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.
About three-quarters of users are likely to have lost money on their investments in cryptocurrencies, according to data crunched by the Bank for International Settlements (BIS), which charted retail use of crypto exchange apps across 95 countries between 2015–22.
The collapse of the crypto exchange FTX seemed to materialize out of nowhere: Within one week in November, FTX transformed from one of the most respected and trusted parts of the crypto industry to a bankrupt disgrace that lost more than $8 billion of its customers' money, according to authorities.
The former FTX boss has also taken a massive personal financial hit, with his entire $16 billion fortune being wiped out, according to Bloomberg, marking one of the greatest destructions of wealth in history. At the peak of his fortune, the 30-year-old had a net worth of $26 billion.
The man with the most to lose is Changpeng Zhao, CEO of Binance, crypto's largest exchange, a sprawling global network of murky subsidiaries. CZ, as he's known, has an estimated 70% stake in Binance, which Forbes' values at $4.5 billion–down from $65 billion in March.
Changpeng Zhao
Changpeng Zhao, the founder and CEO of Binance, is the topper in the crypto richest list, with a net worth of $65 billion. As of March 2022, he was the 19th richest person in the world. The major source of CZ's wealth comes from Binance, in which he owns 70% of the shares.
He made his riches through cryptocurrency arbitrage — buying coins for a lower price on one crypto exchange, then quickly selling them for a higher price on a different exchange. He convinced a few fellow effective altruist friends to help in this arbitrage model and founded his trading firm, Alameda Research.
According to reporting from the New York Post and Forbes that analyzed court documents, Brady owned 1.1 million shares of FTX valued at roughly $45 million, while Bündchen owned 686,000 shares valued at about $25 million.
Is using FTX illegal? According to US securities law, mixing customer funds with counterparties and trading them without explicit consent is illegal.
If you experience total capital losses across all assets, you may deduct up to $3,000 of your losses from your income. You may not deduct losses from your income if you experienced total capital gains across all assets, but you can still use these losses to offset capital gains in other assets.
As a matter of fact, research reveals that, until 2022, 4 million Bitcoins, or the equivalent of USD140 billion based on current pricing, had been irreversibly lost. That is an incredible sum of money, and it exemplifies how precarious an investment in Bitcoin may be in its current state.
Sam Bankman-Fried, the founder of failed crypto exchange FTX, was arrested in the Bahamas on Monday after US prosecutors filed criminal charges against him, according to a statement from the government of the Bahamas.
BlockFi bankruptcy
According to PitchBook, BlockFi, last valued at US$4.8 billion, was the latest casualty to file for Chapter 11 after FTX's collapse. The Crypto lender depended on FTX for a US$400 million credit facility to stay afloat.
As a result of the increasing cost of living, rising interest rates and post-pandemic return to normality, the flow of new money entering the system has dried up. Falling prices are leading to margin trader liquidations, financial difficulties at major crypto firms and stablecoin collapses.
Sam Bankman-Fried and Zixiao "Gary" Wang founded FTX in May 2019. FTX began within Alameda Research, a trading firm founded by Bankman-Fried, Caroline Ellison, and other former employees of Jane Street in 2017, in Berkeley, California. FTX is an abbreviation of "Futures Exchange".
What to know about Sam Bankman-Fried, FTX's embattled founder. Bankman-Fried was arrested after federal prosecutors filed criminal charges. Bankman-Fried's company, FTX, began 2022 valued at $32 billion and he ended the year getting arrested for defrauding investors.
FTX Token's price today is US$1.49, with a 24-hour trading volume of $39.15 M. FTT is +65.07% in the last 24 hours. It is currently -10.52% from its 7-day all-time high of $1.66, and 75.20% from its 7-day all-time low of $0.8488. FTT has a circulating supply of 328.9 M FTT and a max supply of 352.17 M FTT.
Bitcoin mining fees will disappear when the Bitcoin supply reaches 21 million. Miners will likely earn income only from transaction processing fees, rather than a combination of block rewards and transaction fees. PlanetCrypto. "How Many Bitcoin Are Left in 2022?"
Binance is the world's largest crypto exchange by volume. But it has been plagued by trouble with regulators and is facing potential criminal charges related to money laundering and sanctions violations.
No one person owns or controls Bitcoin, and anyone can participate. While Satoshi continued to control Bitcoin's development, users and developers congregated in Bitcoin forums to contribute code and work on the project, which had become a collaborative effort.
Kane Ellis: Kane Ellis is now a Bitcoin millionaire and even owns a Maserati. However, his fortune didn't come from investing. Instead, he took the backdoor and made his money through mining. In 2011, Ellis was an 18-year-old high school dropout who learned about mining through his IT job.
The entity that is widely acknowledged to hold the most Bitcoin is the cryptocurrency's creator, Satoshi Nakamoto. Nakamoto is believed to have around 1.1 million BTC that they have never touched throughout the years, leading to several theories regarding their identity and situation.