Brian Armstrong, the CEO of Coinbase, is estimated to be worth $1.5 billion, down from $6 billion in March, according to Cointelegraph.
Forbes has recently estimated that over the past nine months, founders’ and investors’ bank accounts have been drained of $116 billion due to the bear market and the wave of bankruptcy cases in the cryptocurrency business, as reported by Cointelegraph.
17 local residents lost their personal equity in the loss, with more than 15 of them losing more than half of their value since March, according to Cointelegraph. As a result, 10 names were taken off the list of bitcoin millionaires.
The CEO of Binance, Changpeng “CZ” Zhao, was held accountable for one of the big losses. In March, the value of his 70% ownership share in the bitcoin exchange was $65 billion; as of now, it is only $4.5 billion.
Brian Armstrong, the CEO of Coinbase, is reportedly worth $1.5 billion, down from $6 billion in March, according to Cointelegraph. Co-founder of Ripple Chris Larsen saw his fortune go from $4.3 billion to $2.1 billion, while Cameron and Tyler Winklevoss of Gemini, who were valued at $4 billion in March, are now individually worth $1.1 billion.
One group of people that lost their billionaire title was Sam Bankman-Fried and Gary Wang, co-founders of FTX, whose respective fortunes were estimated at $24 billion and $5.9 billion in March and at $0 in December.
According to Forbes, Barry Silbert, the creator and CEO of Digital Currency Group, lost his $3.2 billion fortune as a result of the viral tsunami caused by the failure of FTX.
