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No more coining it for crypto billionaires bitten by sell-offs

World

No more coining it for crypto billionaires bitten by sell-offs

A tech-stock sell-off that spilt over into digital currencies has seen crypto founders lose billions in a few weeks

Scott Carpenter and Tom Maloney

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

Coinbase Global founder Brian Armstrong had a personal fortune of $13.7bn (about R222bn) as recently as November and about $8bn (about R130bn) at the end of March. That’s now just $2.3bn (about R37bn), after a sell-off in digital currencies from bitcoin to ether triggered a precipitous decline in the market value of Coinbase, the largest US cryptocurrency exchange.

By Wednesday, the firm’s shares had tumbled 78% since their April 2021 initial public offering after the company warned that trading volume and monthly transacting users were expected to be lower in the second quarter than in the first.  ..

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