• Mon. May 23rd, 2022

Crypto billionaires see their wealth destroyed as rout deepens

Byaayme

May 12, 2022

It’s been a long few weeks since the crypto crowd was partying in Miami.

Coinbase Global founder Brian Armstrong had a personal fortune of $US13.7 billion ($19.7 billion) as recently as November and about $US8 billion at the end of March. That’s now just $US2.2 billion, according to the Bloomberg Billionaires Index, after a selloff in digital currencies from Bitcoin to Ether triggered a precipitous decline in the market value of Coinbase, the largest US cryptocurrency exchange.

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