Big money, big losses: Crypto Billionaires Lost 75 percent of their fortune in a year

Bitcoin, the cryptocurrency billionaires, lost $110 billion last year in 2022. This represents more than 75 percent of their accumulated wealth.

The situation on the cryptocurrency market may worsen due to the cancellation of tax benefits in the United States, rising electricity prices and restrictive actions by regulators.

This year has been unpleasant for cryptocurrency billionaires. Fraud allegations, government lawsuits, and asset depreciation investigations have made the industry much “weaker.” Billionaire cryptocurrency promoters have lost a total of $110 billion over the past year.

Last year, Forbes magazine identified 19 crypto billionaires and estimated their total wealth at $140 billion. As of March 2023, the wealth of these people is less than $30 billion, and ten of them are no longer billionaires.

Changpeng Zhao is the founder and CEO of the Binance crypto exchange. Although Forbes estimated his net worth at $10.5 billion, up from $65 billion a year earlier, he is still the richest man in the industry.