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- TerraUSD, a so-called stablecoin whose value is said to be fixed to the dollar, was valued about 6 cents on May 20. According to market capitalization, Ether is the second most popular cryptocurrency.
- When Bitcoin peaked in May, Bankman-Fried, a former Wall Street trader, owned crypto worth $16.7 billion, but his net worth plummeted to $11.5 billion by mid-May. On Forbes’ list of billionaires, he was one of the most recent self-made billionaires.
- A portion of the Winklevoss Twins’ fortune was also lost. Earlier this month, their net worth plummeted by about $900 million. As a result, their net worth is estimated to be at $2.9 billion, after losing up to 24% due to the crypto crisis.
Vitalik Buterin, who co-founded Ethereum and recently tweeted about it, is no longer a millionaire, making him one of the first victims of the crypto market fall. The coin has declined by 59 percent from reaching a peak of $4,800 in November 2021. As a result, the billionaire’s holdings dropped significantly in value, to around $1.5 billion. The millionaire, however, showed his enthusiasm for the blockchain he helped design, in addition to highlighting the contrasts between open-mindedness and passion. TerraUSD and LUNA tokens’ value plunged in May, taking $40 billion off the market in just two days.
Who Else Has Been Affected By The Crypto Crash Aside From Vitalik Buterin
TerraUSD, a so-called stablecoin whose value is said to be fixed to the dollar, was valued about 6 cents on May 20. According to market capitalization, Ether is the second most popular cryptocurrency. Only Bitcoin has lost more than half of its value in the last six months. The price of one Ether coin topped $3,300 on May 3rd, making Vitalik Buterin, co-creator of the Ethereum blockchain network, a billionaire. When Ether’s price reached $4,300 on May 12th, it was estimated to be worth $1.4 billion. According to Forbes, Vitalik Buterin’s current net worth is $850 million, following the recent crypto market slump.
After reaching a high of $59,423 per coin at midnight on May 10th, the cryptocurrency’s value began to plummet, plummeting by 36% in the following nine days. As a result, the value of most crypto millionaires’ assets has decreased. For example, 12 billionaires whose fortunes were built on cryptocurrency lost $62.3 billion to $46.8 billion at 3 p.m. E.T. on May 18, according to Forbes estimates. These crashes have claimed the lives of a number of millionaires.
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Why Did The Cryptocurrency Market Collapse
The greatest major loss belongs to Sam Bankman Fried (in terms of dollars). He launched Alameda Research, a Quantitative Crypto Trading business, at the age of 29. When Bitcoin peaked in May, Bankman-Fried, a former Wall Street trader, owned crypto worth $16.7 billion, but his net worth plummeted to $11.5 billion by mid-May. On Forbes’ list of billionaires, he was one of the most recent self-made billionaires. In 2019, he grew his fortune by creating FTX, a cryptocurrency derivatives exchange. The majority of his fortune is made up of FTX stock and tokens. However, since May 10th, the value of FTX coins has decreased by 37% due to the crypto crisis.
A portion of the Winklevoss Twins’ fortune was also lost. Earlier this month, their net worth plummeted by about $900 million. As a result, their net worth is estimated to be at $2.9 billion, after losing up to 24% due to the crypto crisis. The twins bought Bitcoin with a share of the $65 million settlement from the Facebook lawsuit in 2012, and they created the cryptocurrency exchange Gemini in 2014. Gemini currently conducts trades of up to $200 million each day.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
