It is time to press F on the world’s smallest keyboard for crypto billionaires. A tragedy of mythological magnitude has befallen the wealthiest of crypto industry. And honestly, nobody feels bad. In fact, some might say that it feels pretty good to hear. Nonetheless, it was the retail investors who suffered the most in the recent plunge. Based on data estimated by Forbes, the recent crash has wiped out $400 billion which is essentially people’s investments. So, let’s go over how much some renowned crypto billionaires have lost in recent weeks.
Poor Crypto Billionaires!
Taking a look at the list, it’s very hard to feel bad for the ultra-rich industry moguls and that is for good reason. Almost all these personalities are tied up in some sort of conspiracy. And of course, a lot of them run massive exchange platforms that are the opposite of financial freedom.
Right on top, we have the shitcoin godfather, the one and only Changpeng Zhao (CZ) who lost $47.6 billion. But worry not, he will pump the market and ICO a ton of new shitcoins on Binance. However, he has lost his crown during the recent crash as the richest of crypto billionaires. CZ suffered an insane $47.6 billion during the crash, coming down from $65 billion net worth to only $17.4 billion. That is by far the biggest loss in capital amongst crypto billionaires. But then again, he can pump stuff on Twitter anytime.
The silver medal goes to Brian Armstrong from Coinbase who lost $3.8 billion. A few days ago, Armstrong said in an interview that during a hypothetical bankruptcy, the exchange platform can treat customers’ assets as exchange property. Basically, Coinbase and in fact other similar exchange platforms can freeze customer assets in case they are going down. But that’s not simple enough, what is means in simle terms is that you do not own anything you hold on exchange platforms like Binance, Coinbase, FTX, Crypto.com, Gemini or any other platform.
Also, Fred Ehrsam from Coinbase also lost the fourth largest with $1.1 billion.
As for the third biggest damage, we have Sam Bankman-Fried from FTX exchange. Bankman lost $3 billion and is now the wealthiest crypto billionaire with a $21 billion net worth.
Putting exchange platforms aside, we see quite a number of Bitcoin maximalists and bulls on the list. Speaking of bulls, Michael Saylor from MicroStrategy lost $633 million during the crash. Saylor does not believe in market cycles and price corrections and anything with the color red. He will find ways to convince everyone in the world to buy and hold Bitcoin. Well, the recent crash has held his company underwater. MicroStrategy has spent approximately $4.5 billion in BTC at an average price of $30,700. And to prove his jolly attitude towards loss, he Tweeted “The ₿est is yet to come,” Friday Morning.
Tim Draper, another classic venture capitalist and Bitcoin maximalist lost a total of $260 million. Draper did not write anything cool and funny on Twitter which means that he may be taking the big L seriously.
All in all, going down a couple of billions in net worth and still having billions of dollars left is a tragedy we could only hope for. Small investors endured massive losses during this crash. Arguably, the losses are essentially lead by misleading and hardcore marketing strategies lead by the same crypto billionaires.
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