Last week, cryptocurrency Luna and TerraUSD suffered a spectacular collapse. Luna’s total value that is worth more than $40 billion (RM175 billion) crash close to zero causing traders, start-up founders and investors grapple with devastating losses.
The crash had a domino effect on the rest of the cryptocurrency market – causing Bitcoin, Ethereum’s price continue to shrink even further.
Vitalik Buterin, founder of Ethereum confirmed that from 19 crypto-billionaires prior to collapse, there could be none left. Sadly, even himself lost his billionaire status post the crypto crash triggered by the Terra Luna wipeout.
Here’s the list of 19 crypto-billionaires who lost their billionaire status post the crypto crash:
1. Changpeng Zhao
Changpeng Zhao is the founder and chief executive officer of Binance- the largest cryptocurrency exchange by trading volume in the world. Before the crypto crash, his wealth stood at $65 billion (RM285 billion). After the crash, his wealth shrunk to $14.9 billion (RM65.52 billion).
2. Sam Bankman-Fried
Bankman-Fried is the founder and CEO of FTX, a cryptocurrency exchange. Before the crypto crash that happened last week, his wealth was at $24 billion (RM105 billion) and post the crash it has been reduced to $11.3 billion (RM49.69 billion).
3. Brian Armstrong
Armstrong is the founder of Coinbase cryptocurrency exchange. Armstrong’s net worth was $6.6 billion (RM29.95 billion) before the crash. Post the crypto crash, Armstrong is no longer a part of the Billionaire’s club.
4. Gary Wang
Wang is the co-founder of the FTX exchange and his wealth stood at $ 5.9 billion (RM25 billion) before the crypto crash. Wang is also no longer a billionaire post the crypto crash.
5. Chris Larsen
Larsen is the co-founder and executive chairman of blockchain company Ripple XRP – which is the native token of the blockchain. Larsen’s net worth before the crash was $4.3 billion (RM18.91 billion). Post the crypto crash, he is not a billionaire anymore.
6 & 7. Cameron Winklevoss and Tyler Winklevoss
These twin brothers had acquired crypto fortunes worth nearly $4 billion (RM17 billion) each. Following the crypto crash, they are also no longer part of the billionaire’s club.
8. Song Chi-hyung
Chi-hyung is the founder of Upbit – the largest cryptocurrency exchange in South Korea. Before the crypto crash, his net worth stood at $3.7 billion (RM16.27 billion). Post the crypto crash last week, he lost his billionaire status.
9. Barry Silbert
Silbert is the founder of Digital Currency Group – which built a large crypto portfolio. His organization has also invested in over 200 crypto startups. Prior to the crash, his net worth was $3.2 billion (RM14.07 billion). Post the crash, he is also no longer part of the billionaire’s club.
10. Jed McCaleb
The majority of McCaleb’s wealth originated from Ripple Labs which he co-founded in 2012. In 2013, McCaleb departed the project due to conflicts with Larsen and other team members. Then, he started Stellar – another crypto firm. His wealth stood at $2.5 billion (RM10.99 billion) before the crypto crash, and like many others, he also lost his billionaire tag.
11 & 12. Nikil Viswanathan and Joseph Lau
Viswanathan and Lau are the co-founders of blockchain Alchemy – a toolbox for blockchain developers. Each of them had a net worth of $2.4 billion (RM10.55 billion) before the crash but post the crash, they have also lost the billionaire title.
13 & 14. Devin Finzer and Alex Atallah
Founders of OpenSea, a secondary NFT marketplace each founder’s net worth stood at $2.2 million (RM9.67 billion) before the crypto crash. Both of them lost the crypto billionaire status post the crypto crash.
15. Fred Ehrsam
Ehrsam is an American businessman, investor and co-founder of Paradigm Capital, a cryptocurrency investing firm. He had amassed $2.1 billion (RM9.23 billion) in wealth which was also significantly reduced in the crypto crash, taking away his billionaire branding.
16. Kim Hyoung-nyon
Hyoung-nyon is the executive vice president of South Korea’s Dunamu crypto exchange. He owns about a 13% stake in the exchange, which he co-founded ten years ago. His wealth, which mainly comprised cryptocurrencies stood at $1.9 billion (RM8.36 billion) before the crypto crash. Post the crash, he also lost the billionaire tag.
17. Michael Saylor
Originally a dot-com era billionaire, Saylor saw his riches sink during the dot-com meltdown and in the aftermath of an accounting controversy. Then, Saylor found Bitcoin and now he has made his company a Bitcoin proxy, buying it at every dip. Before the crypto crash, Saylor’s net worth stood at $1.6 billion (RM7.04 billion). Unfortunately, history has repeated itself because Saylor lost his billionaire tag for the second time, this time around in the recent crypto crash.
18. Matthew Roszak
Matthew Roszak, an early adopter of Bitcoin, started investing in 2012. He also participated in initial coin offerings of altcoins like Mastercoin, Factom, etc. Prior to the crash, his net worth stood at $ 1.4 billion (RM6.16 billion). He is also no longer a billionaire, post the crypto crash.
19. Tim Draper
Venture capitalist Tim Draper started investing in Bitcoin and other cryptocurrencies in the year 2012. The OG’s net worth was $1.2 billion (RM5.28 billion) before the crypto crash. He too, just like several other crypto billionaires, was dropped off the index after the recent crypto crash.
Source here
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