Wed. Jun 19th, 2024

Ethereum Co-Founder Vitalik Buterin Says He Is No Longer A Billionaire

By Mahesh Limbani May 21, 2022

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The Ethereum exec was also affected by last week’s cryptocurrency dip that wreaked havoc on investors. 

Following the recent market turmoil that plunged the prices of all digital currencies, Vitalik Buterin, the co-founder of the second-largest cryptocurrency Ethereum (ETH), has revealed that he is no longer a billionaire.

Buterin, 28, made the revelation on Twitter recently, saying: “I’m not a billionaire anymore.”

Although he did not add any comment to the tweet, it is evident that the Ethereum developer and co-founder was also affected by last week’s dip that plunged the prices of all cryptocurrency assets, including Ethereum.

Buterin, who had a crypto portfolio worth $1.5 billion in November 2021 has seen the value of his investments plunge significantly, as the general crypto market has lost over 50% value since then.

While Buterin has not made public his entire cryptocurrency portfolio, it is expected that the majority of his crypto holdings will be in Ethereum.

ETH Down Over 50% Since ATH

According to data on cryptocurrency aggregator platform Coingecko, Ethereum, which was trading around $2,700 on May 7, fell to a low of $1,824 a few days later following the collapse of TerraForm Labs ecosystem tokens LUNA and UST.

Although things appear to have stabilized this week, the cryptocurrency market is yet to recover from the dip that occurred last week.

At press time, Ethereum is changing hands around $1,973, down 59.5% from an all-time high of $4,878 recorded in November 2021.

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