17 cryptocurrency billionaires lost $116 billion to the crypto winter and bankruptcies experienced this year, a report by Forbes says.
Out of this number, 10 of them were forced out of the cryptocurrency billionaire’s space, having lost a huge amount of their wealth within nine months.
The report listed the former billionaires to include Nickel Viswanathan and Joseph Lay from crypto software firm Alchemy, Devin Finzer and Alex Atallah of OpenSea, Fred Ehrsam of Coinbase, Microstrategy founder Michael Saylor, and venture capitalist Tim Draper.
This is in addition to FTX co-founders Sam Bankman-Fried and Gary Wang, whose values plummeted to $0 billion as against their respective values of $24 billion and $5.9 billion in March.
Also, the founder and CEO of Digital Currency Group, Barry Silbert lost his $3.2 billion following the collapse of FTX.
One of those listed on the list includes Brian Armstrong, the CEO of Coinbase, who moved from a $6 billion net estimate to $1.5 billion.
Also included was Changpeng Zhao, the CEO of Binance, whose stake moved from $65 billion in March to $4.5 billion.
Others include Ripple’s co-founder Chris Larsen, whose fortune collapsed from $4.3 billion to $2.1 billion, and Gemini executives, Cameron and Tyler Winklevoss, earlier valued at $4 billion in March, but are now worth $1.1 billion each.