The cryptocurrency crash has wiped out billions from the fortunes of blockchain traders all over the world, including the most prominent entrepreneurs.
Now a prominent cryptocurrency boss, who is also a co-founder of one of the largest cryptocurrencies, has revealed that he has lost so much money that he is no longer a billionaire.
Cryptocurrency has been on a bearish trend for most of 2022 but dropped to new lows for the year this month, with one of the popular stablecoins losing 98% of its value in what seemed to many cryptocurrency investors as an impossibility.
Economic pain regarding cryptocurrency reached new heights last week after another blockchain plunged by 98% in just 24 hours.
Terra (UST), which has been ranking amongst the top 10 valuable cryptocurrencies globally, lost its peg to the US dollar earlier this month.
Cryptocurrency investors have pulled out, leaving the cryptocurrency markets in dire traits, with Bitcoin and Ethereum dropping to levels they have never reached since June last year.
Now 28-year-old Vitalik Buterin, the Ethereum co-founder, has announced that he has lost billions in the bear run. This has had a negative consequence on Vitalik Buterin net worth.
This is what the entrepreneur of the second-largest cryptocurrency in the world tweeted to his four million followers over the weekend:
The ether token has already lost 60% of its value after reaching an all-time high of $4,865.57 in November last year. At the time of writing this article, Ethereum was trading at about $2000.
In November last year, when Ethereum and other cryptocurrencies such as Bitcoin had reached their all-time high, Mr. Buterin announced that he had ether holdings worth $2.1 billion, according to Bloomberg.
Six months later, half of that fortune has been erased.
Vitalik Buterin casually revealed his declining fortunes in a tweet thread where billionaires like Jeff Bezos and Elon Musk were being discussed, a club he doesn’t belong to anymore.
Ethereum is the second-largest cryptocurrency globally after Bitcoin, with a market cap of $245 billion.
Vitalik Buterin and seven others co-founded Ethereum in 2013 while they shared a rented house in Switzerland just after his teenage years.
Currently, he is the only one working on the project.
However, the crypto crash has hit him and other Ethereum holders hard.