Coinbase Global Inc founder Brian Armstrong was worth $13.7 billion in November and around $8 billion at the end of March. Now his fortune is down to $2.3 billion, according to the Bloomberg Billionaires Index, after a sell-off of digital currencies from Bitcoin to Ether triggered a sharp drop in the market value of the largest crypto exchange Coinbase. US big.
Shares of the company have fallen 78% since its April 2021 initial public offering through Wednesday, and are down another 23% at $56.50 as of 12:18 p.m. than in the first. This has raised questions about Coinbase’s ability to withstand the sharp decline in crypto prices, forcing Armstrong to take to Twitter to defend the company. There is no “bankruptcy risk” even in the midst of a “black swan” event and user funds are safe, said Armstrong, the company’s chief executive.
two. Michael Novogratz
The CEO of crypto merchant bank Galaxy Digital saw his fortune plummet to $2.9 billion, from $8.5 billion in early November. Novogratz has been an exponent of TerraUSD, the stable coin that is hanging by a thread after a token from the same ecosystem, Luna, went completely bankrupt.
“I’m probably the only guy in the world who has a Bitcoin tattoo and a Moon tattoo,” Novogratz said at the Bitcoin 2022 conference in Miami on April 6.
While almost all cryptocurrency holders have suffered declines in wealth, some of the largest and most visible losses are concentrated among the founders of exchanges, where traders buy and sell digital currencies. Therefore, the third place goes to Binance.
3. Changpeng Zhao
The Binance CEO lost a fortune greater than Armstrong or Novogratz. He debuted on the Bloomberg Wealth Index in January with a net worth of $96 billion, one of the world’s largest. By Wednesday, his fortune was down $16 billion, using average enterprise value for Coinbase sales multiples.
Cryptocurrency exchanges in the US appear to be suffering from a bigger downturn than their global competitors. Trading volumes on Coinbase have been steadily declining since the beginning of the year, while Binance, which has a more international focus, saw a spike in volume last month. Binance’s US-focused business, by comparison, saw even steeper declines than Coinbase’s.
4. Twins Tyler and Cameron Winklevoss
The co-founders of rival crypto exchange Gemini have each lost around $2.1 billion, or roughly 40%, of their wealth this year. The fortune of Sam Bankman-Fried, CEO of crypto exchange FTX, has halved since the end of March to about $13 billion.
5. fred ersam
Armstrong is not the only one who lost. The Coinbase co-founder is currently worth $1.3 billion, down more than 60% this year. Armstrong owns 16% of Coinbase and controls 59.5% of its voting shares, according to the company’s 2022 proxy statement, while Ehrsam has a 4.5% stake and controls 26% of Coinbase. their voting shares.
Source: Ambito
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