A source with firsthand knowledge of Ethereum’s beginnings has pledged to soon make public claims about co-founder Vitalik Buterin’s purported fraudulent actions. An early participant in Ethereum’s history, Steven Nerayoff, declared on November 12 that he would provide evidence pertaining to allegations of misbehavior against Buterin and fellow co-founder Joe Lubin within the next four to five days.
In recent weeks, Nerayoff has become more outspoken about allegations that, in his opinion, go beyond the FTX cryptocurrency exchange controversy. Nerayoff announced via posts on the social media site X that he would soon be able to present evidence in support of his long-standing claims that Ethereum’s creators committed fraud.
Vitalik Buterin Under Pressure
“Should occur in 48 hours, ideally sooner. Regarding the upcoming disclosure, Nerayoff said, “Logistics, building up smart NFTs, etc.
His remarks on the internet have mostly centered on Buterin, suggesting that he was deeply involved in the alleged wrongdoing.
Does Ethereum never scale because of Vitalik, or is he the hero they portray him as? Make your own decisions, Nerayoff wrote.
He continued by questioning Buterin’s contributions to Ethereum directly and asserting, quite simply, that the co-founder had not really invented anything. Nerayoff even went so far as to accuse Buterin and Lubin of deliberately sabotaging Ethereum’s network with fake ICOs, seriously impeding the progress of the whole cryptocurrency space.
Fraud Allegations Loom
Nerayoff said, “Their goal was just to issue hundreds or thousands of fraudulent ICOs, running away from people.”
He further claimed that Lubin’s company, ConsenSys,’s initial principal business plan was money from arranging initial coin offerings (ICOs).
The insider also questioned the validity of Buterin’s initial Ethereum white paper, attributing the platform’s early success to Gavin Wood’s later technical specifications.
“Vitalik’s initial proposal for Ethereum wasn’t practical. Gavin Wood’s yellow paper addressed the shortcomings, enabling the launch of Ethereum 1.0. However, Vitalik’s insistence on an ambitious 2.0 upgrade hindered its progress, ultimately preventing its release.”
Nerayoff is posing as a whistleblower and wants to reveal what he believes to be ten years of wrongdoing.
“I’m simply coming forward to reveal the truth; others will have to dig into the corruption that’s been happening for the past ten years.”
Nerayoff further cited the absence of court cases or official denials as evidence for the veracity of his claims.
He remarked, “If I were clean, I’d just say no,” in reference to Buterin and others’ lack of rebuttals.
Nerayoff claims that after coming up with his shocking disclosures, other connected parties have gotten in touch with him.
“I sent information to major journalistic outlets prior to coming out to ensure that this story would be public and independent of me. Not a single denial or even a response to simple inquiries about improper behavior from anyone. It makes one wonder how extensive and profound this is,” he said.
Ether, the native cryptocurrency of Ethereum, has not been able to surpass its 2022 highs in the face of Nerayoff’s charges and the approaching publication of his alleged proof. As the Ethereum insider’s anticipated exposé approaches, the cryptocurrency community eagerly anticipates the next development in this tale.
