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In less than a week, two of the cryptocurrency world’s foremost innovators and investors announced their withdrawal from the field.
Ethereum platform and coin co-founder Anthony Di Yorio has said he left the cryptocurrency world, in part for reasons of personal security, according to Bloomberg.
Di Yorio, 48, has had a security team since 2017, with someone he travels with wherever he goes.
In the coming weeks, Di Yorio plans to sell software company Decentral Inc, refocusing on philanthropy and other non-crypto-related projects. He expects to sever ties with other startups he is involved with in due course and no longer plans to fund projects in Blockchain.
“I don’t necessarily feel safe in this place,” said Di Yorio, who declined to disclose his crypto holdings or net worth.
In 2013, Di Yorio co-founded the Ethereum platform, which has become the home of several of the world’s most important crypto projects, especially in the area of decentralized finance, which allows individuals to borrow, lend and to exchange between them without intermediaries such as banks. The platform is worth around $ 225 billion.
It took a hit in 2018 when buying Canada’s largest and most expensive apartments, paying for them in part with digital money. Over the past few years, he has held the position of Chief Digital Officer for the Toronto Stock Exchange for some time. In February 2018, Forbes estimated his net worth at $ 1 billion.
In a related context, Jackson Palmer, who co-founded Dogecoin in 2013, announced his withdrawal from the cryptocurrency world, and launched a scathing attack on what has become of cryptocurrency, according to Barrons.
Palmer wrote on Twitter that cryptocurrency is an “inherently right-wing hypercapitalist technology designed primarily to amplify the wealth of its supporters through a combination of tax evasion, reduced regulatory oversight, and artificially enforced scarcity.”
Ballmer, a software engineer at Adobe, helped create digital currency with IBM software engineer Billy Marcus, to attract a larger group of bitcoin users. But he has since been disappointed, saying cryptocurrencies have been hijacked by the rich.
He added: “Despite claims of decentralization, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who over time have evolved to incorporate many of the same institutions associated with the existing core financial system. that it is supposed to replace. ”
He continued, “The cryptocurrency industry is capitalizing on a web of shady business relationships and has bought out influencers and paid media to perpetuate a get-rich-quick cult funnel designed to extract money from the desperate and desperate. the naive.
Palmer argues that cryptocurrency has taken away the worst parts of the capitalist system today, such as corruption, fraud and inequality.
Italy on Thursday took strict action against the world’s largest cryptocurrency exchange, Binance, and confirmed that it was not licensed to provide investment services in the country.
In June, British and Japanese authorities banned Binance affiliates from operating there.
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