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In December 2017, a photo taken at a San Francisco Bitcoin Meetup holiday party captured the optimism of crypto’s first major bull run. The image featured two young men—Frédéric Fortier in an Ethereum-themed sweater and Mathieu Baril in a Bitcoin one—posing amid the excitement of Bitcoin nearing $20,000 and Ethereum trading above $700. That iconic image was published in a New York Times article titled Everyone Is Getting Hilariously Rich and You’re Not, cementing its place in crypto culture.
But shortly after the photo went viral, the crypto market experienced one of its most dramatic downturns. By January 2018, the industry faced intense regulatory pressure, Facebook and Google ad bans, and the devastating $530 million Coincheck hack. Bitcoin crashed by over 80%, hitting lows of around $3,100 by the end of the year, in what became known as the “Great Crypto Crash.”
As the market faded, so did the public presence of the now-famous sweater guys. While the image resurfaced occasionally on social media platforms like X (formerly Twitter), speculation swirled about their fates. Some joked that Fortier had “slow rugged” the community, while others believed they had quietly exited after cashing out.
However, new findings suggest the truth is far more impressive—and far less dramatic.
Fortier: From Sweater Star to DeFi Pioneer
Frédéric Fortier has stayed deeply embedded in the crypto ecosystem. According to profiles on Crunchbase and LinkedIn, he is currently a co-founder and lead contributor at DerivaDEX, a decentralized derivatives exchange. The platform is supported by DEX Labs, a research and development group focused on creating next-gen trading infrastructure.
Fortier previously worked at Enigma, a privacy-focused protocol on Ethereum, where he played a key role in launching Catalyst, one of the earliest algorithmic trading platforms in crypto. His work has spanned multiple market cycles, indicating a strong commitment to the space far beyond the hype of 2017.
Baril: Building the Future of On-Chain Analytics
Meanwhile, Mathieu Baril has also carved out a notable path in crypto. He now leads Octav, a startup that specializes in on-chain analytics. Octav helps users track, categorize, and understand wallet transactions across blockchains—an essential tool in today’s increasingly complex crypto ecosystem.
Baril’s move into analytics aligns with the maturing nature of the industry, where transparency, data-driven insights, and compliance tools have become more critical than ever. His role at Octav highlights how the industry’s early adopters have grown into builders shaping its infrastructure.
A Time Capsule of Crypto’s Wild Ride
The sweater photo remains a cultural artifact of crypto’s early mainstream moment. At the time, it captured both the optimism and naivety of an industry still finding its footing. Today, it serves as a reminder of how far the space—and the people in it—have come.
Far from disappearing or cashing out, Fortier and Baril have evolved from symbols of speculative mania into legitimate contributors to the decentralized future they once celebrated in knitwear. Their paths reflect a broader trend of early crypto enthusiasts maturing into founders, technologists, and leaders in the industry.
As the next generation of crypto builders emerges, the story of the sweater guys is proof that beneath the surface of hype, there are real people driving innovation. And sometimes, those people are just wearing really memorable sweaters.
