Things have not been looking good for crypto as the market is witnessing an unprecedented crash. Leading crypto trading platforms, like Coinbase, have halved in terms of share value due to the decreased interest in crypto investments and transactions. In this situation of utter turmoil, crypto billionaires are also getting hit as their largest source of income and revenue, the coins are starting to slump.
Crypto billionaire and Coinbase founder, Brian Armstrong, had a net worth of $13.7 billion in quarter 4 of 2021 when crypto was doing relatively well. Since then, his fortune has dwindled to almost $8 billion by the end of quarter 1 2022, in March. Now, midway through quarter 2 2022, his value sits at around $2.2 billion. This fall in personal value is mostly accredited to the sharp fall in Coinbase shares.
Coinbase has been on a downward trend ever since the first day of this quarter. At its peak, share values had hit $429. Now, it is at a paltry $53.72.
Apart from Brian, another billionaire who lost his fortune to the crypto crash is Michael Novogratz. Like Armstrong, Michael is also a CEO of a crypto-related company. Galaxy Digital. Novogratz’s company is a crypto merchant bank.
in early November 2021, Michael’s fortune sat at a massive $8.5 billion. Following the crash, he is now valued at just $2.5 billion. Novogratz has been a massive investor of TerraUSD, the algorithmic stablecoin based on Luna. But, recently TerraUSD’s value fell to zero, and the coin got delisted. Luna is also trading at a massive low of $0.00004. This fall robbed Michael of his fortune.
Among these officers, the CEO of Binance, Changpeng Zhao, lost the largest amount. He started this year with a massive $96 billion, but, currently, his value sits at just $11.6 billion.
The highly unpredictable and volatile nature of the crypto market is a huge concern for global market regulators. And, following the recent unprecedented crash, they might come up with a joint body to regulate cryptocurrency.