by Rushali 
The world is enjoying the bull run of the crypto industry and it has created many billionaires and millionaires as well. Every time there is a bull run in the market many persons who have been holding their cryptocurrencies patiently have become rich. The last time it happened in the year 2017, but unfortunately, it could not sustain and crashed.
This year’s bullish rally is fueled by investment from big market players and not just retail investors. In 2017 also cryptocurrencies were also enjoying a similar bullish rally but then suddenly it crashed. And many people believe that it will again happen this time also. But the difference between 2017’s bull run and today’s bull run is that it is fueled by institutional investors unlike then it was just retail investors who were investing and when they started profit booking it crashed.
Today as we all know there are so many big firms that are investing in bitcoins. Every day we see a new firm entering the list of companies investing in bitcoin. From Tesla to Visa, there are different types of companies who are investing their money in this cryptocurrency.
It is proof that when big companies can trust bitcoin with their money with bitcoin then how can it crash suddenly. This major bull run has made many people rich, one of them is Eric Voorhees. If you are wondering who is he after reading the name then this article is best for you.
I will cover all the details possible about him and his net worth through this article.
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Who is Eric Voorhees?
He is the founder of the cryptocurrency exchange called ShapeShift. Eric is one of the first cryptocurrency enthusiasts, he is present in this industry since 2011. He has started his career in this industry as the Head of Marketing at BitInstant. Then he has founded the bitcoin startup Coinapult in the year 2012. He was also the co-founder of the gambling site SatoshiDICE, which is sold in the year 2013.
Voorhees launched SatoshiDICE in April 2012, which allows the players to bet on the roll of dice using bitcoin. By the year 2013, the company had already processed over 4.6 million bets worth more than 3.6 million BTC that is approximately $419 million. Then in May 2013, the company closed its website to all U.S.-based IP addresses following advice from its legal team. At the time they were concerned about the move to legal uncertainty around online gambling in the United States.
At last, in July 2013, Voorhees sold the company to a buyer who was not disclosed for 126,315 BTC, which was worth $11.5 million at that time. Then he founded Coinapult, a company that allows users to send bitcoin via SMS among other products. But he sold that also and started the cryptocurrency exchange ShapeShift in the year 2015.
Fine by SEC
In the year 2014, Eric Voorhees was fined by the U.S. Securities and Exchange Commission (SEC) for his solicitation of funds for shares related to his two bitcoin-related companies, SatoshiDICE and FeedZeBirds. According to the regulatory board, 30,000 shares of FeedZeBirds and around 13 million shares of SatoshiDICE were sold for bitcoin amounting to a total of $737,659 at that time.
He was also accused of using social media platforms like Facebook between 2012 and 2013 to solicit investors without the regulator’s approval. At that time, this was the highest-profile case of securities violations for bitcoin ventures. He finally settled with the SEC and agreed to pay $15,843.98 in disgorgement plus a $35,000 penalty. But the settlement also prohibited him from making any crypto-security offering for the next five years.
ShapeShift
It is registered in Switzerland, ShapeShift is an exchange that supports over 50 cryptocurrencies. Around the time of its launch, ShapeShift was known for supporting cryptocurrencies other than bitcoin also called altcoins, and for its focus on privacy. The exchange also did not accept fiat currencies in its early days, and therefore did not need a bank account, which other exchanges have struggled to find.
ShapeShift went through a major rebranding in the year 2019, moving from its ShapeShift website to shapeshift.com. The new website has all the products Voorhees and his employees had been working on since the company launched. And the new platform also includes features such as the ability to purchase cryptocurrencies with fiat money, interoperability with their hardware wallet, KeepKey, and their cryptocurrency pricing tracker CoinCap.
Eric Voorhees Net Worth
His exact net worth is not known by anybody, it is estimated that Eric Voorhees’s net worth is around $11 million.
This was all about Eric Voorhees, he has vast experience and knowledge about this industry which he likes to share on his Twitter feed. That makes his Twitter page a great source of knowledge.
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