When Crypto Winter Hits Even Billionaires

The 7 Crypto Mercenaries – Last year they were seven. Seven personalities linked to the world of crypto to make a grand entrance into Forbes magazine’s annual ranking which lists the largest fortunes of the planet. And now ? While the cuvée has just come out 2022how many are still part of the very exclusive club of the 400 most rich of the world ? How many have resisted this beginning of the year chaotic marked by a gloomy economic context? Response to follow.

The crypto market at its worst after a boom year

A little reminder of the facts for those who have not seen the previous season of our favorite series:

  • Bitcoin went from almost 70,000 dollars to 20,000 in a year
  • shares of the American crypto platform Coinbase fell by 75%
  • the total capitalization of the sector went from 2 trillion dollars less than 1000
  • the Terra Luna stablecoin has collapsedleaving behind thousands people
  • it even led to the bankruptcy of Celsius Networkof Travel Digital or of Three Arrows Capital

While collections of NFT were selling at exorbitant prices, that sometimes somewhat dubious crypto projects were amassing fortunes, 2022 was announced as the year of Web3 and maturity for the sector. Admittedly, there were a few Cassandra who were talking about bear market but who listened to them? And so, in the midst of this chaos, what became of our 7 giants crypto ? A hint, in 2021 they were collectively worth 55.1 billion dollars for only 27.3 This year.

The crisis has also affected the richest!

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The winners and losers of Bitcoin’s fall in the Forbes rankings

Those who have lost their place on the charts

  • Cameron and Tyler Winklevoss went from 4.3 at 2.2 billion. Their crypto exchange Gemini was forced to lay off and the profits melted like snow in the sun. But above all, it is their fortune in crypto – BTC, ETH – which has lost a lot of value. That said, they take the opportunity to tour with their cover band – March Junction – and they multiply the concerts.
  • Jed McCaleb is passed from 3 at 2.3 billion. Founder of Mt. Goxco-founder of Ripple and more recently from Stellar, he sold billions worth of crypto at the best time. So now he builds artificial gravity space stations to expand humanity across the solar system ” with his vast project.
  • Fred Ehrsam lost him 2.4 billion since last year and it now has “only” 1 billion. Co-founder of Coinbase which he left in 2017, he now runs the crypto-focused investment firm Paradigm Capital.

Those who are always there

  • Sam Bankman-Fried: classified 41st in the standings, it still went from 22.5 at 17.2 billion. Founder of FTX and D’Alameda Research, he prances at the top of the ranking of famous crypto-personalities. He is expanding his empire day by day and does not seem ready to give up his place among the 400.
  • Gary Wang : class 227th and at the head of 4.6 billions of dollars. He is the co-founder of FTX of which he is director of technology but also ofAlameda Research.
  • Chris Larsen : 380thit went from 6 unless 3 billions of dollars. Co-founder of Rippleit suffers from the fall in the value of XRP. Media man, he has battled with the SEC for years.
  • Brian Armstrong : 388thhis fortune went from 11.5 billion to 2.7. Despite the dizzying fall in the share price of Coinbase he founded, he didn’t sell a single one! He fights for fairer crypto regulation and supports actions against the SEC.

As you can see, these personalities have been hard hit by the fall of the course of cryptocurrencies, especially those that did not sell. But as they say in the industry, not sold, not lost“, so it’s a safe bet that when prices go back up, they will recover a lot of their fortune. And following, their places in the ranking Forbes of the 400 richest people on the planet. Unless they cross paths with an even greater danger than the economic crisis!

It is during the bear market that the fortunes of tomorrow are built! Take advantage of current market opportunities to accumulate cryptos. Go register on the AscendEX platform and benefit from XX% returns offered by AscendEX Earn (commercial link).

John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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