On 20 May, Following a sharp decline in Ethereum (ETH) pricing this year, Ethereum co-founder Vitalik Buterin announced that he is no longer a billionaire.
Buterin, who co-founded Ethereum in 2014, is said to have 290,000 ETH tokens ($574.1 million) in his wallet. The wallet would have been valued more than $1.5 billion at one point, matching to a rise in ETH values.
After the price of Ethereum crossed $3000 in 2021, Buterin, then 27 years old, became the world’s youngest crypto billionaire.
However, the trend has shifted, and ETH is now fighting against the tide with a market capitalization of about $300 billion, it is still the world’s second-largest cryptocurrency. Buterin is an outspoken supporter of the blockchain, and he is leading the charge to transition it to a proof-of-stake (PoS) format later this year.
According to recent comments from the Ethereum founder, the blockchain might switch to PoS as soon as August if no big issues arise.
The move has piqued the interest of the crypto community because it will eliminate Ethereum’s need for mining and make the blockchain more accessible.
The current slump has damaged the fortunes of many crypto billionaires, including Buterin. According to recent statistics, Coinbase CEO Brian Armstrong’s net worth has dropped to $2.2 billion from a high of $13.7 billion in November.
Mike Novogratz, CEO of Galaxy Digital, saw his net worth plummet from $8.5 billion to $2.5 billion. The figure is likely to have dropped even after Terra disintegrated.
Binance CEO Changpeng Zhao is said to have suffered the most loss of any significant crypto millionaire. CZ’s fortune is currently worth $11.6 billion, down from roughly $96 billion at the beginning of the year.
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