Ethereum Co-founder Exits Crypto Industry, Citing Insecurity
One of the co-founder of Ethereum blockchain, Anthony Di Iorio, has announced that he is quitting the crypto industry. Di Iorio claims that he is quitting the crypto industry partly due to security concerns. While he didn’t elaborate, he did say that he doesn’t want to become a crypto expert, but rather “a man who solves complicated issues.”
Ethereum was founded in 2013 by Di Iorio and others, notably Charles Hoskinson of Cardano, Vitalik Buterin of Ethereum, and Gavin Wood of Polkadot. Since then, the venture has grown to be the next favourite network for countless initiatives. It’s market capitalization has soared to over $225 billion.
Di Iorio, such as the majority of Ethereum’s co-founders, moved away from the venture after few years. He moved forward with the establishment of Decentral, a Toronto-based decentralized technology development centre, where he has been operating since.
The firm created Jaxx, a well-known crypto wallet with a growing following. Over a million people have signed up for the wallet as of 2021. He is already mentoring a number of crypto and blockchain-centered businesses in addition to working on Decentral.
In 2018, Forbes had assessed the net worth to be over $1 billion, owing to his stake in Ethereum and his role as an early stage investor in a number of startups. According to the creator, the crypto sector has grown dangerous. “I don’t always feel secure in this environment. I believe I’d be secure if I was concentrating on bigger issues,” he continued. He did not, nevertheless, identify what dangers or safety problems he is concerned about.
Di Iorio has already announced that Decentral is for sale and is in negotiations with a number of capable buyers. He plans to sell the business for several millions of dollars. He hasn’t revealed how he plans to utilize the cash, but he intends to offer the firm for fiat or stock rather than cryptocurrency. Aside from the cryptocurrency realm, the businessman is working on Project Arrow, a zero-emission car. He might push the project – launched by a high school acquaintance – single handedly.
His departure from the crypto realm comes only days after the co-creator of Dogecoin blasted the industry. Jackson Palmer compared the crypto business to “the worst aspects of today’s capitalism society (e.g. corruption, cheating, unfairness)” in a Twitter tirade.