Top Crypto Billionaires Lost a Combined Over 100 Billion Dollars This Year

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Several of the top 5 Crypto Billionaires have lost billions of dollars this year. The Bloomberg Billionaires Index shows that their total wealth has dropped by more than $96 billion. Some of the biggest losers include tech CEOs who invested in cryptocurrencies.

The crypto market has been volatile this year. The S&P 500 is down 18% so far, while crypto has lost over half its value. In addition, the market has been affected by the failure of Three Arrows Capital, which lost billions of dollars.

The crypto market has been volatile this week, with the Ripple’s XRP value falling more than a quarter of its value on Wednesday. While many crypto fanatics have maintained that bear markets are temporary, they haven’t been atypical in the digital markets. They usually move in tandem with declines in high growth tech stocks.

Sam Bankman-Fried, founder of FTX, has lost his spot in the Bloomberg Billionaires Index. Before the cash crunch, Bankman-Fried was worth $15.2 billion. He also has a pile of cash at FTX, which is worth about $2 billion. Bankman-Fried also launched FTX’s crypto derivatives exchange. He has an option to purchase BlockFi for $240 million. FTX extended a $500 million loan to Voyager Digital.

Binance CEO Changpeng Zhao has lost over $78.9 billion this year. His net worth dropped from $95 billion in January to just $14 billion as of Friday. The FTX collapse spurred money to exit the crypto market.