February 23, 2024

Crypto Billionaires Face Financial Crisis Amid Market Turmoil

According to Forbes, stakeholders have lost billions in the past nine months, and about 15 of these stakeholders have lost at least half of their fortune, plus 10 of whom are from the cryptos’ billionaires list.

It states that one of the hugest losses was discovered by Binance chief executive Mr. Changpeng Zhao, Binance’s biggest shareholder with about 70% stake valued at 4.5 billion dollars from a whopping 65 billion dollars.

The CEO of major cryptocurrency exchange platforms can also notice critical losses. For example, the chief executive officer of Coinbase, Mr. Armstrong Brian, has also made significant losses of about 4.5 billion dollars. Other highly valued CEOs see a substantial drop in their investment, and others are reduced by more than half.

Some of the hugest losses seen in 2022 are among FTX Chief Executive Officers Mr. Gary Wang and Sam Bankman-Fried, whose investment currently stands at 0 billion dollars from 5.9 billion and 24 billion, respectively.

Shock for Crypto Exchange Market

Crypto exchange experienced many issues in the recent past, from the speculation of marketing manipulation and hacks to scams, and it does not stop at that. These events shake crypto exchange markets to the point that there is a significant shift.

Major crypto exchange markets like KuCoin have recently been subject to massive crypto attacks. Hackers are taking away millions of dollars in Bitcoin, Ethereum, and other valuable tokens. Unfortunately, KuCoin legislatures seem to be quiet about the whole matter, only declaring that they have recognized some culprits and the case is still under investigation.

Similarly, OKEx abruptly says it is withholding all withdrawals amidst a swam of speculations. Furthermore, they confirm that one of their significant investors is liaising with a public investigation bureau in investigating where necessary, explaining that they could only complete withdrawal transactions with crucial stakeholders.

Following this information, the price of OKB, OKEX’s token, falls by almost 30%. Although however, OKEx has restored some functionality, consumers are still unable to make withdrawals from their holdings. In the attempt to retain their users struggling to recover their interests, the situation worsened with the fall of Bitcoin prices, meaning that users could not exit their spots and were force-liquidating.

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