Story of Crypto Tycoons | How It Started vs How Is It Going?

Crypto Billionaires Who Lost Fortunes in 2022

As we are moving toward the end of this year, a lot of new statistics are coming our way. As per recent data, many crypto tycoons had to lose billions of dollars of net worth due to the ultimate market chaos. From the CEO of Binance to the man behind FTX fraud, 2022 has been a roller coaster ride for all of us, and now is the time to evaluate the market actions in detail. 

In this CoinGabbar blog, we are going to cover the list of those crypto personalities that had to face the extreme impacts of the crypto market crash. 

The Leading Cryptocurrency Tycoons of 2022

Cryptocurrencies have changed the lives of hundreds of individual investors but some have gained substantially more than others. Most of the crypto billionaires that we have seen have been in building blockchain products and eventually got rewarded for their trust. Here is a list of the top tycoons that have made a fortune out of cryptocurrencies in 2022.

Changpeng Zhao

The markets crashed substantially by the end of this year but if there is one person who has gained from the ultimate market chaos, he was no other than Changpeng Zhao aka CZ. The founder & CEO of Binance, Changpeng Zhao is the richest crypto founder and had a net worth of more than $65 billion in march 2022. 

This crypto tycoon has to face a steep fall in its total net worth during the market crash of 2022, with its net worth reaching $4.5 billion by the end of this year. However, we also have to consider the fact that CZ gained immense popularity during the FTX collapse and strengthen its monopoly in the market.

Sam Bankman Fried

Yes, we know that you are already fed up with this name, and trust us, so are we but we cannot neglect the fact that SBF has turned a fortune of over $24 billion into dust within weeks. Sam Bankman Fried aka SBF is the founder of FTX and Alameda Research which underwent immediate bankruptcy after the crash of its native FTT token. Today, as we talk, Sam Bankman Fried’s total net worth is zero.

Sam Bankman orchestrated the entire financial fraud backstage of FTX and made a fortune while moving forward with its political ambitions. Known as the most significant crypto lobbyist in Washington, SBF is now under house arrest that too on a bail of $250 million. 

Brian Armstrong

Brian Armstrong is the co-founder and CEO of Coinbase cryptocurrency exchange. Coinbase is the leading centralized exchange that has recorded annual revenue of over a billion dollars in 2022. However, Brian had to suffer a loss of over $4.5 billion as his net worth fell to $1.5 billion from $6 billion. 

Coinbase is the most popular cryptocurrency exchange in the USA and Armstrong is one of those people who have seen crypto evolve from the very beginning. Armstrong is passionate about transparent financial systems and aims to make Coinbase a public company in 2023.

Gary Wang 

Gary Wang is another black box from the FTX’s fall that had been with the exchange from the very start. Gary Wang is one of the co-founders of the FTX and childhood friends with SBF. Gary has also been involved in Alameda Research and had a total net of more than $5.9 billion that has turned to dust after the fall of the FTX. 

Gary is known for making it into the list of the top 400 richest people in the world. Presently Gary has been found guilty of four charges and cooperating with the authorities involved in the investigation. 

Chris Larsen

Chris Larsen is the founder, Ex-CEO & present chairman of Ripple Labs Inc. Chris is one of those few individuals that has nurtured blockchain innovation in the crypto industry and founded Ripple to facilitate international transactions for banks. 

Chris is also an influential figure in the crypto space who had a net worth of $4.3 billion before the market hit their bottoms. Now, Mr. Larsen’s total net worth is close to $2.1 billion while he is also fighting a lawsuit against the SEC. 

Conclusion

This bear market has pushed the crypto giants to their extremes and even finished some of the most influential personalities in the space. Even though the markets are highly volatile, innovators are putting their heads down and building the core of more secure, stable, and transparent blockchain solutions. 

Cryptocurrencies are going to become the mainstream mode of value transfer in the times to come and this is the time that we keep invested and face the winters together.