Crypto’s biggest losers: Meet billionaires who lost the most in 2022 | The Financial Express

Crypto’s biggest losers: Meet billionaires who lost the most in 2022

Here’s a list of how much these biggest names must have lost:

Crypto’s biggest losers: Meet billionaires who lost the most in 2022
Cryptocurrency’s biggest names who have lost the most?

It’s not been an easy year financially for crypto billionaires. The market suffered a trillion-dollar crypto crash. This resulted in thousands of lawsuits as investors attempt to recoup their lost money. If we roughly calculate, the top crypto experts lost a combined $112.7 billion this year alone. Here’s a list of how much these biggest names must have lost:

Changpeng Zhao – $82 billion

Known as the Chinese crypto king, Changpeng Zhao lost an estimated $82 billion, Crypto Presales reported. The Binance CEO lost money as crypto prices cooled. Having said that, Zhao is still the richest man in the crypto world. His current net worth is $14.6 billion.

Born in Jiangsu in China, Zhao shifted to Canada with his parents when he was 12. After setting up Binance in Singapore, he had to relocate the company’s headquarters many times due to regulators. Eventually, Binance became a headquarters-less company.

Sam Bankman-Fried – $23 billion

The crash badly impacted FTX CEO Sam Bankman-Fried intensely. Before the crash, his worth was estimated to be $26 billion. His stakes in FTX and crypto trading house Alameda were his most valuable assets. However, Fried lost $23 billion in just three weeks after struggling with liquidity. As per Forbes Advisor, the philanthropist is now under investigation in the US and other countries for possible securities violations.

Gary Wang – $1.7 billion

Gary Wang, the co-founder of FTX, lost approximately $1.7 billion after the collapse of the crypto exchange. In 2022, he became the youngest person to appear on Forbes top 400 rich list. Wang’s net worth now stands at around $4.2 billion.

Brian Armstrong – $4.7 billion

Chief executive and co-founder of Coinbase, Brian Armstrong suffered the third biggest loss among these crypto leaders. According to Crypto Presales, his wealth has recently dropped by $4.7 billion. Earlier, it was $6.6 billion.

Chris Larsen – $1.3 billion

Chris Larsen’s wealth saw a decline of $1.3 billion. The co-founder of Ripple was valued at $4.3 billion just a few months ago. according to Crypto Presales’ calculations, now his net worth is valued at around $3 billion.

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First published on: 05-12-2022 at 10:30 IST