According to an estimation by Forbes, the 2002 Crypto Bear Market Saw Crypto Billionaires Loose $116B since March, and a swarm of bankruptcies in the crypto industry in 2022 depleted $116 billion from the wallets of founders and investors of crypto assets and firms in the previous nine months.
The decrease represents the aggregate personal equity of 17 people in the space, with more than half losing more than half of their fortunes since March. As a result, ten names were removed from the list of crypto billionaires.
Binance CEO Changpeng “CZ” Zhao was blamed for one of the major losses. His 70% stake in the cryptocurrency exchange was valued at $65 billion in March, but it is now worth $4.5 billion.
Brian Armstrong, CEO of Coinbase, has a net worth of $1.5 billion, down from $6 billion in March. Likewise, Chris Larsen’s fortune 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 now worth $1.1 billion each.
FTX co-founders Sam Bankman-Fried and Gary Wang, whose fortunes were valued at $24 billion and $5.9 billion in March and at $0 in December, are among those who have lost their billionaire status. In addition, according to Forbes 2002 Crypto Bear Market, the $3.2 billion fortune of Barry Silbert, founder, and CEO of Digital Currency Group, was also lost due to the contagious wave caused by the collapse of FTX.
Among the former billionaires are Alchemy’s Nickel Viswanathan and Joseph Lay, OpenSea’s Devin Finzer and Alex Atallah, Coinbase’s Fred Ehrsam, MicroStrategy founder Michael Saylor, and venture capitalist Tim Draper.
The cryptocurrency bear market is unlikely to end soon, as the FTX crisis, in 2002 Crypto Bear Market has eroded investor confidence and created a liquidity crisis across the industry, according to Cointelegraph. As a result, the market downturn is expected to continue until the end of 2023.