Crypto CEOs Lost 116 Billion Dollars In 2022

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Last Updated on 6 November 2023 by CryptoTips.eu

Every year the American business magazine Forbes publishes a list of the richest people in the world. While we already know that Elon Musk will no longer be number one next year (After all, Bernard Arnault of LVMH did not pay 44 billion for Twitter and will more than likely take over that place), for crypto sites it is more interesting to see how the crypto billionaires fared in 2022 Lucky for us, Forbes released that list last week, just in time for Christmas.

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Coinbase, FTX and Binance

Last year’s top three in terms of crypto billionaires, founders and CEOs apparently suffered greatly from the crisis. The journalists calculated that Changpeng Zhao, CEO and founder of Binance, lost the most due to the fall of crypto prices. His estimated net worth dropped from $65 billion to about $4.5 billion.

Second on the list last year was Sam Bankman-Fried, founder and CEO of the now bankrupt FTX platform. SBF was worth some $24 billion at the beginning of this year. However, due to the bankruptcy of FTX, nothing remains of that. His former colleague Gary Wang, who was in fourth place and co-founded the crypto platform with Sam, has also lost his $6 billion.

Coinbase CEO Brian Armstrong also went down quite a few billions. He is mostly invested via Coinbase shares, which have lost 95% of their value since the day of their IPO, back in April 2021.

2 Billion dollar mistake

Yet there were also a number of listed people that caught the eye and are probably wrong. For example, Scott Melker, the influencer and crypto analyst known as the “Wolf of All Streets,” noted that Barry Silbert is probably not bankrupt (just yet). Since Forbes elsewhere on their pages estimates Barry’s current value at $2 billion, that is indeed a mistake.

KrisCole / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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