Cryptocurrency Australia: Meet the Sydney brothers who became billionaires from nothing


Meet the Australian brothers, 32 and 39, who have become billionaires from nothing – and the VERY modern way they got so rich

  • Brothers Kieran Warwick and Aaron are worth $1billion and $1.1billion each
  • Just six weeks ago the two brothers were both worth less than $500million  
  • Illuvium allows its gamers to earn tokens and trade them for cryptocurrency 
  • Users own creatures they catch as NFTs because game is tied to block chain  










Kieran Warwick, 32, has a net worth of $1.1billion linked to the upcoming release of his cryptocurrency-fuelled video game Illuvium

Kieran Warwick, 32, has a net worth of $1.1billion linked to the upcoming release of his cryptocurrency-fuelled video game Illuvium

Two brothers in their 30s have joined Australia’s billionaire club by designing a video game in which players buy and sell items for cryptocurrency.

Kieran Warwick, 32, and his brother Aaron, 39, have seen their net worth more than double in six weeks to $1billion and $1.1billion ahead of the upcoming release of their computer game Illuvium.

The monster-based game allows users to earn tokens and then trade them for Ether – a major cryptocurrency – in what the developers call an ‘Illuvial exchange’.

Users can also swap the creatures they catch between each other as non-fungible tokens, known as NFTs, which means they physically own their in-game assets.

Kieran and Aaron were worth only $463million and $425million six weeks ago, according to the Australian Financial Review Young Rich List.

The trading platform is controlled by decentralised finance software – or DeFi – which removes banks as the middle-man in player-to-player transactions.

Pictured is a promotional graphic from Illuvium. The monster-based game allows users to earn tokens and then trade them for Ether - a major cryptocurrency

Pictured is a promotional graphic from Illuvium. The monster-based game allows users to earn tokens and then trade them for Ether – a major cryptocurrency

Illuvium is different to traditional role-player games because the data is stored on the cryptocurrency block chain rather than on a server.

‘Like many other block chain games, in our world when you capture something you own it – permanently,’ Aaron Warwick told Medium.

Pictured: Aaron Warwick, who co-founded Illuvium with his brother. His net worth has doubled to $1.1billion in six weeks

Pictured: Aaron Warwick, who co-founded Illuvium with his brother. His net worth has doubled to $1.1billion in six weeks

‘In a normal game all the data is stored on the server, which means you never truly have ownership of the things you collect.’ 

Mr Warwick said the game’s characters are inspired by extinct animals, as well as the famous creature-based role-player series Pokémon.

The brothers in February said the game’s development team, which consists of 35 team members, would release Illuvium to Windows and Mac first – before moving onto mobile next year.

The Warwick brothers’ nine-figure valuation comes just days after Treasurer Josh Frydenberg announced stronger protections for Australians who buy cryptocurrencies.

A general distrust of banks has seen more than 800,000 Australian investors put their money into crypto, including Bitcoin, over the past three years.

Kieran Warwick pictured. He founded a trading platform controlled by decentralised finance software - or DeFi - which removes banks as the middle-man in player-to-player transactions

Kieran Warwick pictured. He founded a trading platform controlled by decentralised finance software – or DeFi – which removes banks as the middle-man in player-to-player transactions

Their nine-figure valuation comes after it was announced Australians who buy cryptocurrencies will have consumer protections from next year (file image)

Their nine-figure valuation comes after it was announced Australians who buy cryptocurrencies will have consumer protections from next year (file image)

Treasury in early 2022 will begin putting together a licensing system for digital currency exchanges. 

Canberra bureaucrats will also be exploring the idea of a central bank digital currency, with recommendations by the end of next year.

‘For consumers, these changes will establish a regulatory framework to underpin their growing use of crypto assets and new payment methods,’ Mr Frydenberg said.

‘As more Australians utilise these technologies and invest in these digital assets, it is important that a robust regulatory regime underpins their interactions.’ 

Cryptocurrency changes in 2022

LICENSING: New regulations would cover digital currency trading platforms

CENTRAL BANK DIGITAL CURRENCY:  Government exploring the idea of a retail central bank digital currency in Australia

REGULATION: Treasury argued Australian regulation was needed so Australian businesses and consumers weren’t governed by foreign government and big corporation rules

 

 

 

 



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Author: Shirley