Forbes Explains: How Much Money Did Binance CEO and Other Billionaires Lose in the Recent Cryptocurrency Crisis?

Forbes, cryptocurrency announced the amount of money the richest names in the world have lost since March.

Crypto Billionaires Have Lost $116 Billion Since March According To Forbes

According to Forbes estimates, the 17 richest investors and founders in crypto have collectively lost an estimated $116 billion in personal wealth since March. Fifteen of them have lost more than half of their fortunes in the past nine months.

Cryptocurrency and bitcoin Changpeng Zhao, CEO of Binance, the largest exchange in the industry, has an extensive global network of complex subsidiaries and is the biggest money loser, according to Forbes research.

According to Forbes’s claim, Changpeng Zhao’s $65 billion fortune in March fell to approximately $4.5 billion.

However, Sam Bankman-Fried, who is on trial for alleged fraud, had a $24 billion fortune in March, according to Forbes.

Another FTX executive, Gary Wang, has assets down from $5.9 billion to zero.

CZ helped bring about the demise of FTX when he tweeted on November 6 that Binance would sell FTX’s native cryptocurrency, FTT.

In a webinar held on December 23, CZ stated that Binance has zero debt:

“We are a very unique organization, we do not take loans from any other organization. We will prove all FUD (fear, uncertainty and doubt) wrong.”

A Binance spokesperson said that Forbes’ estimate of CZ’s net worth “is not a significant metric for CZ.”

Barry Silbert, head of cryptocurrency conglomerate Digital Currency Group, is at the center of crypto’s market crisis. One of DCG’s key assets, crypto credit unit Genesis Global Capital, owes creditors at least $1.8 billion, according to a source familiar with the matter.

Forbes claimed that the $ 3.2 billion fortune of Barry Silbert, the head of the Digital Currency Group, was also reset to a reaction by the Twitter crypto community.

*Not investment advice.