Barry Silbert and SBF drop BeInCrypto’s billionaires list

BeInCrypto – 2022 was the year when everything in the cryptocurrency industry collapsed. The latest Forbes report shows that even the wealthiest in the industry have been hit hard, with the top 17 cryptocurrency billionaires losing $116 billion of their net worth.

The loss was due to the bankruptcy of several cryptocurrency companies and bear market. Due to the huge loss, 10 out of 17 crypto billionaires were delisted.

The net worth of SBF and other people associated with FTX drops to zero

The most notable dropout is the disgraced FTX founder, Sam Bankman-Fried. in the beginning of the year, SBF value was about $24 billion, While FTX had just closed a $400 million funding round worth $32,000 million.

But less than a year later, FTX has filed for bankruptcy while SBF is worth almost zero. According to him, he has less than $100,000 in his account and is not sure how to pay his lawyers.

Meanwhile, he is not the only billionaire whose net worth has dropped to zero in the past year. Others on the list include FTX CTO, Gary Wang and Barry Silbert of Digital Currency Group (DCG).

For Barry Silbert, Forbes He wrote that DCG’s potential bankruptcy contributed to the dramatic decline of his net worth. Reports revealed that DCG is $2 billion in debt and is struggling to raise the new funds needed to stay afloat.

According to Forbes, Silbert’s 40% stake in DCG is worth nothing unless his crypto empire continues where it is today.

Binance CEO review

within, The man who has seen the biggest drop in his net worth is the founder and Binance CEO Changpeng Zhao. Forbes estimated its value at $65 billion earlier this year.

But now he has a net worth of just $4.5 billion, which is enough to make him the richest crypto billionaire.

The decrease in your net worth is due to many reasons, one of which is the failure of the projects in which you have invested Binance, like Luna and FTX. Binance and CZ are also facing increased scrutiny as clients and regulators question their financial health.

There are also allegations that the exchange could have facilitated financial crimes. Since CZ owns 70% of Binance, The poor health of the stock exchange has affected his net worth.

Other exchange founders, like the twins Winklevoss and Founders of Coinbase (NASDAQ:)They also saw a significant drop in their net worth.

Includes cryptocurrency investors who are no longer billionaires Nikhil Viswanathan, The Alchemist Joe Law, Devin Fenzer s Alex Atallah from OpenSea. Others include Michael Saylor and Tim Draper, who have invested heavily in .

Jed McCaleb is the only crypto billionaire Not greatly affected by circumstances on the market this year. The co-founder’s net worth dropped to $2.4 billion from $2.5 billion as he sold most of his cryptocurrency.

Barry Silbert and SBF pulling off crypto billionaires list was first seen on BeInCrypto.

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