By the end of 2022, crypto billionaires lost 75% of their fortune. The total capital of the 19 richest people in the industry in the 12 months to March 2023 decreased from $140 billion to less than $30 billion.
It is reported by Forbes USA. At the end of 2021, the publication compiled a list of 19 crypto billionaires, whose total fortune was $140 billion as of spring 2022. At the moment, ten people on the list have ceased to be billionaires.
Forbes cites a sharp drop in the crypto market, fraud allegations, government lawsuits, bullying, and other issues as the reasons for the capital drop.
The founder of the largest cryptocurrency exchange Binance, Changpeng Zhao, remains the richest billionaire in the field of cryptocurrencies. However, within a year, his fortune fell from $65 billion to $10.5 billion. Second on the updated list is Jed McCaleb ($2.4 billion), who lost just $100,000.
The biggest drop was the collapse of Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX. After that, the businessman was detained on fraud charges. Over 12 months, the former FTX boss’s fortune declined from $24 billion to $4 million.
According to CoinMarketCap, in the year since March 2022, the crypto market capitalization has shrunk by nearly $700 billion, to $1 trillion.
Photo: Chidori_B / Shutterstock
Author:
Ahmed Sadulayev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
