2022-12-28
According to Forbes crypto tycoons lost $116 billion in net worth in 2022.
The collapse of algorithmic stablecoin UST and the
bankruptcy of FTX have made the drop in value for overall cryptocurrency market.
Celsius Network, a platform that lets users deposit
cryptocurrencies to earn interests and lend cryptocurrencies filed for
bankruptcy. Three Arrow Capital a hedge fund that managed $10 billion in
cryptoassets went bankrupt. Voyager Digital a crypto brokerage service went bankrupt
and later acquired by Binance US for $1 billion. BlockFi a crypto exchange
service also went bankrupt. The drop in cryptocurrency market value was steep
due to all of this incidents.
Changpeng Zhao lost $60.5 billion. Sam Bankman-Fried and Gary
Wang’s net worth went to zero.
The survivors are strong businesses, many strong businesses in cryptocurrency industry are still in operation. Coinbase and Binance continue their cryptocurrency exchanges. People are still buying and selling NFTs on Opensea.
