Billions of dollars in wealth are being lost by executives of the cryptocurrencies because of the implosion of their value.
According to its recent quarterly report, the company saw a 19 percent drop in monthly users. The company's leaders claim that the company's bankruptcy is out of the question.
The downturn has wiped out a lot of personal wealth, with the fortune of Brian Armstrong, the founder of Coinbase, dropping from $13.7 billion in November to just $2.2 billion this week.
By Wednesday, Changpeng Zhao's fortune was just $11.6 billion, down from $96 billion in January.
It has been a tumultuous couple of weeks, with the entire space on full display.
It's not just the execs who are feeling the heat. LUNA, a popular token that was once among the top ten most valuable cryptocurrencies, is now worth less than a dollar.
In the last six months, the value of the digital currency has lost more than 50 percent.
There is no clear end to the rough stretch that both cryptocurrencies and exchanges are in.
The game is not over yet. It is not the first downturn we have seen in the last couple of years, and it is likely to be the last.
The elephant in the room is that the broader markets are down.
I've never been more bullish on where we are as a company, because we tend to do our best work in downturns.
There are lots of Fortunes destroyed in a few weeks.
There were suicidal posts after the crash of the project.
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