Billionaires who made their fortunes in cryptocurrencies have publicly admitted to losing money owing to selloffs in Terra UST and the collapse of its companion token LUNA during the recent crypto market catastrophe.

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Many cryptocurrency and exchange entrepreneurs have spoken out about their losses in the market. After the stunning wipeout of crypto riches, Vitalik Buterin, co-founder of the Ethereum blockchain network, has stated that he is no longer a billionaire. After Bitcoin, Ether is the market’s second-largest cryptocurrency. Both main cryptocurrencies have seen a significant drop in market value.

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Buterin on May 20 tweeted saying, “I’m not a billionaire anymore.”

Ether rose above $2,045.06 on Monday, up 3.15%. It now has a market worth of $243.5 billion, accounting for 15% of the cryptocurrency market. However, the volume of Ether traded today is down by more than 32.4%.

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Ether has dropped by more than 3% in the previous seven days. While Ether has dropped by more than 33% in a month. Ether has dropped roughly 59% since its all-time high in November of last year. Over the course of a year, the downside is more than 12%.

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Ether reached an all-time high of $4,891.70 on November 16, 2021. The cryptocurrency is now only half the price.

According to Bloomberg, Buterin had around $1.5 billion in Ether holdings as late as November. Ether, on the other hand, has had a greater decline in the last six months.

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Ethereum was established in 2014 by Buterin. Ethereum is a community-run system that powers the cryptocurrency ether (ETH) and serves as a platform for digital money, global payments, and apps.

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Binance founder Changpeng Zhao, also known as “CZ,” tweeted last week, “poor again.” He stated that Binance acquired 15 million LUNA tokens in exchange for its $3 million investment in the Terra network.

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The investment in stable coins hit a record high of $1.6 billion in April of this year. Zhao, on the other hand, did not sell any LUNA when the stable coin collapsed to zero limits.

In a message to shareholders, friends, partners, and the crypto community on May 18, Michael Novogratz, creator of crypto merchant bank Galaxy Inc, recognised that Terra UST and LUNA “was a big idea that failed.”