Binance founder and CEO Changpeng Zhao (commonly known as CZ) was the crypto billionaire who lost the most money following the crypto crisis of 2022, with a net worth drop amounting to 82 billion U.S. dollars. Zhao was followed by FTX founder and CEO Sam Bankman-Fried, who lost a reported 23 billion dollars in only three weeks prior to his arrest over conspiracy and fraud charges in late 2022.
Despite his losses, Zhao was still the wealthiest individual in the crypto world as of December 2022. The same five crypto chiefs who lost the most money in 2022 ranked as the five richest people in crypto before the market's crash.
Treasure in tatters: FTX founder arrested over fraud
Bankman-Fried was arrested in the Bahamas on December 12, 2022, over wire fraud, securities fraud, money laundering, and conspiracy to defraud the U.S. Once the fourth largest crypto exchange in the world, FTX filed for bankruptcy following a liquidity crisis in November 2022. This happened after it tried to sell a considerable chunk of its operating business to rival Binance, only for the latter to walk away from the deal - stating that it was beyond its ability to help FTX solve its issues.
The U.S. Securities and Exchange Commission (SEC) has accused Bankman-Fried of setting up a scheme to defraud investors amid reports of the former FTX chief diverting customer funds to his Alameda Research hedge fund. Bankman-Fried has denied any wrongdoing, including allegations of him being aware of Alameda Research using FTX customer funds.
FAQs
Billionaires with largest net worth drop due to global crypto crash in 2022. Binance founder and CEO Changpeng Zhao (commonly known as CZ) was the crypto billionaire who lost the most money following the crypto crisis of 2022, with a net worth drop amounting to 82 billion U.S. dollars.
Who lost the most money at FTX? ›
Tom Brady is the most famous face to promote and invest in FTX — and he also may have suffered the greatest individual loss. The Tampa Bay Buccaneers quarterback owned over 1.1 million common shares of FTX Trading, which equaled about $45 million before the company went bankrupt, according to Bloomberg.
Who is the crypto billionaire in trouble? ›
NEW YORK, March 28 (Reuters) - Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkind's dramatic downfall.
How many people got rich off crypto? ›
Total Crypto Millionaires: Recent data indicates there are approximately 88,200 individuals worldwide who have achieved millionaire status through their investments in cryptocurrencies.
Who made the most money off of Bitcoin? ›
Michael Saylor, CEO of MicroStrategy, a software firm that has made heavy investments in bitcoin, is now worth an estimated $4.4 billion, compared to $760 million last year. Brian Armstrong, CEO of crypto exchange Coinbase, is worth an estimated $11.2 billion, up from just $2.2 billion last year.
How much did Tom Brady lose in crypto investment? ›
Report -- Tom Brady lost $30M in collapse of crypto giant FTX - ESPN.
Who lost a lot of money in crypto? ›
Binance founder and CEO Changpeng Zhao (commonly known as CZ) was the crypto billionaire who lost the most money following the crypto crisis of 2022, with a net worth drop amounting to 82 billion U.S. dollars.
Which crypto billionaire is in jail? ›
Former cryptocurrency billionaire Sam Bankman-Fried was sentenced Thursday to 25 years behind bars for his role in perpetrating one of the largest financial crimes in U.S. history.
Who is the guy in jail for cryptocurrency? ›
Bankman-Fried, 32, sentenced for fraud on customers of the FTX cryptocurrency exchange he founded. Former crypto tycoon Sam Bankman-Fried has been sentenced to 25 years in United States federal prison for stealing $8bn from customers of the now-bankrupt FTX cryptocurrency exchange he founded.
Who is the disgraced CEO of crypto? ›
Sam Bankman-Fried, disgraced co-founder of the now-defunct cryptocurrency exchange FTX, was sentenced to 25 years in prison on Thursday for his part in defrauding customers of billions of dollars.
The price of Bitcoin is volatile, ranging from under $10 in 2010 to a high of $75,830 in March 2024. Most top Bitcoin billionaires became rich by creating products and services to grow the cryptocurrency ecosystem. This overall price increase has also created millions for people who bought and held their bitcoins.
How much money does Elon Musk have in crypto? ›
revealed on Twitter that he owns only a tiny fraction of one bitcoin token. "I literally own zero cryptocurrency, apart from . 25 BTC that a friend sent me many years ago," Musk confessed. Using today's bitcoin price of about $10,000 a coin, that translates to $2,500.
How much will 1 ethereum be worth in 2030? ›
Ethereum (ETH) Price Prediction 2030
According to your price prediction input for Ethereum, the value of ETH may increase by +5% and reach $ 4,306.32 by 2030.
Who owns 90% of Bitcoin? ›
As of March 2023, the top 1% of Bitcoin addresses hold over 90% of the total Bitcoin supply, according to Bitinfocharts.
Who is the richest person in crypto? ›
Binance's Changpeng Zhao Clings To Multibillion-Dollar Fortune After Guilty Plea. Changpeng Zhao became crypto's richest person while evading sanctions laws. His pleading guilty to money laundering charges is unlikely to change that–at least for now.
What is the most Bitcoin owned by one person? ›
Who owns the most Bitcoin in the world? The top Bitcoin holder is still believed to be Satoshi Nakamoto, the anonymous creator of Bitcoin, who reportedly holds around 1.1 million BTC across many wallets.
Did anyone lose money on FTX? ›
At Bankman-Fried's sentencing hearing, Kaplan agreed. He said FTX's customers had lost some $8bn and that its investors had lost $1.7bn.
Did people who invested in FTX lose their money? ›
Billions in FTX customer and investor money is tied up in an ongoing bankruptcy process. Some who have lost millions of dollars tell CNBC they haven't lost faith in the industry and are cashing out through other means in order to reinvest in crypto. “I'm in quite a big hole right now,” said one customer.
How many people lost from FTX? ›
Currently, around $30 billion to $35 billion worth of crypto is locked up in cryptocurrency bankruptcies, with around 15 million people affected, according to Xclaim. There was about $16 billion in crypto stuck in FTX when it collapsed, according to Xclaim.
How much have people lost on FTX? ›
At the time of the collapse, FTX's bankruptcy filings said that the exchange could owe money to about one million creditors. Bankruptcy lawyers identified in 2023 a $9.5 billion shortfall in crypto and cash that needed to be repaid to customers.
