A correction initiated in May appeared to be the starting point of a bearish cryptocurrency market that logically followed its explosive rally. As a result, some major investors who were betting on bitcoin continuing to gain in value suffered huge losses.
Among cryptocurrency billionaires, Sam Bankman-Fried, the founder of consulting firm Alameda Research, incurred the most significant losses. Before the correction in BTC, his fortune was as high as $16.7 billion. However, in May, it dropped to $11.5 billion, and in June - to $8.4 billion. Among other victims of the cryptocurrency’s dramatic decline were Jed McCaleb and Chris Larsen from Ripple. They lost $1.6 billion and $1.3 billion respectively. The net worth of MicroStrategy CEO Michael Saylor tumbled by $1.5 billion, Brian Armstrong - $1.6 billion, and Matthew Roszak - $1.1 billion.
Notably, the losses of Jed McCaleb and Chris Larsen ballooned to $3.5 billion and $2.9 billion respectively since they kept their assets in XRP. The Winklevoss brothers, famous investors, were relatively less affected. On May 5, their crypto accounts had $3.8 billion each, while on May 19, they lost $900 million each, and on June 23 - another $200 million.
Despite enormous losses, these billionaires managed to become even far wealthier than they were before the crypto market had soared in early 2021. As of May 19, their collective net worth totalled $46.8 billion, posting a 25% increase from March 5.
