Investing

Crypto Billionaires’ Vast Fortunes Are Destroyed in Weeks

Brian Armstrong’s net worth has dropped 84% to $2.2 billion
Trading volumes at Coinbase have steadily declined this year

WATCH: TerraUSD slumped on Wednesday, wiping out billions of dollars of value. Bloomberg MLIV’s Eddie van der Walt has more.Source: Bloomberg

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By Scott Carpenter and Tom Maloney

May 11, 2022 at 6:30 PM UTC

Updated on

May 11, 2022 at 9:03 PM UTC

This article is for subscribers only.

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 $13.7 billion as recently as November and about $8 billion at the end of March. That’s now just $2.2 billion, 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.