Winklevoss twins belt out ‘Don’t Stop Believin’ as crypto market crumbles and they’re forced to lay of 10% of staffers at startup: Crypto billionaires’ fortunes are wiped out as seven richest lose $114 BILLION in seven months
- A video of the Winklevoss twins singing Journey’s hit song ‘Don’t Stop Believin’ has gone viral as they lose billions of dollars in a cryptocurrency crash
- The twins were performing at a club in Asbury Park, New Jersey on Thursday, just one week after they laid off 10% of their staff at a cryptocurrency startup
- They cited difficulties related to ‘current macroeconomic and geopolitical turmoil’ as economists fear an impending recession
- The Winklevoss’ twins have slumped more than $2 billion each since then
- They and five other billionaires who made their riches on cryptocurrency lost a combined $114 billion
- Trading platforms have since had to lay off much of their staff
A video of the Winklevoss twins singing Journey’s hit song ‘Don’t Stop Believin’ has gone viral as the siblings lose billions of dollars amid a cryptocurrency market crash and are forced to lay off a whopping 10 percent of the staff at their startup.
Both twins wore their hair slicked back at the concert, which Arch Nem described as ‘by far one of the strangest and most tragically hilarious/infuriating things I’ve ever witnessed.’
The New Jersey leg of their national tour came just one week after the 40-year-old twins laid off 10 percent of the staff at their cryptocurrency startup, Gemini, citing difficulties related to ‘current macroeconomic and geopolitical turmoil.’
‘Today is a tough day, but one that will make Gemini better over the long run,’ the brothers told staff members in a message on June 2, according to the New York Post.
‘Constraint is the mother of innovation and difficult times are a forcing function for focus, which is critical to the success of any startup.’
Since then, Bloomberg reports, their fortunes have slumped to $3 billion each, from a high of $5.9 billion, as the cryptocurrency market continues to plummet amid fears of an impending recession.
By Monday, Bitcoin – the world’s largest cryptocurrency token – reached its lowest level since December 2020 to trade at $22,422.10, down from a record high of almost $69,000 in November.
As a result, the Winklevoss twins and five other billionaires who made their riches on cryptocurrency have lost a combined $114 billion and trading platforms have had to lay off much of their workforce.
A video of the Winklevoss twins, Tyler, left, and Cameron, right, performing an off-key rendition of Don’t Stop Believin’ in Asbury Park, New Jersey on Thursday has gone viral as the 40-year-old twins lose billions of dollars amid a cryptocurrency market crash
The cryptocurrency market continued to plummet on Monday amid fears of an impending recession with federal banks across the world contemplating increasing their interest rates
Crypto markets have dived in the past few weeks as rising interest rates and surging inflation hurt riskier assets across financial markets. The collapse in May of the TerraUSD and Luna tokens also shook the industry.
Since Saturday, nearly $200 million of the cryptocurrency market had been lost, according to CNBC, with major cryptocurrency lending company Celsius Network freezing withdrawals and transfers, citing ‘extreme’ conditions.
In a blog post, the company said it had frozen withdrawals, as well as transfers between accounts, ‘to stabilize liquidity and operations while we take steps to preserve and protect assets.’
‘We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,’ the New Jersey-based company said.
The company’s decision triggered a slide across the cryptocurrency market, with their values dropping below $1 trillion on Monday for the first time since January 2021.
In the aftermath, Binance, the world’s biggest cryptocurrency exchange, also paused withdrawals for several hours, blaming ‘stuck transaction’ that caused a backlog in trades.
Changpeng Zhao, the founder of Binance, has now seen his personal fortune – once the world’s 11th largest, fall 89 percent to $10.2 billion, and Sam Bankman-Fried, the 30-year-old CEO of crypto trading platform FTX, has seen his fortune decline 66 percent since it peaked at $26 billion, according to Bloomberg.