The bear market and wave of bankruptcies that began with the implosion of the Terra protocol in May caused a collective loss of $116 billion among crypto billionaires. The loss represents the accumulated wealth loss of 17 people from the crypto world, with more than 15 people losing more than half of their wealth since March.

10 out of 17 lost billionaire status

Perhaps the biggest loser is Binance CEO Changpeng “CZ” Zhao. In March, his 70 percent stake in the crypto exchange was worth $65 billion, while it is now worth $4.5 billion. Coinbase CEO Brian Armstrong is valued at $1.5 billion by Forbes, up from $6 billion in March.

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Ripple Labs co-founder Chris Larsen has been revised down from $4.3 billion to $2.1 billion. The Winklevoss twins, known for the creation of Gemini, were valued at $4 billion in March, but are now worth just $1.1 billion each.

Of course, among the celebrities who lost their billionaire status are FTX founders Sam Bankman-Fried and Gary Wang, who were still worth $24 and $5.9 billion in March. At the moment the gentlemen are both at zero point zero. Barry Silbert of the Digital Currency Group is also going through a painful period and does not seem to be a billionaire anymore.

No compassion

In general, we don't need to worry about these people. There are worse things in life than losing billionaire status. Sam Bankman-Fried and Gary Wang may have been hit the hardest, but of course, they brought that on themselves. Both gentlemen chose to gamble with their users' savings and lost hard.

In order to make the best returns on Bitcoin investments you need to understand what it really is and how it works.

With this step by step guide:

• you will learn how to avoid scams in cryptocurrency
• you will learn how work the blockchain technolog
• you will be able to keep your bitcoins safe in the best wallets
• you will know the best way to obtain bitcoins and the best investment strategies
• you will learn the advice you need to follow to make a good return on your investment

Click on here to get more information about this

It remains to be seen whether it is already done with the losses. The bear market does not seem to be over yet, as fundamentally there is no improvement yet. We are still dealing with sky-high inflation and central banks do not seem ready to raise interest rates. We may just have to tighten our belts for the coming months.