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Crypto mega-billionaire Sam Bankman-Fried has seen his net worth cut in half amid the crypto crash. Here’s how much several other heavyweights have lost.

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Sam Bankman-Fried FTX founder crypto exchange
Sam Bankman-Fried co-founded the crypto exchange FTX in 2019.FTX
  • The crypto crash has slashed the net-worth of billionaires like Sam Bankman-Fried, Mike Novogratz, and others.

  • Coinbase's founder has seen his wealth drop from $13.7 billion to $2.2 billion, per Bloomberg data.

  • Here's a round-up of crypto heavyweights who have lost big amid the selloff.

A broad crash across risk assets spread to cryptocurrencies this week, dragging down the net worth of industry titans as bitcoin and ethereum plummet and stablecoins spiral.

FTX's Sam Bankman-Fried's fortune has been slashed in half since the end of March, according to data from Bloomberg's Billionaires Index. The crypto exchange CEO's fortune now sits at about $11.3 billion.

And then there are the Winklevoss twins, Tyler and Cameron, co-founders of crypto exchange Gemini, who have each lost roughly $2.2 billion in wealth — about 40%, per Bloomberg data.

The plunge has also slashed the value of Coinbase, the largest US crypto exchange. Coinbase shares have cratered 84% since April 21, and founder Brian Armstrong has seen his net worth fall to $2.2 billion from $13.7 billion in November, according to Bloomberg.

Meanwhile, the net worth of prominent crypto bull Mike Novogratz, CEO of Galaxy Digital, has sunk from $8.5 billion to $2.5 billion, Bloomberg data shows. Novogratz has voiced support for TerraUSD, the stablecoin that's made headlines this week for its near-total collapse along with sister token Luna.

On Wednesday, bitcoin dropped below $25,500, its lowest since December 2020 and more than 60% below its high of $69,000 reached in 2021.

Bitcoin was trading around $28,320 at 9:50 a.m. ET. Ethereum moved below $2,000, hovering around $1,925.

Read the original article on Business Insider