crypto monnaie

According to Forbes, the 17 richest “crypto CEOs” lost $116 billion in 2022

The famous Forbes magazine, used to rankings, returned to the biggest fortunes of the cryptocurrency ecosystem who lost the most in 2022. Out of 17 personalities studied, this financial devaluation is estimated at 116 billion dollars.

Forbes Investigates Losses of Cryptocurrency Billionaires

While the decline particularly dominated almost all of 2022 for the cryptocurrency ecosystem, the famous magazine Forbes published a survey in which it returns to ecosystem leaders who have seen their fortunes melt away.

Out of 17 personalities studied, the losses amount, according to the calculations of the magazine, to 116 billion dollars.

Of course, Sam Bankman-Fried (SBF) is in the standings. Forbes recalls that the “billionaire” started the year in style, after raising 400 million dollars for FTX. We know the rest, caught up in his fraudulent practices, SBF saw its 24 billion dollars simply erasedwhile these were mostly valued in FTT tokens.

But the biggest financial loss is attributed to Changpeng Zhao (CZ), the CEO and founder of Binance. His fortune would indeed have gone from 65 to 4.5 billion dollars according to estimates. To reach this conclusion, Forbes bases itself on the fact that CZ would hold 70% of Binance, and that the fall in the valuation of the exchange has mechanically caused the loss of that of its heritage.

Interestingly, we learned last February that Binance was to invest $200 million in Forbes, with a view to an IPO of the media. Nevertheless, this agreement ended a few months laterafter the merger of Forbes, with the SPAC Magnum Opus Acquisition, was called off.

👉 To go longer – Find our guide to buy Bitcoin (BTC)

Discover eToro

Other notable losses in the ranking

If Changpeng Zhao and Sam Bankman-Fried occupy the first two places on the podium, there are also other notable figures in this ranking. For example, Brian Armstrong, the CEO of Coinbase, sees his fortune grow from an estimated $6 billion to $1.5 billion. Gary Wang, one of the co-founders of FTX, also suffered a loss of $5.9 billion:

Financial losses of leaders of the cryptocurrency ecosystem according to Forbes

In this ranking, we can also note the presence of the twins Tyler and Cameron Winklevoss, at the head of the Gemini exchange, which each receive a devaluation of 2.9 billion dollars. Following the contagion effect of the FTX affair, Gemini suffered a liquidity crisis which led to the suspension of withdrawals for its “Earn” product.which is still unresolved to this day.

Michael Saylor, who we also talked about a lot this year with MicroStrategy’s investments in Bitcoin (BTC)ranks fifteenth in this ranking.

If this classification gives a general idea of ​​the losses incurred by the main figures of the ecosystem, however, it has some limitations. And for good reason, Forbes only takes into account the interests of these leaders in their respective companies. An exact measurement should take into account all of the personal assets of each person, which is not necessarily easy to choose.

👉 Also in the news – Alameda Research had been borrowing money from FTX clients since 2019 according to Caroline Ellison

👉 Listen to this article and all other crypto news on Spotify

Progress in the world of cryptocurrencies with Cryptoast experts 📘

toaster icon

Sources: Forbes

Newsletter 🍞

Receive a summary of crypto news every Monday by email 👌

What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our privileges.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or additional loss following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.

AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk price must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.

To go further, read our pages Financial situation, Media Transparency and Legal Notice.

#Forbes #richest #crypto #CEOs #lost #billion #Cryptomonnaie

Related Articles

Back to top button