The richest crypto billionaires collectively lost over 75% of their wealth, or more than $110 billion, in the past year. In this respect Wrote Forbes USA.
In 2022, Forbes USA named the 19 richest people in the cryptocurrency industry and estimated their combined fortunes at around $140 billion. Now that figure is below $30 billion as of March 10, 2023.
According to the magazine, Sam Bankman-Fried, the founder of the FTX crypto exchange, suffered the most. He ranked second in the ranking of the richest crypto billionaires with a net worth of $24 billion in 2022. Since then, FTX has filed for bankruptcy, Bankman-Fried is facing a life sentence for fraud and other financial crimes. Bankman-Fried’s capital is now down to $10 million, according to the publication.
Founder of FTX at the end of March it was accused of bribing one or more Chinese officials to settle hedge fund accounts.
On February 24, the US Attorney’s Office filed formal charges against Bankman-Freed. He is charged with 12 criminal acts, including fraud and forming a criminal community. Specifically, he is accused of making illegal donations to influential American congressmen. The former head of FTX was arrested on December 12, 2022.