In just 9 days, a total of 12 investors who are also crypto millionaires incurred losses of around $ 15.5 billion, witnessing a sharp decline in the cumulative value of their assets from $ 62.3 billion to $ 46.8 billion!
The nightmare was none other than due to the crypto market deteriorating since May 10, driven by the decline in Bitcoin (BTC) prices of up to 36% during the period.
The BTC price dropped sharply from the $ 59,000 level on May 10 to the lowest level since last January, $ 30,846 on May 19.
According to Forbes, crypto investor and founder of crypto investment firm, Alameda Research, Sam Bankman-Fried, is the biggest loser based on the value of the dollar. It is said that on May 10 when Bitcoin hit a peak price, Fried owned assets worth $ 16.7 billion before turning to $ 11.5 billion on May 19.
This brings Fried's losses to $ 5.2 billion! Mindblown!
Ethereum founder Vitalik Buterin has also lost the nickname ‘youngest crypto millionaire’ when his total assets fell to a record $ 850 million from $ 1.4 billion.
The rest include:
Coinbase Global CEO Brian Armstrong: $ 1.5 billion loss
Ripple co -founder Chris Larsen: $ 1.3 billion loss
Stellar co -founder Jed McCaleb: $ 1.6 billion loss
Tyler and Cameron Winklevoss: $ 1.1 billion loss
Coinbase co -founder Fred Ehrsam: $ 0.5 billion loss
Microstrategy CEO, Michael Saylor: $ 1.5 billion loss
Bloc chairman Matthew Roszak: $ 1.1 billion loss
Digital Currency Group (DCG) CEO, Barry Silbert: $ 0.3 billion loss
Binance CEO, Changpeng Zhao: no losses were recorded
Tim Draper: $ 0.7% loss
The uncertain direction in the crypto market in recent times has prompted most institutional investors to turn to gold. Most recently, the Securities and Exchange Commission (SEC) and the United States Treasury (US) are said to be increasingly assertive against the crypto sector with the introduction of several recent laws.
At the time of writing, Bitcoin is holding at $ 40,279 with an increase of almost 1% in 24 hours. The crypto king now has a dominance of the crypto market at 43%.
