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

Billionaires in cryptocurrencies have openly announced the loss they suffered during the steep crash in the crypto market due to selloffs in Terra UST and the collapse of its sister token LUNA. Many crypto and exchange founders have shared their loss in this market. Vitalik Buterin, the co-founder of the Ethereum blockchain platform has declared that he is no longer a billionaire after the dramatic wipeout of crypto fortunes. Ether is the second-largest cryptocurrency in the market after Bitcoin. Both top cryptos have witnessed a huge correction in their market price.

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

On Sunday, Ether traded over $2,015 currently up by 2.4%. It has a market cap of $243.5 billion at the moment – which is 15% of the crypto market. However, the volume trading in Ether today is down by more than 32.4%.

In the last seven days, Ether has plunged by over 3%. While in a month, Ether fall is over 33%. From its all-time high in November last year, Ether has nosedived by nearly 59%. In a year, the downside is the tune of over 12%.

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

As per a Bloomberg report, Buterin as recently as November contained holdings worth about $1.5 billion in Ether.

However, in the past six months, Ether has made a steeper correction.

Buterin founded Ethereum in 2014. Ethereum is the community-run technology powering the cryptocurrency ether (ETH) and is home to digital money, global payments, and applications.

Further, the report highlighted that as the pandemic raged through India last year, Buterin has donated over 50 trillion Shiba Inu coins to a Covid-19 relief fund in that country. The coins, which are a meta joke about the dog-themed digital coin Dogecoin, during that time, would  have been worth more than $1 billion. Also, notably, Buterin’s donation represented more than 5% of the total Shiba Inu coins in circulation and sent prices tumbling about 50%.

Billionaires in crypto have in the past week shared their opinions over the Terra sisters’ fall and how the whole crypto market crash impacted their wealth.

Last week, Binance founder Changpeng Zhao, commonly known as “CZ”, tweeted saying, “poor again”. He revealed that Binance received 15 million tokens of LUNA for its investment of $3 million into the Terra network. At its peak in April this year, the investment in stable coins reached a whopping $1.6 billion. However, Zhao did not sell any of LUNA, and when the stable coin crashed to zero limits

Also, on May 18, Michael Novogratz, founder of crypto merchant bank Galaxy Inc in a letter to shareholders, friends, partners, and the crypto community acknowledged that Terra UST and LUNA ” was a big idea that failed.”

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

“The global macro backdrop has been brutal for all risk assets this year. Growth stocks with negative cash flows are down as much as 50-70% this year. Crypto has been under pressure with core assets like BTC and ETH down about 58% each from all-time highs – and altcoins are down an average of 80% from all-time highs.”

At present, Bitcoin continues to trade below the $30,000-mark. It performs at $29,965 up 2.2%, however, as per CoinMarketCap data, the leader’s dominance is currently 44.53% down by 0.06%.

Bitcoin has slumped by over 1% in the last seven days. While its monthly drop is over 26%. The coin shed over 20% in a year. From its all-time high of $68,789.63 in November last year, Bitcoin is currently down 56.5%.

Terra UST lost its peg and is not struggling around 5cent. Its weekly decline is by more than 71%.

LUNA currently is around $0.015888. It has crashed to nearly 100%.

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