The latest cryptocurrency crash has not only hurt investors, it has also hurt big names in the industry, with billions in losses for some, like Vitalik Buterin, the creator of Ethereum.
In 2021, 28-year-old Vitalik became the world’s youngest cryptocurrency billionaire, as the world’s second-largest cryptocurrency reached a market capitalization of $376 billion.
He created Ethereum in 2014 and has a wallet that contained around $1.5 billion as of November 2021.
On Friday, however, Vitalik revealed on Twitter that he was no longer a billionaire. Ethereum is down nearly 60% since hitting its all-time high of $4,800 in November 2021.
I am no longer a billionaire
The announcement came in response to a tweet that said people were trying to psychoanalyze the activities of Elon Musk and Jeff Bezos, the two richest men in the world.
Buterin responded by saying: “What happened to speaking directly to people, to being a virtue? (By the way, I particularly appreciate that Elon and Jeff really respond to people, and don’t just shout their own stuff).
Then he added that he was no longer a billionaire.
(by the way, I’m not a billionaire anymore)
— vitalik.eth (@VitalikButerin) May 20, 2022
Ethereum is the second-largest cryptocurrency by market capitalization after Bitcoin, which has lost about half its value in the past six months and is down about 60% from its all-time high of $69,000.
Although Vitalik did not say more, it is obvious that the developer and co-founder of Ethereum was affected by the cryptocurrency crash which caused the prices of all digital assets to drop, including Ethereum. .
Ethereum has fallen more than 50% since its highest price
According to data from Coingecko, Ethereum, which was trading at around $2,700 on May 7, fell to $1,800 a few days later following the collapse of the LUNA and UST tokens.
Vitalik became the world’s youngest crypto billionaire last year when he had a cryptocurrency portfolio valued at $1.5 billion with an estimated net worth of 355,000 ETH.
While things seem to have stabilized this week, the cryptocurrency market has yet to fully recover from the crisis.
Despite the steep price decline this year, Ethereum is still the second largest cryptocurrency in the world, with a market capitalization of nearly $300 billion.
Ethereum is currently trading at $1,973, down 59.5% from the all-time high of $4,878 recorded in November 2021.
Maybe better times are coming for Ethereum as the network finally will change for Ethereum 2.0 which is a very big and important update for the project.
Vitalik is just one of many high profile victims of the cryptocurrency meltdown that has affected investors at all levels.
According to the Bloomberg Billionaires Index, Changpeng Zhao, founder of the world’s largest cryptocurrency exchange, Binance, saw over $80 billionor 84% of his wealth, evaporate this year, making him the biggest loser in history.