I’m not a billionaire anymore: Ethereum Co-founder Vitalik Buterin

Buterin founded Ethereum in 2014 and is the owner of a digital wallet that had $1.5 billion in assets as recently as November.

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Vitalik Buterin, the co-founder of the Ethereum blockchain network, is the latest victim of the crypto bear market.

“I’m not a billionaire anymore,” Buterin, 28, wrote Friday in a Twitter post.

Buterin founded Ethereum in 2014 and is the owner of a digital wallet that had $1.5 billion in assets as recently as November. Since then, the price of the Ethereum token, which is linked to the blockchain, has dropped by 55%.

Buterin previously stated, “The folks who are deep into crypto, and especially constructing stuff, a lot of them desire a down market,” according to Bloomberg News in February.

Buterin loses as blockchain falls

A sharp drop in digital currency prices. As well as the turbulence surrounding the algorithmic stablecoin TerraUSD. And its Luna token, have taken a toll on crypto holdings. According to the Bloomberg Billionaires Index. Changpeng Zhao, the creator of the cryptocurrency exchange Binance, has lost more than $80 billion this year. Or 84 percent of his fortune.

Despite the upheaval, some ultra-wealthy crypto supporters have expressed humility. TerraUSD was “a big idea that failed,” according to Michael Novogratz, founder of crypto merchant bank Galaxy Inc. Others, such as the Winklevoss twins, have persisted on making long-term investments.

“It’s all about perspective and HODLing for the long game”. Cameron Winklevoss tweeted on May 12. Using an acronym for “hold on for dear life.”

Buterin contributed more than 50 trillion Shiba Inu coins to a Covid-19 relief fund in India last year as the pandemic ravaged over the country. At the time, the coins. Which are a parody of the dog-themed digital coin Dogecoin, would have been worth almost $1 billion.

Buterin’s donation accounted for more than 5% of all Shiba Inu coins in circulation, sending values down by more than 50%.

Buterin discussed the costs between “open-mindedness” and “passion” in a subsequent tweet on Friday, while expressing support for the blockchain he helped establish.

“Note to trolls: no, ethereum was not a mistake,” he wrote.