Crypto billionaires have faced significant challenges as a result of the Securities and Exchange Commission’s (SEC) crackdown on major platforms such as Binance and Coinbase. This regulatory action has resulted in substantial financial losses for these industry leaders. For instance, Binance CEO Changpeng Zhao, commonly known as CZ, has experienced a decline of $1.4 billion in his net worth, now totaling $26 billion. Similarly, Coinbase CEO Brian Armstrong’s net worth has dropped by $361 million, leaving him with $2.2 billion, according to the Bloomberg Billionaires Index.
This sudden turn of events marks a reversal in fortune for the wealthiest founders in the crypto space. Their combined net worth had witnessed an impressive increase of $15.4 billion in 2023, primarily due to the resurgence of Bitcoin and other digital assets. Interestingly, before the recent decline, Zhao’s fortune had soared by a staggering 117%, while Armstrong’s had risen by 61%. In comparison, other billionaires on Bloomberg’s wealth index saw a combined growth of 9%.
