Crypto Disaster: Ethereum co-founder Vitalik Buterin claims he is no longer a billionaire.


The recent cryptocurrency market crisis has not only harmed investors, but also high-profile entrepreneurs, taking billions of dollars out of their fortunes. Ethereum co-founder Vitalik Buterin is one example.

In 2014, the 28-year-old founded Ethereum, the leading cryptocurrency by market cap.

Buterin revealed on social media Friday that he’s no longer a billionaire. After hitting a high of over $4,800 in November of last year, the digital currency has lost 60% of its value. According to Coinmarketcap.com, ETH is currently trading at $1,972.

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In response to tweets about other billionaires, Elon Musk and Jeff Bezos are at the top of our list of the richest individuals.

In 2014, Vitalik and many other engineers, notably Charles Hoskinson (creators of Cardano) and Joseph Lubin, founded the Ethereum platform. Vitalik has a digital wallet worth around $1.5 billion in ETH content in November.

The youngest cryptocurrency billionaire

Buterin became the youngest cryptocurrency billionaire in 2021, when the price of Ethereum crossed $3,000.

However, this trend has since reversed and ETH is now facing the current trend. Nevertheless, with a market value of around $300 billion, it is the second largest cryptocurrency in the world.

In another tweet on Friday, Buterin said:

Correcting mistakes in belief requires acknowledging that previous versions of yourself brought harmful values ​​to the world (especially if you are in politics but in some other field).

Crypto holdings have been severely hit by the sharp drop in digital currency prices and the turbulence surrounding the algorithmic stablecoins TerraUSD and LUNA tokens.

ETH total market cap at $238 billion on the weekend chart | Source: TradingView.com

Other billionaires suffer too

According to the Bloomberg Billionaires Index, cryptocurrency exchange Binance’s Changpeng Zhao has evaporated more than $80 billion, or 84% of his assets this year.

Similarly, Bitcoin plummeted to around $29,483 today (May 22), down 2.5% last week due to high inflation and fears of a rate hike.

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The world’s largest cryptocurrency has lost about a fifth of its value so far this month. This is because the astonishing collapse of the so-called stablecoin, TerraUSD, has shaken up the crypto market, which has already plummeted due to widespread sales of risky bets.

A Canadian programmer and author of Russian ancestry, he is an outspoken advocate of blockchain and is driving the transition to a proof-of-stake (PoS) architecture later this year.

Featured image from Coin News, chart from TradingView.com

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