Crypto Billionaires' Wealth Crushed by SEC After Big 2023 Bounce
Back-to-back lawsuits this week targeting Binance and Coinbase have shaken the crypto world and slashed $1.4 billion from the net worth of the industry's richest person.
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It was a great year for crypto billionaires — until this week.
The Securities and Exchange Commission’s crackdown on Binance Holdings Ltd. and Coinbase Global Inc. — the largest crypto platforms in the world and the US, respectively — has upended the optimism that crept back into digital-asset markets after the miserable “crypto winter” of 2022.