Friday, October 7, 2022

Ethereum Founder Loses Billionaire Status Amid Severe Price Dip

Just like everyone else who’s made their wealth off crypto, Ethereum co-founder Vitalik Buterin is also feeling the heat of the market-wide crash in his finances. 

Taking to his Twitter page on Friday night,  Buterin announced that he may have lost his billionaire status. He wrote:

“btw btw I’m not a billionaire anymore.”

But his tweet did not exactly come as a surprise, following a continued fall in Ethereum (ETH) prices this year.

Recall, Buterin once boasted of owning a wallet that contained around 290,000 ETH tokens. That’s worth around $574.1 million presently. But the wallet would have been worth more than double that figure at some point. Maybe even more than $1.5 billion when ETH rallied to a record high of $4860 last November.

However, ETH has now fallen from grace with its price dipping by almost 60% from its November ATH. As of publication time, ETH is trading at $1972, per Coinmarketcap data.

Ethereum Price Dip Erodes Buterin’s Wealth As Other Billionaires Also Account For Losses

Buterin had quite an interesting journey to his fame and wealth since co-founding the Ethereum blockchain in 2014. And by the time he was 27, he had already become the youngest crypto billionaire. This was around the time that ETH prices crossed the $3000 mark in 2021. But the story is now slightly different with ETH having corrected so much. 

Meanwhile, Buterin did not suffer the fortune loss alone. The recent market crash has been equally felt by most crypto billionaires. Maybe some even felt it more than others. 

For example, the CEO of Binance, Changpeng Zhao reportedly lost a huge amount of the $96 billion fortune he had at the start of the year. Now, his net worth reportedly stands at $11.6 billion.

In the same manner, Coinbase CEO Brian Armstrong has also had his fortune depleted to $2.2 billion from around $13.7 billion where it stood as of November.

Regardless of Ethereum’s current prices, however, it remains the second-largest cryptocurrency in the world, with a market capitalization of around $300 billion.

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