NEWSLETTER
In a series of provocative posts on foundation and the broader crypto landscape. Nerayoff's statements, along with comments from on-chain researcher TruthLabs (@BoringSleuth), suggest an imminent release of information alleging widespread corruption linked to the ethereum Foundation and its co-founders.
ethereum Insider: “The time has come”
Nerayoff, in a tempting advertisementpromised a disclosure that would “change our lives” and “our perspective on the world,” implicating the ethereum Foundation in what he claims are significant and previously undisclosed illicit activities.
“READY FOR THE REVELATION OF YOUR LIFE? The time has come! The truth has been revealed and it is not what we expected when we first embarked on this journey,” Nerayoff posted, raising expectations and setting the stage for major exposure. He hailed @BoringSleuth as a pivotal figure in uncovering what he describes as “massive corruption” linked to the ethereum Foundation.
@BoringSleuth's own comments added depth to the intrigue, stating: “This week I found information that was relayed to me and I have now verified it. Within it, much of what is broken in my country and, most likely, in the rest of the world is united.” This statement not only underscores the severity of the findings, but also hints at a systemic problem that transcends national borders, rooted in the transparency of blockchain and its immutable record-keeping capabilities.
Nerayoff more moved the boat with accusations aimed directly at the operations and ethical position of the eth Foundation. “The recent revelations surrounding the ethereum Foundation and its alleged involvement in illicit activities are irrefutable and incredible,” he said, expressing frustration at the lack of government and broader media traction on these issues.
He drew parallels between the upcoming revelations and historic financial scandals, stating: “Just like SBF and Madoff, the truth will eventually come out, no matter how hard they try to hide it.” This comparison not only magnifies the anticipated impact of the revelations, but also aligns them with some of the most consequential financial truths in recent history.
What “went wrong” with ethereum?
Nerayoff's criticism extends deeply to the operational changes within ethereum since its inception. In other mail on “This video of Vitalik Buterin from 10 years ago shows a significant contrast between his early claims about eth and his current state,” Nerayoff commented.
First, Nerayoff addresses the controversial issue of on-chain data deletion. He claims that this practice is in direct contradiction to ethereum's spirit of decentralization, suggesting that it serves to conceal the eth Foundation's involvement in past controversies, including major security breaches such as the DAO and Gatecoin attacks.
Nerayoff also sounds the alarm about rising transaction fees on ethereum, which cast doubt on the sustainability and accessibility of the blockchain. He suggests that these rising costs disproportionately benefit a small group of people, undermining the egalitarian premise of blockchain.
Furthermore, Nerayoff criticizes the lack of transformative decentralized applications (DApps), which were expected to be life-changing. He implies that the initial view of ethereum's utility and impact has been pushed aside, and that the development and evolution of the platform seemingly prioritizes interests that do not align with those of the broader ethereum community.
Another major point of contention is the pre-mine controversy. Nerayoff highlights discrepancies in the minimum pre-mine volume initially promised, claiming that a select few, including entities associated with the Chinese Communist Party (CCP), acquired a larger amount than disclosed. He maintains that this has raised trust issues within the ethereum community and questions the platform's commitment to decentralization.
Lastly, Nerayoff reiterates his stance on the fundamental nature of ethereum as simply an open source database, challenging the platform's decentralized label. He points to the lack of response from ethereum leaders to his criticisms as a tacit recognition of the issues he raises, highlighting in particular Vitalik Buterin's choice of residency in a non-extradited country as indicative of the seriousness of these concerns.
Nerayoff's bold claims culminate in a stark warning: “With all this evidence piling up and no answers in sight, it makes you think: At what point does this house of cards come crashing down?” What does the future hold for ethereum and cryptocurrencies?
At the time of this publication, eth was trading at $3,471.
Featured image created with DALL·E, chart from TradingView.com
