After the prominence of crypto in the world, a lot of companies dealing cryptocurrencies have been earning billions of dollars by trading in the market. There have been many institutions which have consistently looked at trading in cryptocurrency. The CEO’s of these institutions turned into billionaires in a very short period of time, due to the rise in the demand for crypto trade among the investors.
The cryptocurrency craze surely showed its fortune on people like Changpeng Zhao, Sam Bankman-Fried, Mike Novogratz and a handful of other digital asset evangelists into billionaires several times over. But it is also observed or learnt from the nature of crypto that, the speed at which the investors earn money is the speed at which they lose the money due to high volatility nature of the market.
Crypto Market crash’s influence.
In the recent past, there have been two crypto market collapses, causing a lot of tension and panic among market participants. Since the explosions, Celsius, one of the major crypto lending platforms, has announced that all transactions on its network will be frozen as a result of suspicion that it will not be able to meet the returns promised on some of its products. The recent crash of Terra’s stable coin UST and its sister token Luna only worsened the crypto situation around the globe.
Crypto Billionaire’s fortunes shatter like a pack of cards.
Changpeng Zhao, who is the CEO of the world’s largest crypto exchange Binance, stated that his company is not in a bad position even after a massive crypto implosion. He acknowledged that the company is looking to hire more and more work force even when his personal fortune tumbled 89% to $10.2 Billion.
Bankman-Fried, the CEO of trading platform FTX, is down by at least 66% since his fortune peaked at 26%. The loss in his fortune can seriously dent his plans to give away his money and spend big in politics.
Novogratz, an American Investor, formerly of the investment firm Fortress Investment, partnered with cryptocurrency and reaped massive incomes. But since the crash, his fortune fell to $2.1 Billion, which is significantly low when we compare it to his debut.
Cameron and Tyler Winklevoss also saw their fortune crumble to $3 Billion each from $5.9 Billion. The founders of Gemini, went on to announce that they would be applying the strategy of cutting down the headcount to reduce the costs incurred by the company and save finance to help revive the market back.
In a general notion, all the companies, CEO’s and institutions are resorting to job-cuts to solve the issue of cost. The market crash has largely impacted the working professionals in the crypto market, as the volatility nature of the market has crept into their jobs and there is no more guarantee of job safety from the market.