Ethereum Co-Founder Quits Crypto Over Security Concerns

Frankfurt, Hesse, Germany - April 12, 2018: Cryptocurrency coin Ethereum with several stacks of coins in the background.
gopixa / Getty Images

Ethererum co-founder Anthony Di Iorio said he is cutting ties with the crypto industry because of personal safety concerns and because he no longer wants to be known as the “crypto guy.”

See: Dogecoin Co-Founder Says He’s Done with Cryptos, They Don’t ‘Align With His Belief System’
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“It’s got a risk profile that I am not too enthused about,” Di Iorio told Bloomberg. “I don’t feel necessarily safe in this space. If I was focused on larger problems, I think I’d be safer.”

Di Iorio also told Bloomberg he would sell his company, Decentral, a software development company focused on decentralized technologies, to start a philanthropic foundation in the next year. He added he plans to sell the company for fiat, or equity in another company, not crypto.

“I want to diversify to not being a crypto guy, but being a guy tackling complex problems,” Di Iorio told Bloomberg.

“I will incorporate crypto when needed, but a lot of times, it’s not,” he added. “It’s really a small percentage of what the world needs.”

Di Iorio’s comments come on the heels of Dogecoin co-founder Jackson Palmer, who had some harsh words about crypto last week, calling them “an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity,” in a Twitter rant. Palmer added that he will wholeheartedly “return to cryptocurrency.”

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Palmer slammed everything about the industry, from the lack of regulation to the “cult-like,” get-rich-quick schemes and bought influencers, as well as the “powerful cartel of wealthy figures” who control it.

“It doesn’t align with my politics or belief system, and I don’t have the energy to try and discuss that with those unwilling to engage in a grounded conversation,” he tweeted.

Cryptos in general have been slumping in the last few weeks. Bitcoin is at $30,600 this morning, down 3.44% in the past 24 hours, according to CoinMarketCap, and down more than 50% from its all-time $65,000 high in April.

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About the Author

Yaël Bizouati-Kennedy is a former full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

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