The wealthiest people in crypto lost a combined value of over $110 billion in 2022, this is according to Forbes’ 2023 World’s Billionaires List, Forbes Magazine annual compilation of ten-figure fortunes.
This correlates with the plummet in cryptocurrencies which lost around $700 billion in the 12 months leading up to March 2023, with the total crypto market valuation falling to $1 trillion. In addition, the valuations of private crypto startups also decreased due to rising interest rates and investors pulling money from tech.
Forbes says it identified 19 billionaires in the crypto industry, the highest number ever, with a combined net worth of $140 billion back in 2022. As of March 10, 2023, when Forbes measured the net worth of these individuals for its list, their combined net worth had dwindled to less than $30 billion, and 10 of them no longer qualify as billionaires.
1.) Changpeng Zhao – Down $54.5 Billion
Changpeng Zhao, the CEO and founder of Binance, continues to be the wealthiest individual in the crypto industry but his net worth has taken a significant hit, dropping from $65 billion a year ago to $10.5 billion as of Forbes’ latest measurement on March 10, 2023.
2.) Brian Armstrong – Down $4.4 Billion
Due to a slide in shares of his publicly traded company, Brian Armstrong, CEO and co-founder of US-based crypto exchange Coinbase, is now worth $2.2 billion, which is down from $6.6 billion last year.
3.) Jed Mccaleb (Tie) – Down $2.1 Billion
According to Forbes, Jed McCaleb, an early cryptocurrency pioneer and Co-Founder of Ripple, has become a billionaire by selling his XRP, per the terms of a separation agreement he reached with Ripple. He is also the Co-Founder and CTO of Stellar. He is currently worth $2.4 billion.
4.) Chris Larsen – Down $2.1 Billion
Chris Larsen co-founded Ripple in 2012 to facilitate international payments for banks using blockchain technology. His most recent net worth was calculated to $2.2 billion (down from $4.3 billion).
5.) Nikil Viswanathan and Joseph Lau – Down $0.6 Billion Each
Nikil Viswanathan and Joseph Lau are the cofounders of Web3 infrastructure developer, Alchemy. They are currently valued at a net worth of $1.8 billion each (down from $2.4 billion each).
6.) Cameron and Tyler Winklevoss – Down $2.8 Billion Each
The twins are currently valued $1.2 billion each (down from $4 billion each). Their main sources of wealth are Bitcoin and Gemini, the cryptocurrency exchange they co-founded.
7.) Matthew Roszak – Down $0.3 Billion
Matthew Roszak is a cryptocurrency investor and Co-Founder and chairman of Bloq, a blockchain startup that consults on projects such as helping banks store digital assets. His net worth is $1.1 billion (down from $1.4 billion), according to Forbes, gained from BTC and ETH holdings.
8.) Song Chi-hyung – Down $2.75 Billion
Song Chi-hyung is founder and chairman of Dunamu, which operates South Korea’s dominant cryptocurrency exchange, UpBit. His net worth is $950 million (down from $3.7 billion).
9.) Fred Ehrsam – Down $1.17 Billion
Fred Ehrsam is the Co-Founder of Coinbase. His net worth is currently at $930 million down from $2.1 billion.
10.) Michael Saylor – Down $0.84 Billion
Michael Saylor’s net worth is estimated to $760 million (down from $1.6 billion), according to Forbes. His main sources of wealth are Microstrategy, the business analytics software firm that he founded, and BTC holdings.
11.) Tim Draper – Down $0.55 Billion
Tim Draper is a founding partner of venture capital firm, Draper Fisher Jurvetson.
Draper has made hundreds of VC investments in companies including Tesla and Theranos, and has made a fortune investing in cryptocurrencies.
In 2014, he bought 29,656 bitcoins confiscated by U.S. Marshals from the shuttered Silk Road black market for $18.7 million, or just $632 per coin.
His net worth is estimated to be $650 million down from $1.2 billion.
12.) Devin Finzer and Alex Atallah – Down $1.6 Billion
The Co-Founders of OpenSea are valued at $600 million down from $2.2 billion.
13.) Kim Hyoung-nyon – Down $1.4 Billion
Kim Hyoung-nyon is Co-Founder and executive Vice President of Dunamu, which operates South Korea’s dominant cryptocurrency exchange, UpBit.
He is valued at $500 million down from $1.9 billion.
14. Barry Silbert – Down $3.2 Billion
The founder and Chief Executive Officer of Digital Currency Group Inc (DCG) saw his wealth fall to $320 million from $3.2 billion. He drew his wealth from both BTC holdings and his company, DCG.
15. Sam Bankman-Fried – Down $24 Billion
Sam Bankman-Fried, the Co-Founder of defunct FTX Cryptocurrency Derivatives Exchange is estimated to be worth less than $10 million (down from $24 billion).
16. Gary Wang – Down $5.9 Billion
Wang co-founded crypto exchange, FTX, and helped grow it into a leading marketplace for buying and selling crypto derivatives. His current net worth is estimated at less than $10 million (down from $5.9 billion), according to Forbes.
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