Crypto Billionaires Have Just Lost $15.5 Billion in Nine Days Crypto Crash
Crypto Exchange FTX CEO sam bankman-fried portraits sam bankman-fried, cofounder and chief executive. Soon after the price bitcoin rised to $59,423 per coin at lately midnight on May 10, eventually, the price of the crypto market began a dramatic decline, dropping 35% over the next nine days and taking the net worth of 13 crypto millionaires in the process. By CNBC estimates the number of billionaires who built their hopes and fortunes in the world of cryptocurrencies has lost a whopping amount of $15.5 billion, as their initial net worth dropped from $62.3 billion to $46.8 billion, as of 3 pm E.T on Wednesday.
Bitcoin has been on a wild ride with the cryptocurrency market dripping to as low as $30,846 around 9am on Wednesday before it pumped to $38,083 at 3 pm. one year ago, bitcoin was trading at around $9,700 per coin.
The biggest loser (in dollar terms) is sam bank man-fried, the 29-year-old founder of quantitative crypto trading firm Alameda research. A former wall street trader, bank man-fried was worth $16.7 billion at bitcoin peak on May 10, but is now down to $11.5 billion as of Wednesday afternoon. One of the youngest self-made billionaires on the Forbes billionaire list, his net worth’s shot up after he launched FTX, a crypto derivatives exchange, in 2019. The main majority of his fortune seems from FTXs equity and tokens; the value of FTX tokens have decline by 37% since May 10.
The Winklevoss twins also shed some of their fortunes. Tyler and Cameron winklevoss the famos twin brothers who feuded with mark Zuckerberg over the creation of Facebook, saw their net worth’s dripped by $900 million each in the past nine days, a 24% drop to an estimate $2.9 billion each. The twins used some of their $65 million settlement from the Facebook dispute to invest in bitcoin as early as 2012, and launched cryptocurrency exchange Gemini in 2014. The firm now processes roughly $200 million a day in trades.
Here are the worlds crypto billionaire –and how they have fared over the past nine days ;net worth’s on May 19, 2021 are as of 3pm ET.
Main assets: FTX Tokens
Net worth on 5/10: $16.7 billion
Net worth on 5/19: $11.5 billion
Main asset: coinbase stock
Net worth on 5/10: $9.8 billion
Net worth on 5/19: $8.3 billion
Main asset :XRP
Net worth on 5/10:$6.9 billion
Net worth on 5/19:$5.6 billion .