Forex in this article
Crypto crash has also hit the super-rich hard
Crypto billionaires are losing significant chunks of their wealth
Crypto exchange CEOs hit particularly hard
Crypto exchange moguls find their fortunes cut in half
The current crisis, which is hitting the crypto market and many investors, is of course not sparing even the richest crypto investors. On the contrary, they are the ones where the losses are the most severe due to the high volume of crypto assets. The massive price drops in cryptocurrencies such as Bitcoin and Ethereum have meant that some billionaires who have invested a large part of their assets in crypto are now having to watch as substantial parts of their wealth simply disappear into thin air.
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For example, according to data from the Bloomberg Billionaires Index, FTX CEO Sam Bankman-Fried’s fortune has halved since the end of March and is now around $11.3 billion. The Winklevoss twins Tyler and Cameron, co-founders of the crypto exchange Gemini, were hit similarly hard by the crisis. The brothers suffered a loss of $2.2 billion, about 40 percent of their fortune.
Other crypto billionaires suffered even heavier losses
The crypto exchange Coinbase was also hit particularly hard: the company’s shares have recently plummeted, which has hit the fortunes of Coinbase founder Brian Armstrong in particular. According to Bloomberg, his net worth has been reduced to $2.2 billion from $13.7 billion in November.
Investor Mike Novogratz, well-known in the crypto world, suffered similarly heavy losses, his assets shrank from $8.5 billion to $2.5 billion. The CEO of Galaxy Digital has always relied heavily on the stablecoin TerraUSD in the past. This cryptocurrency, which was supposed to be priced at $1, recently plummeted to 30 cents. Sister cryptocurrency LUNA fell even harder, losing a whopping 97 percent of its value. At the end of the slide, the currency was only worth 1 cent.
Possibly the most disastrously hit was Changpeng Zhao, the CEO of crypto exchange Binance. Only recently, his fortune was still enthroned with a value of 96 billion US dollars over those of Armstrong and Novogratz. According to the “Handelsblatt” last Wednesday, however, his fortune was estimated at just 11.6 billion US dollars.
Thomas Weschle / Editor finanzen.net
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