TL;DR
- Steven Nerayoff, a former advisor to Ethereum, has accused the founders of Ethereum of manipulating the crypto community with fraudulent Initial Coin Offerings (ICOs) and causing the recent probe into Ethereum by the SEC.
- Nerayoff alleges that Ethereum’s founders, including Vitalik Buterin and Joseph Lubin, had confidential dealings with the SEC to influence the regulator to frame favorable rules, leading to what he terms the “ETHGate” conspiracy.
- He asserts that if Ethereum had adhered to his original ICO blueprint, it could have served as the foundation for all cryptocurrencies. However, he accuses the founders of bypassing crucial steps and creating deceptive ICOs, raising questions about the integrity of Ethereum’s founders and the future of the blockchain.
Steven Nerayoff, a former advisor to the Ethereum blockchain, has recently voiced his concerns over what he terms the “deceptive evolution” of Ethereum. In a series of posts, Nerayoff has accused Ethereum founders of manipulating the crypto community with fraudulent Initial Coin Offerings (ICOs).
Nerayoff alleges that the founders’ greed is the sole reason for the recent probe into Ethereum by the Securities and Exchange Commission (SEC) and the emergence of the ETHGate conspiracy theory. He asserts that the founders’ ultimate aim is to transform the “revolutionary project” into a “deceptive database controlled by a few to manipulate many”.
UNVEILING ETHEREUM'S DECEPTIVE EVOLUTION:
The problems with @ethereum, the announcement of the @SECGov investigation, and the ETHGate movement are all due to the founders' greed and willingness to allow our revolutionary project to become nothing more than a deceptive database…— Steven Nerayoff (@StevenNerayoff) March 21, 2024
In his posts, Nerayoff has repeatedly targeted Ethereum founder Vitalik Buterin and co-founder Joseph Lubin, accusing them of deceit and lies. He claims that they believe the community is “dumb enough to not be the wiser”. Nerayoff urges the community not to allow this to continue and calls for the “Ethereum house of deceit” to fall.
The Future of Ethereum: Integrity in Question
Nerayoff has also hinted at a possible truth in the ETHGate theory, suggesting that Buterin and Lubin had confidential dealings with the SEC to influence the regulator to frame favorable rules. He blames Buterin and his team for hustling the crypto community. In his recent revelations, Nerayoff unveiled the fraudulent ICOs by Vitalik, which he claims altered his own ICO proposal. He states:
“When I architected the ICO and implemented it with Ethereum, I did this to help them bring Ethereum to life. I saw the endless possibilities of positive change and none of the negatives that they had up their sleeves. My intention was to avoid legal and regulatory issues”.
Nerayoff asserts that if Ethereum had adhered to his original invention, it could have served as the foundation for all cryptocurrencies. However, he accuses the founders of Ethereum of bypassing crucial steps and duplicating his ICO blueprint, leading to the creation of deceptive ICOs.
This news has sent shockwaves through the crypto community, raising questions about the integrity of Ethereum’s founders and the future of the blockchain. As the situation unfolds, the crypto world waits with bated breath for further developments. At the time of writing, ETH is trading at around the $3,400 mark, losing nearly 4% in the last 24 hours.
