Before 2022, it is not clear The extent of the fortunes of crypto entrepreneurs and billionaires has been a mystery for yearsLike its inception, which sparked “Bitcoin”, without knowing its true founder.
And in January of 2022, the Bloomberg Billionaires Index included the fortunes of crypto billionaires for the first time in its list.
Although the data was very conservative, it estimated the wealth of the founding partner of Binance, Chang Bing Zhao, at about $ 96 billion, while statements collected by the “Wall Street Journal” several weeks earlier from former managers of the cryptocurrency trading platform estimated Zhao’s wealth. With more than $ 300 billion, which put him first in the list of billionaires.
Regardless of the size of his wealth, it collapsed with the resounding fall of the crypto sector, which lost more than $2 trillion of its market value in 2022.
Despite the estimates of “Forbes”, which said that Zhao’s wealth is now at $ 4.5 billion, he is still a billionaire, and the luckiest among his peers in the sector.
Some crypto billionaires have lost their entire fortunes, as the wealth of the co-founder of the bankrupt cryptocurrency trading platform “FTX”, Sam Bankman Fried, collapsed from $ 24 billion to “zero”, according to data collected by “Forbes”, and viewed by Al Arabiya.net. .
To the same fate, the wealth of his partner in the company, Gary Wang, whose fortune was estimated at $ 5.9 billion in January, has now become nothing.
Barry Silbert, the founder of the DCG platform, was not fortunate, as he also lost his entire fortune with the bankruptcies that hit a large part of the crypto platforms, as his fortune was valued at $ 3.2 billion.
Crypto Billionaires Losses Since March According To Forbes
Even the CEO of Coinbase, which was the first cryptocurrency platform to list its shares on the American Stock Exchange, lost the bulk of his wealth, despite the company’s assertion of its stability, as his fortune fell from $6 billion in January to $1.5 billion now.
As a result, the 17 wealthiest crypto investors and founders have lost an estimated $116 billion in personal wealth since March, according to Forbes estimates. Fifteen of them have lost more than half of their wealth over the past nine months. And 10 have completely lost their billionaire status. In turn, “Forbes” put effort into determining the wealth of the young crypto billionaire, and estimated it in January at $65 billion.
Crypto Billionaires’ Fortunes in January 2022 According to Bloomberg