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

Cryptocurrency billionaires have publicly announced the losses they suffered during a sharp crash in the crypto market due to the sale at Terra UST and the collapse of its sister token, LUNA. Many cryptocurrencies and exchange founders share losses in this market. Vitalik Buterin, co-founder of the Ethereum blockchain platform, has declared that he is no longer a millionaire after the dramatic disappearance of cryptocurrencies. Ether is the second largest cryptocurrency on the market after Bitcoin. Both top cryptos have witnessed significant changes in market prices.

Buterin tweeted on May 20 that “I’m no longer a millionaire.”

on Sunday, ether It is currently trading at over $ 2,015, up 2.4%. It currently has a market capitalization of $ 243.5 billion, which is 15% of the crypto market. However, today’s Ether trading volume has fallen by more than 32.4%.

Over the last 7 days, Ether has plummeted by more than 3%. Over the course of a month, the Ether decline has exceeded 33%. Ether plummeted by nearly 59% from its all-time high in November last year. In one year, the downside is more than 12%.

On November 16, 2021, Ether hit a record high of 4,891.70. Currently, cryptocurrencies are not even half of this price level.

Buterin recently had about $ 1.5 billion worth of holdings in ether, according to Bloomberg’s report.

However, in the last 6 months, Ether has made more radical fixes.

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

In addition, the report emphasized that Buterin donated more than 50 trillion Shiba Inu coins to the country’s Covid-19 relief fund as the pandemic raged in India last year. Coin, a metajoque about dog-themed digital coin Dogecoin, would have been worth more than $ 1 billion at the time. Buterin’s donations, in particular, accounted for more than 5% of all Shiba Inu coins in circulation, and prices fell by about 50%.

Last week, cryptocurrency billionaires shared their views on the fall of the Terra sisters and how the collapse of the entire cryptocurrency market affected their wealth.

Last week, Binance founder Changpeng Zhao (aka “CZ”) tweeted “again poor.” He revealed that Binance received 15 million tokens of LUNA for a $ 3 million investment in the Terra network. At its peak in April this year, investment in Stablecoin reached a whopping $ 1.6 billion.However, Zhao did not sell LUNA and when Stablecoin crashed to zero limit

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

“There’s no good news about what happened to the market or the Terra ecosystem,” said Novogratz. “Luna and UST alone destroyed the $ 40 billion market value in a very short time. Big and small investments. The house saw profit and wealth. It disappears. “

“This year, the global macro background was cruel to all risk assets. Growth stocks with negative cash flow have fallen by 50-70% this year. Cryptocurrencies are about core assets such as BTC and ETH, respectively. We are under pressure to reduce by 58%. From the highest ever-and Altcoin is down an average of 80% from the highest ever. “

Bitcoin is currently trading below the $ 30,000 mark. Performance is up 2.2% to $ 29,965, but leaders’ advantage is now down 0.06% to 44.53%, according to CoinMarketCap data.

Bitcoin has fallen by more than 1% in the last 7 days. The monthly decline is more than 26%. More than 20% of coins were swept in a year. Bitcoin is now down 56.5% from a record high of $ 68,789.63 last November.

Terra UST has lost his pegs and isn’t struggling around 5 cents. Its weekly decline is over 71%.

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

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