A source with close ties to Ethereum’s early days, Steven Nerayoff, has declared his intention to unveil purported evidence of fraudulent activities by co-founder Vitalik Buterin. In an announcement on November 12, Nerayoff stated that he would provide proof within the next 4-5 days regarding allegations of misconduct against both Buterin and fellow co-founder Joe Lubin.
Nerayoff has recently become more outspoken about these accusations, which he claims surpass even the controversy involving the crypto exchange FTX. Using the social media platform X, Nerayoff hinted at the forthcoming release of evidence that substantiates his long-standing claims of fraud against the founders of Ethereum. This development suggests a potential escalation in the scrutiny surrounding Ethereum’s early history and key figures.
Vitalik Buterin In the Crosshairs
Steven Nerayoff has indicated that the disclosure of alleged fraudulent activities involving Ethereum co-founder Vitalik Buterin will occur “hopefully within 48 hours, hopefully less,” citing logistics and the setup of smart NFTs as contributing factors.
Nerayoff’s recent online communications have prominently targeted Buterin, suggesting his deep involvement in the alleged misconduct. In one post, he questioned whether Buterin, often hailed as Ethereum’s savior for scalability, might actually be the reason for its failure to scale, leaving the judgment to the audience.
Furthermore, Nerayoff directly challenged Buterin’s contributions to Ethereum, asserting that Buterin did not genuinely invent anything. He went on to accuse both Buterin and co-founder Joe Lubin of purposefully promoting fraudulent initial coin offerings (ICOs) on Ethereum’s network, alleging that this conduct has significantly impeded the broader cryptocurrency industry. These bold claims, if substantiated, could have considerable repercussions for Ethereum and its leadership.
Fraud Allegations Loom
Steven Nerayoff asserted that the primary focus of Ethereum’s co-founders, particularly Joe Lubin and Vitalik Buterin, was to issue numerous fraudulent Initial Coin Offerings (ICOs), effectively defrauding individuals.
Nerayoff went on to claim that the primary business model for Lubin’s company, ConsenSys, in its early days was centered around generating revenue through facilitating ICOs.
In addition, Nerayoff challenged the viability of Buterin’s original Ethereum white paper, stating that it was unworkable. Instead, he credited Gavin Wood’s subsequent technical specifications, outlined in the yellow paper, as the key factor enabling the initial growth of Ethereum. According to Nerayoff, Wood played a crucial role in getting Ethereum 1.0 launched, while Buterin was the reason Ethereum 2.0 did not progress. These claims, if proven, could significantly impact perceptions of Ethereum’s early development and the roles played by its key figures.
Positioning himself as a whistleblower, Steven Nerayoff aims to expose what he alleges is a decade of corruption within Ethereum. He emphasizes that his intention is solely to reveal the truth, anticipating that others will need to unravel the broader web of corruption spanning the past 10 years. Nerayoff states, “I know this much, the Free Pass is going to cost somebody something.”
As a point in favor of the validity of his allegations, Nerayoff highlights the absence of lawsuits or public denials from the accused, particularly Vitalik Buterin and others implicated in his claims. He suggests that if he were making false accusations, those named would simply deny them. This emphasis on the lack of rebuttals adds weight to Nerayoff’s stance as he prepares to reveal what he perceives as a decade-long pattern of corruption.
As Steven Nerayoff’s bombshell revelations approach, he reveals that he has been contacted by numerous parties related to the situation since he first spoke out. In an effort to ensure the story’s public exposure, Nerayoff claims to have provided information to major press outlets before coming forward. Notably, he points out the absence of denials or responses to basic questions about impropriety from those implicated, raising concerns about the potential extent of the issues at hand.
Interestingly, despite these accusations and the impending release of Nerayoff’s evidence, the price of Ethereum’s native cryptocurrency, ether, has failed to surpass its 2022 highs. The cryptocurrency community is on edge, awaiting the unfolding of the next chapter in this story as the promised exposé from the Ethereum insider draws near.