The year has been tumultuous for the crypto market, and so, has it been for the billionaires in crypto. According to an estimate by Forbes, crypto billionaires, this year, lost 116 billion USD in total.
In February this year, SBF was estimated to have a worth of 24 billion USD and stood as the second-richest person in crypto after CZ. However, now SBF is likely broke. Before his trials started he said he had only 100,000 USD in his bank account. FTX co-founder, Gary Wang, who was also the chief technological officer of the firm, has now surrendered to the SEC. His net worth was estimated to be 5.9 billion USD, earlier this year, which is now somewhere around 1000 USD.
What led to the massive loss to crypto billionaires?
A series of events happened this year in the cryptoverse. First, the Terra sisters, TerraUSD collapsed. Then the hedge fund, three Arrows filed for bankruptcy in July. Voyager Digital, Celsius, and BlockFi, interest-bearing lending companies, all declared bankruptcy. An
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