More details about what happened during The ethereum Initial Coin Offering (ICO) has come to light. This time is another ethereum Insider who is making damning revelations that could threaten the stability of the ethereum ecosystem
70% of premined eth distributed
A video from former ethereum core developer Lane Rettig recently emerged on the X platform (formerly Twitter). In the video, Rettig mentioned that 70% of the premined eth was distributed immediately. The developer also seemed to suggest that the majority of these distributed tokens went to the founders of ethereum.
Such revelations will no doubt reignite conversations. ethereum–eth-gate-explained/” rel=”nofollow noopener” target=”_blank”>about alleged atrocities that happened in the early stages of the development of eth (famously known as eth Gate). Until now, another ethereum expert, Steven Nerayoff, had ethereum/eth-gate-lubin-piece-of-paper/” rel=”nofollow noopener” target=”_blank”>made certain revelations that suggested that eth and its founders had gotten a regulatory free pass from the SEC.
Now, Rettig seems to suggest that the founders of eth might have been greedy in their ventures as well. According to him, distributing 70% of the previously mined eth is “too much” by any order of magnitude. He also claimed that this led him to leave the ethereum Foundation because he could no longer “lift Joe Lubin's suitcases.”
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/12/Another-Ethereum-expert-drops-a-bomb-70-of-all-ETH" alt="eth Price Chart by Tradingview.com (ethereum Expert)” width=”3266″ height=”1530″/>
eth price above $2,200 | Source: ETHUSD on Tradingview.com
Who were the first participants of ethereum
When asked about who might have benefited from this distribution, Rettig stated that ethereum Foundation employees didn't exactly have access to that kind of information. The only people he knew well were the co-founders of eth, Vitalik Buterin and Joe Lubin. He also mentioned the ethereum Foundationsince their wallet addresses are public.
However, he admitted that the first participants were a “small number of people.” Many will likely find this alarming, considering that such ICOs typically allow crypto tokens to be distributed into the hands of many.
Rettig wasn't done yet, as he further mentioned. that there were rumors that “about one or two people alone bought very large percentages” of eth prior to the mine. This could have happened “because they were able to participate under pseudonyms,” so there were no limits.
Interestingly, Nerayoff recently made new accusations that seem to corroborate some of the things Rettig mentioned. in a x publication, the ethereum expert specifically stated that eth “was created and operated to benefit a very small number of players who own the vast majority of Ether.” He alleges that “they” used his position to commit the “biggest fraud in history.”
Featured image from Medium, chart from Tradingview.com
