Crypto billionaires’ vast fortunes are destroyed in weeks

Armstrong had a personal fortune of US$13.7bil (RM60.09bil) as recently as November and about US$8bil (RM35.09bil) at the end of March. That’s now just US$2.3bil (RM10.08bil), according to the Bloomberg Billionaires Index. — AFP

It’s been a long few weeks since the crypto crowd was partying in Miami.

Coinbase Global Inc founder Brian Armstrong had a personal fortune of US$13.7bil (RM60.09bil) as recently as November and about US$8bil (RM35.09bil) at the end of March. That’s now just US$2.3bil (RM10.08bil), according to the Bloomberg Billionaires Index, after a selloff in digital currencies from Bitcoin to Ether triggered a precipitous decline in the market value of Coinbase, the largest US cryptocurrency exchange.