‘No risk of bankruptcy’, says Coinbase Global CEO Brian Armstrong as wealth dives
Coinbase Global CEO Brian Armstrong. Picture: SAMYUKTA LAKSHMI/BLOOMBERGCoinbase Global founder Brian Armstrong had a personal fortune of $13.7bn as recently as November and about $8bn at the end of March. That’s now just $2.3bn, according to the Bloomberg Billionaires Index, after a sell-off in digital currencies from bitcoin to Ether triggered a precipitous decline in the market value of Coinbase, the largest US cryptocurrency exchange.
Then there’s Michael Novogratz. The CEO of crypto merchant bank Galaxy Digital has seen his fortune plummet to $2.9bn, from $8.5bn 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.
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. Tyler and Cameron Winklevoss, co-founders of rival crypto exchange Gemini, have each lost about $2.1bn — or roughly 40% — of their wealth in 2022. The fortune of Sam Bankman-Fried, CEO of crypto exchange FTX, has fallen by half since the end of March to about $13bn.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TerraUSD stablecoin plungesTerraUSD, the struggling and controversial algorithmic stablecoin, plunged on Wednesday as crypto markets await a rescue led by primary backer stablekwon Moneyweb TerrUSD crypto
Read more »
MARKET WRAP: JSE shakes off US inflation reportInvestors take comfort in slower annual price increases, but the Fed will be keeping an eye on the core price measure, which rose 0.6% in April faster its 0.3% increase in March
Read more »
Billionaires prefer blondes: Warhol’s famed Marilyn portrait sells for $195m‘Shot Sage Blue Marilyn’ silk-screen breaks record for American art at New York auction
Read more »
Billionaires prefer blondes: Warhol’s famed Marilyn portrait sells for $195m‘Shot Sage Blue Marilyn’ silk-screen breaks record for American art at New York auction
Read more »
S&P 500, Nasdaq end higher in choppy session as inflation data looms - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The S&P 500 and Nasdaq ended higher on Tuesday, with big growth shares rising after the previous day’s sell off as Treasury yields tumbled.
Read more »
US stocks attempt to rebound after huge sell-off that sent S&P 500 to lowest level in a year | BusinessinsiderOf the 440 S&P 500 companies that have reported earnings so far, 77% of them have beaten profit estimates by a median of 8%.
Read more »