Crypto billionaires lost hundreds of billions in just one session, some people “evaporated” more than 80% of their assets
The sell-off of the cryptocurrency market is making the big players in this segment cry. According to data from Bloomberg Billionaires Index, Coinbase Global founder Brian Armstrong with $13.7 billion in assets in November 2021 is now only $2.2 billion, or an 84% decline.
The market’s sell-off has caused shares of Coinbase Global, which owns the largest cryptocurrency exchange in the United States, to lose 84% of its value from when it was first traded in April 2021. The market panic prompted Armstrong himself to take to Twitter to explain that the company would not go bankrupt despite the current dark environment.
Founder Brian Armstrong
Not only Armstrong, another big man, CEO Michael Novogratz of digital bank Galaxy Digital, also saw his fortune decrease from $ 8.5 billion in November 2021 to only $ 2.5 billion today.
Novogratz himself is a supporter of the TerraUSD project, a stablecoin that is not pegged to any real-life stable assets and is now becoming worthless after a strong sell-off.
According to Bloomberg news, cryptocurrency billionaires who have made big profits in the past two years are now losing big because of the sell-off of investors. Bitcoin and Ether have lost more than 50% of their value since their 2021 peak.
In terms of losses, according to Bloomberg, no one can match Binance CEO Changpeng Zhao when his fortune fell from $96 billion in January 2022 to only $11.6 billion today.
Similarly, Gemini co-founders Tyler and Cameron Winklevoss have lost $2.2 billion each, or 40% of their total wealth year-to-date. FTX CEO Sam Bankman Fried also lost 50% of his total assets since the end of March 2022 to only $11.3 billion.
Cryptocurrency trading at exchanges in the US plummeted
Back at Coinbase, founder Armstrong wasn’t the only one to lose money. Coinbase co-founder Fred Ehrsam has also lost more than 60% of his wealth year-to-date and is down to just $1.1 billion. Figures show Armstrong holds 16% of Coinbase shares and 59.5% of voting rights, while Adrsam holds 4.5% of shares and 26% of voting rights.
Bloomberg reports that the cryptocurrency market in the United States is in general much more dire than other markets. The number of transactions on the largest US cryptocurrency, Coinbase, has decreased steadily since the beginning of the year while the US exchange Binance has also gone down.
*Source: Bloomberg
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