Crypto Crash Saga: Ethereum Co-founder Buterin Says He’s Not A Billionaire Anymore


Cryptocurrency billionaires have openly announced the loss they suffered during the sharp collapse in the cryptocurrency market due to sales on Terra UST and the collapse of their sister token LUNA. Many crypto and exchange founders have shared their loss in this market. Vitalik Buterin, co-founder of the blockchain platform Ethereum, has stated that he is no longer a billionaire after the dramatic elimination of cryptographic fortunes. Ether is the second largest cryptocurrency on the market after Bitcoin. The two main cryptocurrencies have witnessed a major correction in their market price.

Buterin tweeted on May 20, saying, “I’m not a billionaire anymore.”

On Sunday, Ether is currently trading at more than $ 2,015 at 2.4%. It has a market cap of $ 243.5 million right now, which is 15% of the cryptocurrency market. However, Ether’s trading volume is down more than 32.4% today.

In the last seven days, Ether has fallen more than 3%. While in one month, the fall of Ether exceeds 33%. Since its all-time high in November last year, Ether has dropped nearly 59%. In a year, the downside is the tuning of more than 12%.

On November 16, 2021, Ether reached an all-time high of 4,891.70. Now the cryptocurrency is not even half of this price level.

According to a Bloomberg report, Buterin so recently in November contained stakes worth about $ 1.5 billion in Ether.

However, in the last six months, Ether has made a more pronounced correction.

Buterin founded Ethereum in 2014. Ethereum is the community-run technology that powers cryptographic ether (ETH) and hosts digital money, global payments, and applications.

In addition, the report noted that as the pandemic hit India last year, Buterin donated more than 50 trillion Shiba Inu coins to a Covid-19 relief fund in that country. Coins, which are a dog-themed Dogecoin digital currency metabrom, would be worth more than $ 1 billion during that time. In addition, Buterin’s donation accounted for more than 5% of Shiba Inu’s total circulation and caused prices to fall by 50%.

Billionaires in cryptography shared their views last week on the fall of the Earth sisters and how the whole collapse of the crypto market has affected their wealth.

Last week, Binance founder Changpeng Zhao, commonly known as “CZ,” tweeted, saying “poor again.” He revealed that Binance has received 15 million tokens from LUNA for its $ 3 million investment in the Earth network. At its peak in April this year, investment in stable currencies reached a whopping $ 1.6 billion. However, Zhao did not sell anything from the MOON, and when the stable currency fell to zero

In addition, on May 18, Michael Novogratz, founder of cryptocurrency trading bank Galaxy Inc, in a letter to shareholders, friends, partners and the crypto community, acknowledged that Terra UST and LUNA “was a great idea that failed.”

Novogratz said: “There is no good news about what happened in the markets or in the Earth ecosystem. In Luna and UST alone, $ 40 billion in market value was destroyed in a very short period of time. Both large and small investors saw profits. and wealth. disappear. “

“The global macro environment has been brutal for all risky assets this year. Growth stocks with negative cash flows have dropped as much as 50-70% this year. Crypto has been under pressure with key assets such as BTC and ETH close to 58% each of the historical highs, and the altcoins fell an average of 80% of the historical highs “.

Currently, Bitcoin continues to trade below the $ 30,000 mark. It has a yield of $ 29,965 up 2.2%, however, according to CoinMarketCap data, the leader’s dominance is currently 44.53% below 0.06%.

Bitcoin has fallen more than 1% in the last seven days. Although its monthly drop is over 26%. The currency has lost more than 20% in one year. Since its all-time high of $ 68,789.63 in November last year, Bitcoin is currently down 56.5%.

Terra UST has lost its pin and is not fighting around 5 cents. Its weekly decline is more than 71%.

LUNA is currently around 0.015888 USD. It dropped almost 100%.

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