these 4 millionaires lost their fortune

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these 4 millionaires lost their fortune

The fall of the cryptocurrency market affected the tycoons of the sector, with losses reaching US $ 14,000 million. main figures

The cryptocurrencies they represented successful investment and business stories for many people, with millionaires who became successful thanks to the exponential growth they experienced over the past few years.

In 2021, Forbes produced a happy ranking with the list of the top crypto millionaires in a market that, at that time, was algid.

However, in this past week, the market crashed in its entirety and these crypto tycoons could not escape this heavy blow.

Cryptocurrencies suffered a resounding decline fueled by the UST disparity with the dollar and the LUNA crash

Who are the crypto millionaires who lost the most?

The crypto crash broke fortunes of many personalities in the sector, who lost thousands of dollars in just a few days.

Forbes made a list with the main ones:

one) Brian Armstrong

Brian Armstrong, CEO of Coinbase

Brian Armstrong, CEO of Coinbase

While the company’s shares fell 78% since its IPO (Initial Public Offering) in April 2021 through Wednesday, and are down another 23% to u$s56.50.

This forced the executive himself to go out and defend his company, due to the rumors surrounding its bankruptcy.

two. Michael Novogratz

Michael Novogratz, CEO of crypto merchant bank Galaxy Digitalis another of the great losers of this period.

your heritage plummeted to $2.9bn from US$8.5 billion, a figure registered last November.

Michael Novogratz

Michael Novogratz, CEO of crypto merchant bank Galaxy Digital, another big loser

Novogratz even promoted the Terraform Labs project, TerraUSDthe stablecoin that lost its parity and is in a tailspin, and the disappearance of the LUNA token.

“I’m probably the only guy in the world who has a Bitcoin tattoo and a Moon tattoo,” Novogratz said. Bitcoin 2022 conference in Miami on April 6.

3) Changpeng Zhao

Among the big “losers” appears another executive of an exchange, in this case Changpeng Zhao, CEO of Binancethe world’s leading crypto exchange platform.

The Binance executive lost an immense fortune. She first appeared in the Bloomberg Wealth Index in January with a net worth of $96 billioncoming to fight for a position among the top 20 richest businessmen in the world.

Changpeng Zhao, CEO of Binance

Changpeng Zhao, CEO of Binance, saw his assets drastically reduced

Nevertheless, in May his fortune was reduced by US $ 16,000 millionusing the average enterprise value for platform sales multiples.

The US affiliate of Binance experimented falls even steeper than Coinbasealthough worldwide it happens the other way around.

4) Tyler and Cameron Winklevoss

Considered as the first “Bitcoin billionaires”, the Twins Tyler and Cameron Winklevoss, co-founders of Geminifailed to save themselves from the crypto massacre.

His fortune fell to $2.1 billion.which translates to roughly 40% of his wealth this year.

Twins Tyler and Cameron Winklevoss lost

Twins Tyler and Cameron Winklevoss lost about 40% of their wealth this year

In their beginnings in the market, they met a man named David Azar, who spoke to you for the first time about cryptocurrencies and clouded them with the story already known today: that of the mysterious Satoshi Nakamoto and the creation of a “decentralized” currency capable of revolutionizing everything: Bitcoin (BTC).

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