Ethereum Co-Founder To Quit Crypto Industry; How Will It Affect The Crypto Market?

The cryptocurrency market has been slowly tipping down, with the values of Bitcoin, Dogecoin, and Ethereum slipping. Investors in the crypto world have another thing to worry about apart from the shedding value. Ethereum co-founder Anthony Di lorio has decided to quit the crypto industry and plans to solve larger problems. But it looks like there's a bigger story here.

It started after Dogecoin's other co-founder, Jackson Palmer, slammed the cryptocurrency industry on Twitter. Dogecoin, which started as a meme and a joke, is now highly valuable, thanks to Elon Musk. However, the recent comments on Twitter by Dogecoin co-founder are having a larger effect on the crypto world.

Ethereum Founder Wants To Quit: Here's Why

Presently, Ethereum is valued at around USD 225 billion. However, Ethereum co-founder Di lorio wants to quit the industry to solve bigger problems, he told Coindesk. However, a Bloomberg report says the reason for Di lorio's decision to quit is because of personal safety concerns among other things.

The Bloomberg report further quotes him saying the crypto industry has a high-risk profile. "I don't feel necessarily safe in this space. If I was focused on larger problems, I think I'd be safer," he was quoted saying. "I want to diversify to not being a crypto guy, but being a guy tackling complex problems. I will incorporate crypto when needed, but a lot of times, it's not. It's really a small percentage of what the world needs."

Ethereum Co-Founder Quits: How Will It Impact The Crypto World?

Di lorio's decision to quit the crypto industry might not seem shocking at all. For the past few months, the fluctuation in the crypto values has had a massive impact on investors. Moreover, Elon Musk, who is dubbed Dogefather, has been promoting Dogecoin aggressively. This has further impacted the value of long-time cryptos like Bitcoin and Ether.

I am often asked if I will “return to cryptocurrency” or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted “no”, but to avoid repeating myself I figure it might be worthwhile briefly explaining why here…

— Jackson Palmer (@ummjackson) July 14, 2021

Forbes estimated Di lorio's net worth at USD 1 billion back in 2018. The value has since then doubled, including Ether's. Moreover, Di lorio isn't just quitting Ethereum. He also wants to cut off ties with crypto startups that he's involved in and won't be investing any more in blockchain projects.

Moreover, Di lorio and Palmer's recent comments once again shed light on the dark side of the crypto industry. While several companies and countries are planning to make crypto a legal acceptance, the fresh wave of decisions might impact this too.