Tuesday, November 29, 2022
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The fortunes of crypto-billionaires are collapsing

Faced with the new fall in the cryptocurrency market, the founders of centralized exchange platforms and other crypto gurus are seeing their fortunes melt like snow in the sun.

That’s probably the number of the day: $114 billion. This is what the 7 biggest fortunes in the cryptocurrency world have lost since last November when bitcoin reached $69,000. As of 3:00 p.m., bitcoin is trading at just over $20,500, having lost 30% of its value in the space of 7 days.

So inevitably, the consequences are harsh for crypto-billionaires, reveals the index Bloomberg. Here we are talking about Mike Novogratz, former Fortress and now boss of the crypto investment fund Galaxy Investment Partners, Changpeng Zhao (CZ), the founder of the cryptocurrency giant Binance, Sam Bankman-Fried, the founder of the FTX trading platform or the Winklevoss brothers, founders of Gemini.

$145 billion last November

All these little people had amassed a cumulative fortune estimated at 145 billion dollars last November. There, they lost almost everything. It is especially CZ which suffers the heaviest losses, it goes from 95.8 billion dollars alone to 10.2 billion, according to data from Bloomberg.

Net worth of crypto-billionaires as of June 13, 2022:

  • Changpeng Zhao: $10.2 billion (from $95.8 billion on November 9, 2021)
  • Samuel Bankman-Fried: $8.9 billion (from $15.1 billion)
  • Tyler Winklevoss: $3 billion (from $3.8 billion)
  • Cameron Winklevoss: $3 billion (from $3.8 billion)
  • Brian Armstrong: $2.1 billion (from $13.7 billion)
  • Mike Novogratz: $2.1 billion (from $8.5 billion)
  • Fred Ehrsam: $2.1 billion (from $4.5 billion)

So we repeat it, it’s like for the very great fortunes of this world, all these losses are virtual, and based on the value of the cryptocurrencies held. But clearly, there is danger in delay for the economic development of the sector, financed in large part by the fortune of these billionaires.

The speculative bubble has exploded in accelerated mode, as fast as the growth of these companies, considered too fast by the very admission of Brian Armstrong, the founder of Coinbase, who announced clear cuts in recent days with the layoff of 18% of its workforce. The trend is the same on the side of Gemini, which recently announced the dismissal of 10% of its payroll. On the other hand, against the current, Binance announces that it wants to recruit more than 2,000 employees.

Antoine Larigaudrie, edited by PA



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