The crypto industry lost $116 billion because of everything that went south in 2022 The demise of FTX has caused a liquidity crisis in the industry, with investors unwilling to invest funds The string of bankruptcies amid the bearish market trend in the cryptocurrency industry drained funds worth $116 billion in 2022. This was stated […]
The crypto industry lost $116 billion because of everything that went south in 2022
The string of bankruptcies amid the bearish market trend in the cryptocurrency industry drained funds worth $116 billion in 2022. This was stated by Forbes in its latestThe fall signifies the combined personal equity of 17 people in the crypto sector. Furthermore, more than half of these investors lost more than half of their fortunes since March 2022. As a result, ten names were removed from the list of crypto billionaires.
The worth of Coinbase CEO Brian Armstrong was valued at $6 billion in March but as of 26 December stood at $1.5 billion. Similarly, the worth of Ripple co-founder Chris Larsen halved from $4.3 billion to $2.1 billion. The worth of Gemini’s Winklevoss twins was valued at $4 billion in March but was worth $1.1 billion at press time.
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