Three crypto billionaires have dropped from the Forbes 400 List of Richest People in the United States amidst crypto winter. The list which had seven crypto players, now only has four whose net worth has equally dropped from last year’s figure.
Collectively, the four crypto billionaires on the list are worth $27.3 billion as of September 2nd, 2022. Notably, this is against $55.1 billion which was collated last year for seven of them.
Amidst the crypto winter, crypto savior and FTX CEO, Sam Bankman-Fried is the first crypto player on the list. He emerged as the first richest crypto billionaire on the Forbes 400 List. With a rank of 41, Bankman-Fried’s net worth is $17.2 billion down from last year’s $22.5 billion.
Following at a huge distance, co-founder of FTX and SBF’s right-hand man Gary Wang ranked 227 with a net worth of $4.6 billion.
Also, ranking 380 with a net worth of $2.8 billion is co-founder of Ripple Labs Chris Larsen. Significantly, this is a huge fall from his $6 billion net worth the previous year. Coinbase CEO Brian Armstrong made it to the list amidst a series of setbacks that the exchange experienced. He ranked 388 on the list with a net worth of $2.7 billion down from $11.5 billion.
Therefore, those who fell short owing to the crypto winter were Stellar’s Jed McCaleb ($2.5 billion), the Winklevoss twins ($2.2 billion each), and Coinbase co-founder Fred Ehrsam ($1.1 billion).
Crypto Winter Wipes Millions Off The Grid
In the last year, there has been an enormous sweep across the crypto industry. This move has left the ecosystem in a state that is a far cry from what it used to be. A wave of unfavourable market conditions tagged ‘crypto winter’ has influenced the loss of several billion dollars in crypto.
Altogether, top crypto billionaires lost $27.8 billion in the crypto winter citing the Bitcoin (BTC) price fall and the collapse of the TerraUSD and LUNA. Singly, the TerraUSD/LUNA collapse had led to a total loss of up to $2 trillion in digital assets from the ecosystem.
Recently, BTC has been fluctuating around $20,000 and below, a far cry from $68,000 which it was in November 2021.
Invariably, this had not been the expected outlook for the year, especially with the tons of capital inflow. Bitcoin price had been good the year before and Non-fungible token (NFT) and Web3.0 projects had secured funds in their millions. Consequently, this was meant to be the ‘Crypto Year’.