SBF Leaves The Crypto Billionaire List As Top 17 Suffer $116B Loss

Key Points:

• Even the wealthiest in the industry were heavily impacted, as the top 17 crypto millionaires lost $116 billion of their net worth, according to the most recent Forbes survey.
• The impending bankruptcy of DCG for Barry Silbert was a factor in the sharp decline in his net worth. According to reports, DCG is having trouble finding the additional funding it needs to stay afloat because of its $2 billion debt.
• Investors in cryptocurrencies like Devin Finzer and Alex Atallah of OpenSea, as well as Nikil Viswanathan and Joe Lau of Alchemy, are no longer billionaires.

SBF – The cryptocurrency market imploded entirely in 2022. Even the wealthiest in the industry were heavily impacted, as the top 17 crypto millionaires lost $116 billion of their net worth, according to the most recent Forbes survey.

The collapse of multiple cryptocurrency businesses and the bear market brought on the loss. 10 of the 17 crypto billionaires were removed from the list due to the significant loss.

Sam Bankman-Fried, the disgraced founder of FTX, is the most noteworthy absentee. SBF had a market value of about $24 billion at the beginning of the year, while FTX had just finished a $400 million investment round, valuing it at $32 billion.

But FTX filed for bankruptcy less than a year later, and SBF is now worth virtually nothing. He says he has less than $100,000 in his account, and he’s not sure how he will pay his attorneys.

He is not the only crypto billionaire whose net worth has zeroed out in the last 12 months, though. Gary Wang, the CTO of FTX, and Barry Silbert of the Digital Currency Group are also on the list (DCG).

According to Forbes, the impending bankruptcy of DCG for Barry Silbert was a factor in the sharp decline in his net worth. According to reports, DCG is having trouble finding the additional funding it needs to stay afloat because of its $2 billion debt.

According to Forbes, Silbert’s 40% ownership in DCG is practically worthless until his crypto company manages to get out of its current predicament.

CEO of Binance’s valuation plummets

Changpeng Zhao, the founder and CEO of Binance is the person whose net worth has decreased the most recently. This year, he was worth $65 billion, according to Forbes. However, his current net worth of $4.5 billion is still enough to rank him as the wealthiest crypto billionaire.

His net worth has decreased for a variety of factors, including the failure of businesses that Binance invested in, like Terra Luna and FTX. Additionally, customers and regulators are questioning the financial stability of Binance and CZ.

Additionally, it has been claimed that the exchange may have helped commit financial crimes. CZ’s net worth has been impacted by Binance’s declining fortune because he owns 70% of the exchange.

The Winklevoss twins and the creators of Coinbase were two other exchange entrepreneurs whose net worth substantially declined.

Investors in cryptocurrencies like Devin Finzer and Alex Atallah of OpenSea, as well as Nikil Viswanathan and Joe Lau of Alchemy, are no longer billionaires. Others with significant Bitcoin investments include Tim Draper and Michael Saylor.

The only crypto billionaire this year who the market hasn’t adversely impacted is Jed McCaleb. The co-founder of Ripple’s net worth decreased from $2.5 billion to $2.4 billion as a result of selling the majority of his crypto holdings.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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