Ethereum co-founder Vitalik Buterin said on Friday that he is no longer a billionaire, following a severe drop in Ethereum (ETH) prices this year.
Buterin, who had co-created Ethereum in 2014, reportedly owns a wallet with about 290,000 ETH tokens ($574.1 million). At one point, the wallet would have been worth more than $1.5 billion, corresponding with a surge in ETH prices.
But ETH has plummeted nearly 60% from a record high of $4860 touched in November 2021. It is now trading at $1972, according to data from Coinmarketcap.com.
Buterin was at one point the youngest crypto billionaire
Buterin announced the loss of his billionaire status in a Tweet late-Friday.
(btw btw I’m not a billionaire anymore)
Buterin, at 27, had become the youngest crypto billionaire after the price of Ethereum crossed $3000 in 2021.
But that trend has now changed, with ETH struggling against the tide. Still, it is the second-largest crypto in the world, with a market capitalization of nearly $300 billion. Buterin is a vocal proponent of the blockchain, and is spearheading its shift into a proof-of-stake (PoS) model later this year.
Recent comments from the Ethereum founder suggest that the blockchain could shift to PoS by as soon as August, barring no major complications.
The move is widely anticipated by the crypto community, given that it will completely negate Ethereum’s dependence on mining, and is likely to make the blockchain more accessible.
Crypto billionaires see broad loss of fortune
Buterin isn’t the only crypto billionaire to see their fortunes eroded by the recent crash. Recent reports show that Coinbase CEO Brian Armstrong’s personal fortune has slumped to $2.2 billion from a high of $13.7 billion in November.
Galaxy Digital CEO Mike Novogratz saw his value fall to $2.5 billion from a peak of $8.5 billion. The figure is likely to have further tumbled as Terra imploded.
Binance CEO Changpeng Zhao has reportedly lost the most among major crypto billionaires. CZ’s fortune now stands at $11.6 billion, down from nearly $96 billion at the start of the year.
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