The Coin Leaks News: Vitalik Buterin is the latest victim in the collapse of crypto fortunes.
Buterin, 28 years old, wrote in a tweet Friday that “I’m no longer a billionaire”
(btw btw I'm not a billionaire anymore)
— vitalik.eth (@VitalikButerin) May 20, 2022
Buterin, who created Ethereum in 2014, is the owner a digital wallet with holdings of approximately $1.5 billion. The price of Ether tokens that are associated with the blockchain have fallen 55% since then.
Buterin previously stated that he would welcome lower prices for digital coins. Bloomberg News reported in February that Buterin said to Bloomberg News: “The people who have deep into crypto and especially building things, a lot welcome a bear-market.”
The steep fall in digital currency prices and the chaos surrounding TerraUSD and its Luna token have ravaged crypto holdings. According to Bloomberg Billionaires Index, Changpeng Zhao (founder of Binance), has seen 84% of his wealth evaporate this year.
Despite the turmoil, some crypto backers who are extremely wealthy have remained humble. Michael Novogratz (founder of Crypto Merchant Bank Galaxy Inc.) acknowledged that TerraUSD was a “big idea that failed.” Other investors, such as the Winklevoss twins have maintained that their investments are long-term.
Cameron Winklevoss tweeted, “It’s all in perspective and HODLing to the long game,” on May 12. He used an acronym for “hold onto for dear life”.
Buterin donated more that 50 trillion Shiba Inu Coins to India’s Covid-19 relief fund last year as the pandemic raged. These coins are a joke about Dogecoin’s digital dog-themed coin and would have been worth more that $1 billion.
Buterin’s donation was more than 5% of all Shiba Inu coins currently in circulation, sending prices plummeting to around 50%
He also tweeted Friday about the compromises between open-mindedness and passion, while supporting the blockchain he created.