The bear market and the wave of bankruptcies in the crypto industry drained $116 billion from the pockets of founders and investors in the past nine months, according to recent estimates by Forbes.
The loss represents the combined personal equity of 17 people in the space, with over 15 losing more than half of their fortunes since March. As a result, 10 names were removed from the crypto billionaires list.
One of the major losses was attributed to Binance CEO Changpeng "CZ" Zhao. In March, his 70% stake in the crypto exchange was valued at $65 billion, but it is now worth $4.5 billion.
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