The current state of the crypto market is taking a big hit. Not only private investors will be in the red on a large scale, the heavyweights of the market are also feeling the pain right now. The CEO of BinanceChangpeng Zhao (CZ), saw more than $80 billion of its assets go up in smoke during the bear market.
Crypto billionaires are not spared
According to data from Statistics crypto billionaires have collectively lost around $112 billion. Remarkable is the fact that only a handful of individuals are responsible for this astronomical loss. In first place, of course, is Binance’s CZ with $82 billion.
CZ’s net worth is currently estimated at around $14.6 billion. Previously this was an astronomical $96.5 billion. Although a large part of his wealth has dried up, we don’t have to feel sorry for the Binance CEO yet.
Former FTX CEO and Ripple co-founder
In second place is the now infamous founder and former CEO of FTX, Sam Bankman-Fried (SBF). He has lost $23 billion following the collapse of his exchange. Also co-founder of ftx Gary Wang has suffered a $1.7 billion financial setback.
In third place Coinbase CEOBrian Armstrong. Of course, the American exchange has also been hit hard. The value of Coinbase’s stock is deeply underwater and as a result Brian Armstrong has lost about $4.7 billion of his paper assets.
In fifth place is the co-founder of Ripple (XRP), Chris Larsen, has seen his wealth shrink by “only” $1.3 billion since the start of the bear market.
The five billionaires are, or in the case of SBF, were of course also the richest people in the world of crypto. It is therefore not surprising that they lost the most money when the market plummeted. Nevertheless, these are serious amounts that the average crypto investor can only dream of.