Billionaires who lost the most money due to crypto crash 2022 | Statista (2024)
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.
Billionaires with largest net worth drop due to global crypto crash in 2022. Binance founder and CEO Changpeng Zhao
Changpeng Zhao
Changpeng Zhao (Chinese: 赵长鹏; pinyin: Zhào Chángpéng), commonly known as CZ, is a Chinese-born Canadian businessman. Zhao is the co-founder and former CEO of Binance, the world's largest cryptocurrency exchange by trading volume as of November 2023.
(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.
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.
Sam Bankman-Fried, the former billionaire crypto boss who was convicted of fraud and money laundering last year, will return to court in New York on Thursday to be sentenced for his crimes.
Aside from the industry's credibility, Yadav said the biggest losers will be FTX's customers. Other losers included large institutional investors such as Sequoia, which is believed to have invested about $210 million in FTX. In a letter to partners on Wednesday, the firm said it was marking its investment down to zero.
NEW YORK (AP) — Sam Bankman-Fried authorized the illegal use of FTX customers' funds and assets to plug financial gaps at an affiliated hedge fund from the exchange's earliest days, FTX's co-founder Gary Wang told a New York jury on Friday, as prosecutors pressed their case that Bankman-Fried was the mastermind behind ...
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.
Fallen 'Crypto King' Sam Bankman-Fried gets 25 years for fraud. Sam Bankman-Fried, co-founder of the failed crypto exchange FTX, has been sentenced to 25 years in prison for defrauding customers and investors of his now-bankrupt firm.
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.
Investors in failed cryptocurrency exchange FTX included Endeavor's IMG sports division, NFL quarterback Tom Brady and New England Patriots owner Robert Kraft, according to bankruptcy court documents. FTX's epic crash has likely rendered the holdings of its dozens of investors worthless.
FTX declared bankruptcy because it owed more money than it actually had. At the time, the company was thought to have an $8 billion shortfall, and most FTX customers and investors thought they'd never see their money again. Speaker 3: I woke up and lost $5 million.
FTX will return money to most customers less than 2 years after catastrophic crypto collapse. FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that.
“He paid Tom Brady $55 million for 20 hours a year for three years,” Lewis told 60 Minutes. “He paid Steph Curry $35 million for same thing for three years.” Larry David, who starred in a popular 2022 Super Bowl ad for FTX, received $10 million, per Lewis.
In a series of X threads, former Alameda engineer Aditya Baradwaj has been shedding light on the company's operations, including some eye-popping and genuinely incompetent fumbles: $100 million lost because a trader clicked a phishing link; $40 million sent into the void on a fat-fingered transaction; $50 million lost ...
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