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The Crypto Industry is Losing Value

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The crypto industry’s wealthiest investors will see their personal net worth drop significantly this year as they endure the crypto market crash.

A Forbes report reveals that the biggest players in the digital infrastructure space have lost up to $116 billion in personal wealth since March of this year. One of the biggest losers is FTX founder Sam Bankman-Fried, who saw his net worth drop from $24 billion in March to zero this month, according to reports.

Following the collapse of the FTX debate, Forbes said Bankman-Fried may now be bankrupt. Barry Silbert, CEO of the venture capital group Digital Currency (DCG), is also investing for money after seeing his personal net worth of $3.2 billion to zero in nine slots, according to the report.

Forbes says that DCG is “debt-ridden” and Silbert needs to raise money or liquidate his crypto industry conglomerate to stay afloat. Binance CEO Changpeng Zhao is also on this list and is the biggest loser in terms of personal wealth tax.

According to Forbes magazine, Zhao’s net worth has risen from $65 billion in March to $4.5 billion this month. Forbes also reveals that Coinbase CEO Brian Armstrong suffered a 75% devaluation of his personal assets from $6 billion in the first quarter of this year to $1.5 billion.

Gemini founders Tyler and Cameron Winklevoss both saw their net worth rise to $1.1 billion in nine months, according to the report. Meanwhile, Bitcoin (BTC) bulls Michael Saylor and Tim Draper both lost their billionaire status during the long crypto winter, according to Forbes.

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