• About Us
  • Contact Us
  • Cookie policy (EU)
  • Home
  • Privacy Policy
  • Video
  • Write for us
Today Headline
  • HOME
  • NEWS
    • POLITICS
    • News for today
    • Borisov news
  • FINANCE
    • Business
    • Insurance
  • Video
  • TECHNOLOGY
  • ENTERPRISE
  • LIFESTYLE
    • TRAVEL
    • HEALTH
    • ENTERTAINMENT
  • AUTOMOTIVE
  • SPORTS
  • Travel and Tourism
  • HOME
  • NEWS
    • POLITICS
    • News for today
    • Borisov news
  • FINANCE
    • Business
    • Insurance
  • Video
  • TECHNOLOGY
  • ENTERPRISE
  • LIFESTYLE
    • TRAVEL
    • HEALTH
    • ENTERTAINMENT
  • AUTOMOTIVE
  • SPORTS
  • Travel and Tourism
No Result
View All Result
TodayHeadline
No Result
View All Result

Crypto Billionaires Vast Fortunes Destroyed In Weeks Amid Sell-Off – NDTV Profit

May 12, 2022
in News
0
Crypto Billionaires Vast Fortunes Destroyed In Weeks Amid Sell-Off – NDTV Profit
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter
<!–

–>

Crypto Billionaires' Vast Fortunes Destroyed In Weeks Amid Sell-Off

Brian Armstrong owns 16% of Coinbase and controls 59.5% of its voting shares.

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

Coinbase Global Inc. founder Brian Armstrong had a personal fortune of $13.7 billion as recently as November and about $8 billion at the end of March. That’s now just $2.2 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.

The firm’s shares have tumbled 84% since their first day of trading in April 2021, closing Wednesday at $53.72 after the company warned that trading volume and monthly transacting users were expected to be lower in the second quarter than in the first.  

It’s raised questions about Coinbase’s ability to withstand the sharp decline in crypto prices, forcing Armstrong to take to Twitter to defend the company. There is “no risk of bankruptcy” even amid a “black swan” event and users’ funds are safe, said Armstrong, the firm’s chief executive officer.

Then there’s Michael Novogratz. The CEO of crypto merchant bank Galaxy Digital has seen his fortune plummet to $2.5 billion, from $8.5 billion in early November. He’s been a champion of TerraUSD, the algorithmic stablecoin that’s now at risk of a complete collapse amid a breakdown in the price of a crypto token in the same ecosystem, Luna.

“I’m probably the only guy in the world that’s got both a Bitcoin tattoo and a Luna tattoo,” Novogratz said at the Bitcoin 2022 conference in Miami on April 6. 

I’m officially a Lunatic!!! Thanks @stablekwon And thank you my friends at Smith Street Tattoos. pic.twitter.com/2wfc00loDs

— Mike Novogratz (@novogratz) January 5, 2022

Billionaire crypto fortunes that swelled over the last two years are disappearing after a selloff that began with tech stocks spilled over into digital money. Bitcoin, the most popular cryptocurrency, and Ether have both fallen more than 50% since their record highs late last year.

While almost all crypto holders have suffered wealth declines, some of the biggest and most visible losses are concentrated among founders of exchanges, where traders buy and sell digital currencies. 

At least on paper, Changpeng Zhao, the CEO of closely held Binance, has lost an even larger fortune than Armstrong or Novogratz. He debuted on the Bloomberg wealth index in January with a net worth of $96 billion, one of the world’s largest. By Wednesday that had shrunk to $11.6 billion, using the average enterprise value to sales multiples of Coinbase and Canadian crypto firm Voyager Digital as a basis for the calculations. 

Crypto exchanges in the US appear to be suffering more of a downturn than their global competitors. Trading volumes at Coinbase have steadily fallen since the beginning of the year, while more internationally focused Binance saw an uptick in volume last month. Binance’s US-focused business, by comparison, experienced even steeper declines than Coinbase’s.

h66rimao

Tyler and Cameron Winklevoss, co-founders of rival crypto exchange Gemini, have each lost about $2.2 billion — or roughly 40% — of their wealth this year. The fortune of Sam Bankman-Fried, CEO of crypto exchange FTX, has fallen by half since the end of March to about $11.3 billion. 

Armstrong isn’t the only Coinbase billionaire losing money. Co-founder Fred Ehrsam, a former Goldman Sachs Group Inc. trader, is currently worth $1.1 billion, down more than 60% this year.

Armstrong owns 16% of Coinbase and controls 59.5% of its voting shares, according to the company’s 2022 proxy statement, while Ehrsam has a 4.5% stake and controls 26% of its voting stock. 

Coinbase’s bonds have also plunged, recently trading in line with some of the riskiest junk-rated notes. 

Waiting for response to load…

Previous Post

Tentative settlement, valued at $997 million, reached with families of victims of Surfside condominium collapse – CNN

Next Post

Boeing, NASA teams give Starliner final go for OFT-2 mission – NASASpaceFlight.com – NASASpaceflight.com

Related Posts

Tornado Touches Down in Otsego County, Moving Through Montmorency County – 9 & 10 News – 9&10 News
News

Tornado Touches Down in Otsego County, Moving Through Montmorency County – 9 & 10 News – 9&10 News

https://www.9and10news.com/2022/05/20/tornado-touches-down-in-otsego-county-moving-through-montmorency-county/

Read more
Hyundai to invest $5.5 billion to build EVs and batteries in Georgia – CNBC
News

Hyundai to invest $5.5 billion to build EVs and batteries in Georgia – CNBC

https://www.cnbc.com/2022/05/20/hyundai-to-invest-5point5-billion-to-build-evs-and-batteries-in-georgia.html

Read more
Tornado Touches Down in Otsego County, Moving Through Montmorency County – 9 & 10 News – 9&10 News
News

Tornado Touches Down in Otsego County, Moving Through Montmorency County – 9 & 10 News – 9&10 News

https://www.9and10news.com/2022/05/20/tornado-touches-down-in-otsego-county-moving-through-montmorency-county/

Read more
World Health Organization confirms 80 cases of monkeypox with outbreaks in 11 countries – CNBC
News

World Health Organization confirms 80 cases of monkeypox with outbreaks in 11 countries – CNBC

https://www.cnbc.com/2022/05/20/world-health-organization-confirms-80-cases-of-monkeypox-with-outbreaks-in-11-countries.html

Read more
Catholic bishop bars communion to House Speaker Nancy Pelosi over abortion rights support – CNBC
News

Catholic bishop bars communion to House Speaker Nancy Pelosi over abortion rights support – CNBC

https://www.cnbc.com/2022/05/20/catholic-bishop-bars-communion-to-nancy-pelosi-over-abortion.html

Read more
Load More
Next Post
Boeing, NASA teams give Starliner final go for OFT-2 mission – NASASpaceFlight.com – NASASpaceflight.com

Boeing, NASA teams give Starliner final go for OFT-2 mission - NASASpaceFlight.com - NASASpaceflight.com

  • Trending
  • Comments
  • Latest
Its a Type of Genotoxicity: Virologist Explains mRNA Vaccine Conversion to DNA – The Epoch Times

Its a Type of Genotoxicity: Virologist Explains mRNA Vaccine Conversion to DNA – The Epoch Times

‘Heartbroken’ Dog Doesn’t Understand Why His Family Is Leaving Him At The Shelter

‘Heartbroken’ Dog Doesn’t Understand Why His Family Is Leaving Him At The Shelter

Sex/Life fans notice a HUGE editing fail in Adam Demos’ nude shower scene –

Sex/Life fans notice a HUGE editing fail in Adam Demos’ nude shower scene –

Horror as goat gives birth to ‘humanoid kid’ with baby-like face

Tornado Touches Down in Otsego County, Moving Through Montmorency County – 9 & 10 News – 9&10 News

Tornado Touches Down in Otsego County, Moving Through Montmorency County – 9 & 10 News – 9&10 News

Riot reveals new League of Legends Void champion, Bel’veth

Riot reveals new League of Legends Void champion, Bel’veth

The Cat Poop Parasite That Will Make You More Attractive – MEL Magazine

The Cat Poop Parasite That Will Make You More Attractive – MEL Magazine

Masks urged in 22 Michigan counties, CDC warns – Detroit Free Press

Masks urged in 22 Michigan counties, CDC warns – Detroit Free Press

About Us

Todayheadline the independent news and topics discovery
A home-grown and independent news and topic aggregation . displays breaking news linking to news websites all around the world.

Follow Us

Latest News

Tornado Touches Down in Otsego County, Moving Through Montmorency County – 9 & 10 News – 9&10 News

Tornado Touches Down in Otsego County, Moving Through Montmorency County – 9 & 10 News – 9&10 News

Riot reveals new League of Legends Void champion, Bel’veth

Riot reveals new League of Legends Void champion, Bel’veth

Tornado Touches Down in Otsego County, Moving Through Montmorency County – 9 & 10 News – 9&10 News

Tornado Touches Down in Otsego County, Moving Through Montmorency County – 9 & 10 News – 9&10 News

Riot reveals new League of Legends Void champion, Bel’veth

Riot reveals new League of Legends Void champion, Bel’veth

The Cat Poop Parasite That Will Make You More Attractive – MEL Magazine

The Cat Poop Parasite That Will Make You More Attractive – MEL Magazine

  • Real Estate
  • Education
  • Parenting
  • Cooking
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2021 All rights are reserved Todayheadline

No Result
View All Result
  • Real Estate
  • Education
  • Parenting
  • Cooking
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2021 All rights are reserved Todayheadline

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Posting....