Fri. Dec 8th, 2023

Reports show that the net worth of Changpeng Zhao, CEO of the most important cryptocurrency exchange today has fallen 93% in the last 9 months, while another 10 tycoons in the crypto industry lost their billionaire status in the midst of a downward trend that seems to have no end and that has been influenced by the collapse of a large number of platforms associated with cryptocurrencies.

Complex year for the crypto ecosystem.

With the year 2022 being one of the most difficult years in the history of the crypto industry, The digital asset investor community has witnessed a tumultuous and eventful year with multiple bankruptcies for high-level platforms, record scams and fraud on a recurring basis. Since the night of May 7, 2022, with the collapse of Terra-Luna, the market decline that shook the crypto investor community was already beginning to be glimpsed when prices sank and the bear market solidified. In the midst of the storm due to the apparent fraud of Terra-Luna, they did not wait a series of bankruptcies, starting with Three Arrows Capital (3AC), Voyager Digital and Celsius that ended up instilling a skeptical stance on the part of the cryptocurrency investment community and that has been reflected in the crypto market.

Money in the air overnight.

With the big market crash, prices of all major cryptocurrencies remained well below their all-time highs seen in 2021, which saw around $2 trillion wiped out of the cryptocurrency market cap throughout the year. year. According to Forbes, the difficult time the crypto market is going through has hit 17 richest cryptocurrency founders, investors and supporters who collectively lost more than $116 billion in personal wealth since March 2022. While 15 of these crypto personalities lost more than half their fortune, 10 lost their billionaire status and 3 lost all their wealth.

In conclusion.

Binance CEO Changpeng Zhao known by his acronym (CZ), despite being the richest person in the crypto world, experienced the steepest drop in personal wealth in the last 9 months, going from having a fortune of $65 billion dollars in March 2021 to only 4.5 billion dollars in December of this year according to Forbes.

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By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.