{"id":445908,"date":"2022-05-12T17:09:11","date_gmt":"2022-05-12T14:09:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-billionaires-losing-fortunes-as-bitcoin-tumbles\/"},"modified":"2022-05-12T17:09:11","modified_gmt":"2022-05-12T14:09:11","slug":"crypto-billionaires-losing-fortunes-as-bitcoin-tumbles","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-billionaires-losing-fortunes-as-bitcoin-tumbles\/","title":{"rendered":"#Crypto billionaires losing fortunes as bitcoin tumbles"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a34d44d747d5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a34d44d747d5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-billionaires-losing-fortunes-as-bitcoin-tumbles\/#%E2%80%9CCrypto_billionaires_losing_fortunes_as_bitcoin_tumbles%E2%80%9D\" >&#8220;Crypto billionaires losing fortunes as bitcoin tumbles&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CCrypto_billionaires_losing_fortunes_as_bitcoin_tumbles%E2%80%9D\"><\/span>&#8220;Crypto billionaires losing fortunes as bitcoin tumbles&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>The Winklevoss twins and other cryptocurrency moguls who bet big on bitcoin have seen their fortunes plummet in recent weeks during a steep selloff in the market.<\/p>\n<p>The crypto tycoons have gotten slammed as investors look to dump riskier assets during global economic turmoil, according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-11\/crypto-billionaires-vast-wealth-destroyed-in-weeks-amid-turmoil?srnd=premium\">Bloomberg<\/a>. Bitcoin on Thursday was recently trading at $27,787.20, down 4% from a day earlier and off nearly 60 percent from the all-time high of $68,990.90 it hit in November.<\/p>\n<p>Coinbase CEO Brian Armstrong\u2019s net worth has plunged to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately $2.2 billion this week \u2013 down from roughly $13.7 billion last November when the crypto market was going strong, according to the Bloomberg Billionaires Index.<\/p>\n<p>Sam Bankman-Fried, the founder and CEO of crypto exchange FTX, has lost roughly half of his on-paper fortune since March and is now worth about $11.3 billion.<\/p>\n<p>Cameron and Tyler Winklevoss, both prominent bitcoin touts who founded the crypto marketplace Gemini, have lost about 40% of their respective fortunes, or more than $2 billion each.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Winklevoss-twins-53.jpg?w=1024\" alt=\"Winklevoss twins\" class=\"wp-image-22239122\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Winklevoss-twins-53.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Winklevoss-twins-53.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Winklevoss-twins-53.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The Winklevoss twins have lost some 40% of their on-paper wealth.<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>Michael Novogratz, CEO of the crypto investment firm Galaxy Digital, has lost approximately $6 billion since last November and is currently worth about $2.5 billion.<\/p>\n<p>The selloff has wiped some $200 billion in value from the cryptocurrency market, according to data from CoinMarketCap.<\/p>\n<p>Binance CEO Changpeng Zhao appears to have suffered the worst losses. Bloomberg estimates that his fortune has declined to $11.6 billion from $96 billion as recently as January.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Michael-Novogratz-56.jpg?w=1024\" alt=\"Michael Novogratz\" class=\"wp-image-22239144\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Michael-Novogratz-56.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Michael-Novogratz-56.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Michael-Novogratz-56.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Michael Novogratz heads up the crypto-focused firm Galaxy Digital.<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>Leading cryptocurrencies such as bitcoin and Ethereum have drawn scrutiny from regulators in recent months due to their propensity for volatile trading. Lately, crypto selloffs have often moved in tandem with declines in high-growth tech stocks as investors lose their appetite for risk.<\/p>\n<p>Armstrong\u2019s personal fortune has fallen alongside Coinbase\u2019s shares, which are down more than 80% over the same period. Armstrong owns about 16% of the company\u2019s stock.<\/p>\n<p>This week, Coinbase\u2019s stock fell sharply this week after the exchange warned customers that their crypto holdings could be lost if the company is ever forced to declare bankruptcy.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Brian-Armstrong-93.jpg?w=1024\" alt=\"Brian Armstrong\" class=\"wp-image-22239115\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Brian-Armstrong-93.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Brian-Armstrong-93.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Brian-Armstrong-93.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Coinbase CEO Brian Armstrong tried to reassure customers this week.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>The company also revealed dismal first-quarter earnings that showed a decline in crypto trading volume \u2013 a trend that was expected to continue in the current quarter.<\/p>\n<p>Armstrong aimed to reassure Coinbase customers about the business\u2019s health in a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of tweets \u2013 asserting that the company was in no danger of a bankruptcy that could put their holdings at risk. He said Coinbase issued the warning in order to comply with updated SEC guidance.<\/p>\n<p>\u201cThere is some noise about a disclosure we made in our 10Q today about how we hold crypto assets. Tl;dr: Your funds are safe at Coinbase, just as they\u2019ve always been,\u201d Armstrong said.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/05\/12\/crypto-billionaires-losing-fortunes-as-bitcoin-tumbles\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Crypto billionaires losing fortunes as bitcoin tumbles&#8221; The Winklevoss twins and other cryptocurrency moguls who bet big on bitcoin have seen their fortunes plummet in recent weeks during a steep selloff in the market. The crypto tycoons have gotten slammed as investors look to dump riskier assets during global economic turmoil, according to Bloomberg. Bitcoin&#8230;<\/p>\n","protected":false},"author":1,"featured_media":445909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Winklevoss-twins-52.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,76971,74866,129076,70971,76127,118001],"class_list":["post-445908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-cameron-winklevoss","tag-winklevoss-twins","tag-5-12-22","tag-billionaires","tag-cryptocurrency","tag-tyler-winklevoss"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/445908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=445908"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/445908\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/445909"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=445908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=445908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=445908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}