Crypto billionaires lost $ 15.5 billion in nine days

"Easy came, easy go" - Forbes reports.

After the bitcoin price surged to $ 59,423 per coin at midnight on May 10, the cryptocurrency value began to plummet 36% over the next nine days. As a result, and the net assets of the 12 crypto billionaires decreased. Forbes estimates that the dozen billionaires who made their fortunes in the cryptocurrency world lost $ 15.5 billion.

Bitcoin is in a frantic race, with the cryptocurrency dropping to $ 30,846 at 9am ET Wednesday and then rallying to $ 38,083 at 3pm. A year ago, Bitcoin traded at around $ 9,700 per coin.

The biggest loser (in dollar terms) is Sam Bankman-Fried, the 29-year-old founder of quantitative cryptocurrency trading firm Alameda Research. The former Wall Street trader, Bankman Freed, had a net worth of $ 16.7 billion at its peak on May 10, but that figure has now dropped to $ 11.5 billion as of Wednesday afternoon.