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Retail traders and investors are not the only victims in America’s war on crypto. Company executives are also seeing their fortunes dwindle due to recent enforcement actions.
This week, the SEC sued both Binance and Coinbase, dousing the flames of optimism for the crypto industry in 2023 following the collapse of FTX at the bottom of the cycle.
As reported, the move wiped out over $50 billion from crypto markets in a matter of hours on June 6. crypto potato., but the asset class bounced back quite quickly. The same cannot be said about the wealth of some individuals.
crypto billionaires lost billions
According to Bloomberg Billionaires indexChangpeng Zhao, the CEO of Binance, has seen his wealth decrease by $1.4 billion in the past two days. According to the index, it is now worth around $26 billion.
According to Glassnode, Binance also saw a surge in withdrawals, but it was limited to around 10,000 BTC, which is just 1.5% of its total reserves. The situation for Binance.US could get worse, however, following a filing by the SEC seeking to freeze its assets.
Furthermore, according to the Billionaires Index, the net worth of Coinbase CEO Brian Armstrong has dropped by $361 million to $2.2 billion.
On June 6, the SEC sued Coinbase for operating as an unlicensed securities broker, claiming that a bunch of crypto assets were securities.
Bloomberg reported that after a massive decline in the fortunes of crypto founders in 2022, this year marks a rebound in 2023 with a combined increase of $15.4 billion.
CZ’s net worth increased by 117% and Armstrong’s by 61% due to the increase in crypto prices and trading activity. Other crypto billionaires on Bloomberg’s wealth index were up a combined 9%.
That was all until this week when the SEC crashed crypto and stock prices with a torrent of litigation against the industry.
protect american banks
The US banking crisis shook the industry, and regulators responded quickly to prevent another 2008 financial crisis (which was caused by US banks).
This may be what is driving their war on crypto. Decentralized digital assets pose a threat to the banking industry, which makes massive profits from lending and investing other people’s money.
SEC Chairman Gary Gensler actually said that the US doesn’t need crypto because it has the greenback.
“We don’t need more digital currency (…) We already have a digital currency, it’s called the US dollar,” Gensler said in an interview with CNBC on June 6. There needs to be more than one way to transfer value to the public,” he said, which largely explains why he is so eager to attack crypto.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
Retail traders and investors are not the only victims in America’s war on crypto. Company executives are also seeing their fortunes dwindle due to recent enforcement actions.
This week, the SEC sued both Binance and Coinbase, dousing the flames of optimism for the crypto industry in 2023 following the collapse of FTX at the bottom of the cycle.
As reported, the move wiped out over $50 billion from crypto markets in a matter of hours on June 6. crypto potato., but the asset class bounced back quite quickly. The same cannot be said about the wealth of some individuals.
crypto billionaires lost billions
According to Bloomberg Billionaires indexChangpeng Zhao, the CEO of Binance, has seen his wealth decrease by $1.4 billion in the past two days. According to the index, it is now worth around $26 billion.
According to Glassnode, Binance also saw a surge in withdrawals, but it was limited to around 10,000 BTC, which is just 1.5% of its total reserves. The situation for Binance.US could get worse, however, following a filing by the SEC seeking to freeze its assets.
Furthermore, according to the Billionaires Index, the net worth of Coinbase CEO Brian Armstrong has dropped by $361 million to $2.2 billion.
On June 6, the SEC sued Coinbase for operating as an unlicensed securities broker, claiming that a bunch of crypto assets were securities.
Bloomberg reported that after a massive decline in the fortunes of crypto founders in 2022, this year marks a rebound in 2023 with a combined increase of $15.4 billion.
CZ’s net worth increased by 117% and Armstrong’s by 61% due to the increase in crypto prices and trading activity. Other crypto billionaires on Bloomberg’s wealth index were up a combined 9%.
That was all until this week when the SEC crashed crypto and stock prices with a torrent of litigation against the industry.
protect american banks
The US banking crisis shook the industry, and regulators responded quickly to prevent another 2008 financial crisis (which was caused by US banks).
This may be what is driving their war on crypto. Decentralized digital assets pose a threat to the banking industry, which makes massive profits from lending and investing other people’s money.
SEC Chairman Gary Gensler actually said that the US doesn’t need crypto because it has the greenback.
“We don’t need more digital currency (…) We already have a digital currency, it’s called the US dollar,” Gensler said in an interview with CNBC on June 6. There needs to be more than one way to transfer value to the public,” he said, which largely explains why he is so eager to attack crypto.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
