionaires.

Another crypto exchange CEO that saw his fortune sink was Binance founder Changpeng Zhao or “CZ.” In January, CZ’s estimated net worth was a whopping $96 billion — a figure that has now shrunk to $11.6 billion.

Gemini founders Tyler and Cameron Winklevoss each lost $2.2 billion of their wealth this year. According to Bloomberg, this figure equates to around 40% of their net worth.

Sam Bankman-Fried, CEO of crypto exchange FTX, has lost 50% of his wealth since the end of March. Over the course of a few weeks, Bankman-Fried’s wealth has fallen to $11.3 billion.

Mike Novogratz, the CEO of crypto investment firm Galaxy Digital Holdings (OTC:BRPHF), has seen his net worth decline from $8.5 billion to $2.5 billion. Earlier this year, Novogratz shared a picture of a tattoo inspired by Terra (CRYPTO: LUNA) – a token that has lost 97% of its value over the last day alone.

GlobalBlock analyst Marcus Sotiriou said that Terra’s stablecoin TerraUSD (CRYPTO: UST) losing its peg presented a fundamental risk to the wider crypto industry.

See Also: How To Trade A Bear Market In Crypto

Bitcoin (CRYPTO:  BTC) was trading at $26,600, down 12.35% over the last 24 hours. Ethereum (CRYPTO: ETH) was down 21% over the same period, trading at $1,797.

Photo: Courtesy of Coinbase

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.

Dive Deeper:
Crypto billionaires’ vast wealth destroyed in weeks amid turmoil
That’s now been reduced to just $2.3 billion, according to the Bloomberg Billionaires Index, as a selloff in digital currencies…
Crash in stablecoins drags crypto market, Bitcoin logs most volatile week in yrs
In the last seven days, Bitcoin fell by nearly 18% and Ether shed more than 25%. A sharp decline in…
Did Vitalik Buterin And Sam Bankman-Fried Predict Terra (LUNA) Fiasco?
Ethereum (CRYPTO: ETH) co-creator Vitalik Buterin and FTX CEO Sam Bankman-Fried hinted at the troubles the stablecoin Terra USD (CRYPTO:…
CEO Of 'India's Robinhood' Echoes Coinbase's Warning: Crypto Exchanges Carry A Risk
Indian financial services firm Zerodha's co-founder and CEO Nithin Kamath sounded the alarm for crypto investors as the U.S. cryptocurrency…
One subscription that gives you access to news from hundreds of sites
Bitcoin Bull Jack Dorsey Likens Coinbase To A Casino
Twitter Inc (NYSE: TWTR) founder and CEO of Block Inc (NYSE: SQ) Jack Dorsey equated rival Coinbase Gobal, Inc (NASDAQ:…
Crypto reckoning looms in Washington as investors lose billions
Industry leaders fear that the latest blow-up will provide ample fodder for powerful skeptics
Get all your news in one place