Crypto Billionaires Lose $15.5 Billion In Nine Days After Market Crash
Crypto billionaires have lost billions of dollars in just days, proving how volatile the market can be.
Over the course of 2021, cryptocurrencies such as Bitcoin and Dogecoin have skyrocketed in value, but it’s evident they can plummet just as easily after some crypto billionaires have lost an eye-watering $15.5 billion in nine days.
On May 10, Bitcoin was valued at $59,423 per coin, but this soon plummeted 36%, and so did the net worth of 12 crypto billionaires.
In the wake of this, as of yesterday, May 19, the crypto billionaires’ collective net worth plummeted from $62.3 billion to $46.8 billion, Forbes reports.
29-year-old Sam Bankman-Fried was reportedly the hardest hit; he was worth $16.7 billion as of May 10, but this has since dropped to $11.5 billion.
Bankman-Fried, a former Wall Street trader, founder of quantitative crypto trading firm Alameda Research and one of the youngest self-made billionaires on Forbes’ billionaires list, made his fortune after launching FTX, a crypto derivatives exchange, in 2019. FTX’s tokens have recently declined 37% in value. Other billionaires to have impacted include the Winklevoss twins, Bitcoin investor Michael Saylor, and Vitalik Buterin, the co-creator of blockchain platform Ethereum.
Regardless of the volatile market, the 12 crypto billionaires are still better off than they were earlier this year. As of early March, the tycoons were worth $37.3 billion; despite their recent losses, they’re now worth $46.8 million.
Bankman-Fried’s main asset is FTX tokens, while fellow billionaire Brian Armstrong’s is Coinbase stock, Fred Ehrsam’s is Bitcoin, and Changpeng Zhao’s is Binance.
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