Forbes lists richest digital currency owners

Forbes lists richest digital currency owners

Mubasher: New York-based media giant Forbes released the first-ever cryptocurrency billionaire list in its February issue, ranking the richest digital currency holders across the globe.

The list named the wealthiest people in the cryptocurrency world based on estimated holdings of coins, post-tax profits from trading, and stakes in crypto-businesses.

“Our first-ever Crypto Rich list provides a snapshot of a pivotal moment, part of the transparency needed to pull crypto away from its provenance as an unknown currency,” chief content officer at Forbes Media Randall Lane said.

Ripple’s founder Chris Larsen topped the list with a net fortune of $7.5 billion to $8 billion from cryptocurrency trading, including $5.2 billion from ripple tokens alone.

Joseph Lubin, the founder of ethereum, the second largest cryptocurrency in terms of market capitalisation, and ConsenSys, a software company, came in the second place with a net value of $1 billion to $5 billion.

Meanwhile, the founder of the world's largest crypto-exchange, Binance, Changpeng Zhao, came third with an estimated crypto net worth $1.1 billion to $2 billion.

The latter, who made the Forbes magazine cover, acquired his fortune in less than seven months, reflecting the sharp volatility in these virtual currencies.

Although cryptocurrencies shed most of their gains during the past few weeks, they still trade well above their initial opening prices, which in turn offers huge gains for their top holders.