The famous Forbes magazine, used to rankings, returned to the biggest fortunes of the cryptocurrency ecosystem who lost the most in 2022. Out of 17 personalities studied, this financial devaluation is estimated at 116 billion dollars.
Forbes Investigates Losses of Cryptocurrency Billionaires
While the decline particularly dominated almost all of 2022 for the cryptocurrency ecosystem, the famous magazine Forbes published a survey in which it returns to ecosystem leaders who have seen their fortunes melt away.
Out of 17 personalities studied, the losses amount, according to the calculations of the magazine, to 116 billion dollars.
Of course, Sam Bankman-Fried (SBF) is in the standings. Forbes recalls that the “billionaire” started the year in style, after raising 400 million dollars for FTX. We know the rest, caught up in his fraudulent practices, SBF saw its 24 billion dollars simply erasedwhile these were mostly valued in FTT tokens.
But the biggest financial loss is to be attributed to Changpeng Zhao (CZ), the CEO and founder of Binance. His fortune would indeed have gone from 65 to 4.5 billion dollars according to estimates. To reach this conclusion, Forbes bases itself on the fact that CZ would hold 70% of Binance, and that the fall in the valuation of the exchange has mechanically lowered that of its heritage.
Interestingly, we learned last February that Binance was to invest $200 million in Forbes, in preparation for an IPO of the media. Nevertheless, this agreement ended a few months laterafter Forbes’ merger with the SPAC Magnum Opus Acquisition was called off.
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Other notable losses in the ranking
If Changpeng Zhao and Sam Bankman-Fried occupy the first two places on the podium, there are also other notable figures in this ranking. For example, Brian Armstrong, the CEO of Coinbase, sees his fortune grow from an estimated $6 billion to $1.5 billion. Gary Wang, one of the co-founders of FTX, also suffered a loss of $5.9 billion:
Financial losses of leaders of the cryptocurrency ecosystem according to Forbes
In this ranking, we can also note the presence of the twins Tyler and Cameron Winklevoss, at the head of the Gemini exchange, which each received a devaluation of 2.9 billion dollars. Following the contagion effect of the FTX affair, Gemini suffered a liquidity crisis which led to the suspension of withdrawals for its “Earn” product, which is still not resolved to this day.
Michael Saylor, who we also talked about a lot this year with MicroStrategy’s investments in Bitcoin (BTC)occupies the fifteenth place in this ranking.
If this classification gives a general idea of the losses incurred by the main figures of the ecosystem, however, it has some limitations. And for good reason, Forbes only takes into account the interests of these leaders in their respective companies. An exact measure would have to account for all of each person’s personal wealth, which is not necessarily easy.
👉 Also in the news – Alameda Research had been borrowing money from FTX clients since 2019 according to Caroline Ellison
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Source: Forbes
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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