Bear Market And Development Wave Crypto Industry Create Changpeng Zhao Et Al. Bentung

Binance CEO Changpeng CZ Zhao, his wealth is "gay" of IDR 72 trillion. (photo: twitter @cz_binance)

JAKARTA - The bear market and the wave of bankruptcy in the crypto industry have spent $116 billion from the pockets of founders and investors in the past nine months. This is stated in Forbes' latest forecast report.

The loss represents a combined personal equity of 17 people in the room, with more than 15 people losing more than half of their fortune since March. As a result, 10 names were removed from the list of crypto billionaires.

One of the major losses was attributed to Binance CEO Changpeng CZ Zhao. In March, 70% of its shares on the crypto exchange were worth US$65 billion (Rp1,014 trillion), but now it is only worth US$4.5 billion (Rp70.2 trillion).

Coinbase CEO Brian Armstrong has a net worth of estimated at $1.5 billion, down from the previous US$6 billion (Rp93.6 trillion) in March. The wealth of Ripple co-founder Chris Larsen has decreased from US$4.3 billion (Rp67.1 trillion) to US$2.1 billion (Rp32.7 trillion), while Gemini's Cameron and Tyler▁UUvoss is worth US$4 billion (Rp62.4 trillion) in March, but is now worth US$1.1 billion, respectively. (Rp17.1 trillion).

According to Forbes, among those who lost billionaire status were FTX co-founders Sam Bankman-Fried and Gary Wang, whose wealth in March was worth 24 billion (Rp374.6 trillion) and US$5.9 billion, respectively, and became US$0 in December. Barry Silbert's wealth of 3.2 billion, founder and CEO of Digital Currency Group, was also lost due to the infectious wave caused by the collapse of FTX.

Among the former billionaires are also Nickel Viswanathan and Joseph Lay of crypto software company Alchemy, Devin Finzer and Alex Atallah of OpenSea, Fred Ehrsam of Coinbase, founder of MicroStrategy Michael Saylor and venture capitalist of Tim Draper.

According to a Cointelegraph report, the Bear market against cryptocurrencies is unlikely to end soon, as the FTX crisis has hindered investor confidence and created a liquidity crisis across the industry. As a result, the decline in the market is expected to last until the end of 2023.