Fortunes of crypto billionaires nosedive in market sell-off

Coinbase Global CEO Brian Armstrong. Picture: SAMYUKTA LAKSHMI/BLOOMBERGCoinbase Global founder Brian Armstrong had a personal fortune of $13.7bn as recently as November and about $8bn at the end of March. That’s now just $2.3bn, according to the Bloomberg Billionaires Index, after a sell-off in digital currencies from bitcoin to Ether triggered a precipitous decline in the market value of Coinbase, the largest US cryptocurrency exchange.

Then there’s Michael Novogratz. The CEO of crypto merchant bank Galaxy Digital has seen his fortune plummet to $2.9bn, from $8.5bn in early November. He’s been a champion of TerraUSD, the algorithmic stablecoin that’s now at risk of a complete collapse amid a breakdown in the price of a crypto token in the same ecosystem, Luna.

While almost all crypto holders have suffered wealth declines, some of the biggest and most visible losses are concentrated among founders of exchanges, where traders buy and sell digital currencies. Tyler and Cameron Winklevoss, co-founders of rival crypto exchange Gemini, have each lost about $2.1bn — or roughly 40% — of their wealth in 2022. The fortune of Sam Bankman-Fried, CEO of crypto exchange FTX, has fallen by half since the end of March to about $13bn.

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