Whoops! Crypto Boss Gets Poorer, Hundreds of Trillion Rupiah Are Lost

Jakarta, CNBC Indonesia – Falling crypto prices have impacted the wealth of some of the wealthiest bosses in the crypto sector. One of them is Coinbase founder, Brian Armstrong. The Bloomberg Billionaires Index says his current wealth is only US$2.2 billion (Rp 32 trillion) or a decrease of US$11.4 billion (Rp 167 trillion) since last November.

It was reported at the end of March that his wealth was US $ 8 billion (Rp. 116.6 trillion), which apparently also decreased by US $ 13.7 billion (Rp. 199.7 trillion) last November. This comes shortly after the digital currency sell-off from Bitcoin to Ether that triggered a sharp decline in Coinbase’s market value FortuneThursday (12/5/2022).

Foto: CEO Coinbase, Brian Amstrong. (Ist)-

The company’s shares plunged 84% to close at US$53.72 (Rp 783 thousand) on Wednesday. After Coinbase warned monthly trading volume and user transactions are expected to be lower in the second quarter.

This incident raises questions about Coinbase’s ability to withstand sharp drops in crypto prices. Finally Armstrong opened up about this on his Twitter account, and assured there was no risk of company bankruptcy and user funds were safe.

It wasn’t just Armstrong who lost his fortune after the cryptocurrency crash. Galaxy Digital CEO, Michael Novograts also suffered the same fate where his fortune fell US $ 2.5 billion (Rp 36.4 trillion) from US $ 8.5 billion (Rp 123.9 trillion) in early November.

“I’m probably the only man in the world who has a Bitcoin tattoo and a Luna tattoo,” he said at the Bitcoin 2022 conference in Miami April 6.

There is also the CEO of Binance, Changpeng Zhao. Bloomberg declared his wealth of US $ 96 billion (Rp. 1,399 trillion) in January, but dropped drastically to US $ 11.6 billion (Rp. 169.1 trillion) on Wednesday.

Gemini crypto exchange founders Tyler and Cameron Winklevoss also lost about $2.2 billion, or 40% of their wealth this year. Even the wealth of FTX CEO, Sam Bankman-Fried has fallen by half to US $ 11.3 billion (Rp 164.7 trillion) since the end of March.

Even another Coinbase founder, Fred Ehrsam, experienced the same thing. His net worth is down more than 60% this year, and he has just $1.1 billion (Rp 16 trillion).

[Gambas:Video CNBC]

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