Crypto Crash: Vitalik Isn’t A Billionaire Anymore!

While the crypto market is in deep decline, several personalities are admitting that they have lost astronomical amounts. We can no longer count Vitalik Buterin among the billionaires.

Huge losses

The recent crypto market crash has left investors millions of dollars in losses. As early as May, a Glassnode report showed that 40% of Bitcoin holders were posting losses. While Bitcoin’s price had only reached $31,000, up from 28,000 in the previous week.

Fallen Billionaires

As of May 20, Vitalik Buterin named the Prince of Cryptography by TIME Magazine Twitter that he was no longer a billionaire. In November 2021, when the market started a bullish rally, his wallet contained $1.5 billion worth of ETH. Since then, we know that Ethereum has lost more than 55% of its value.

For his part, Changpeng Zhao, the CEO of Binance, owned 15 million LUNA, which was worth $1.6 billion at the time of his ATH. Knowing he didn’t sell any, his LUNA tokens are now worth no more than $3,000 at their current price.

According to Bloomberg figures, total losses since the beginning of the year are around 84% of his assets or $80.5 billion. However, he is still a billionaire with just over $15 billion in capital.

In addition to these two, FTX’s Sam Bankman-Fried also suffered significant losses. His current net worth is $11.6 billion and he has suffered a loss of $4.61 billion since the beginning of this year.

Apart from the amount of the losses, many investors have lost a large part of their financial capital. Michael Novogratz sums up the situation well in his letter to the shareholders of Galaxy Inc and the entire crypto community:

“There is no good news about what has happened in the markets or in the Terra ecosystem. For Luna and UST alone, $40 billion of market value was destroyed in a very short time. Investors large and small have seen their profits and wealth soar .”

A sharply declining crypto market

The value of the crypto market is far from its peak in November. The $3 trillion reached by the fall of 2021 only currently leaves room for $1,260 billion, CoinMarketCap figures show.

The euphoria, which led to a tripling of the total capitalization of cryptocurrencies last year, waned rapidly in this year 2022. Since then, the red candles have piled up and not even Bitcoin has been able to escape it. Indeed, while Bitcoin’s capitalization has reached $1.284 billion, it is now not even above $557 billion for this month of May.

Ethereum, which followed with $567 billion, also lost more than half of its market capitalization from its all-time high on Nov. 16, causing a nearly 59.39% drop in value. On a daily and weekly basis, the two largest cryptos suffer losses of about 2% and 3% respectively on average.

The situation in which altcoins find themselves is even worse. Ethereum killers are usually within 80% of their peak. Solana’s price, for example, stands at $49.43 against $260 on November 6. Cardano and Polkadot, for their part, are experiencing declines of about 83.24% and 81.77%.

In addition, it is impossible to forget Terra’s recent collapse. On the day, the price fell another 19% to trade at $0.00017. While two months ago Terra Luna was the only cryptocurrency to escape declines and even signed an ATH for $119.

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action the reader takes based on information on our website is entirely at their own risk.

Leave a Comment