Crypto billionaires have lost big money amid the market’s slump. Here’s how much

It has been a long time since the crowd partying in Miami.

At the end of March, Brian Armstrong had a personal fortune of about $8 billion. The market value of the largest US cryptocurrencies exchange, Coinbase, plummeted after a selloff in digital currencies.

The company warned that trading volume and monthly transacting users would be lower in the second quarter than in the first, and its shares plummeted.

It raised questions about the ability of the company to weather the decline in prices. Even though there is a black swan event and users, funds are safe, said the firm's chief executive officer.

Then there is Michael. The fortune of the CEO of the merchant bank has plummeted from $8.5 billion in early November to $2.5 billion today. He was a champion of TerraUSD, the stable coin that is now at risk of a complete collapse.

I'm probably the only guy in the world that has both a Luna and a Bitcoins tattoo.

After a selloff that began with tech stocks spilled over into digital money, the fortunes of billionaires are disappearing. Since their record highs late last year, the most popularcryptocurrencies have fallen more than 50%.

The biggest and most visible losses are found among the founding members of exchanges, where traders buy and sell digital currencies.

At least on paper, Changpeng Zhao, the CEO of closely held Binance, has lost more money than any other person. He was one of the world's largest billionaires, with a net worth of $96 billion. The average enterprise value to sales multiples of the two Canadian firms was used to calculate the value.

The US is suffering more of a downturn than other countries. Since the beginning of the year, trading volumes at Coinbase have fallen, while more internationally focused Binance saw an increase in volume last month. By comparison, the US-focused business of Binance experienced steep declines.

The Winklevoss brothers have lost about 40% of their wealth this year. The fortune of Sam Bankman-Fried, CEO of FTX, has fallen by half since the beginning of the year.

There are other billionaires who are losing money. Fred Ehrsam, a former Goldman Sachs Group Inc. trader, is currently worth less than $1 billion.

According to the company's proxy statement, Ehrsam has a 4.5% stake and controls 26% of the voting stock.

Some of the riskiest junk-rated notes have recently been trading in line with the bonds from Coinbase.