Steven Nerayoff’s impending disclosure concerning alleged fraudulent activities by Ethereum founders Vitalik Buterin and Joe Lubin is drawing closer, with a scheduled reveal in just 48 hours.
Nerayoff, a figure with intimate knowledge of Ethereum’s early days, has been vocal in recent weeks about the alleged misconduct of the platform’s founders. This anticipated revelation, set for November 16, follows a series of accusations that Nerayoff claims overshadow even the notorious FTX scandal.
Ethereum Insider Starts 48-Hour Countdown
Speaking via X (formerly Twitter), Nerayoff revealed that the release of his proof of the fraud allegations against Ethereum’s founders “Should be within 48 hours hopefully less. Logistics, setting up smart NFTs, etc.”
His recent communications have increasingly targeted Buterin, suggesting a deeper involvement in alleged fraudulent activities. He asserted, “Remember this video when I drop the recording & what I tell Vitalik about 2.0 and to fix misaligned incentive structures. Is Vitalik the savior they bill him as to make Ethereum scale or is he the reason it never scaled? Decide for yourselves.”
Nerayoff continued, questioning the originality of Buterin’s contributions: “Did Vitalik invent anything? No he did not. Ethereum never scaled because of him.” Furthermore, he accuses Buterin and Lubin of deliberately focusing on proliferating what he alleges were fraudulent ICOs, thus hindering the entire crypto sector.
He claims, “[The] only killer app was issuing Utility Tokens on ICOs both of which I invented. Vitalik & Lubin sabotaged crypto. Their focus was merely to issue hundreds or thousands of fraudulent ICOs fleecing people.” Nerayoff further touts that Joe Lubin’s ConsenSys’s “only revenue generating business” in the early days was to “issue ICOs mainly through Token Foundry.”
The Ethereum insider also challenged the efficacy of Buterin’s white paper, crediting Gavin Wood for Ethereum’s initial success: “His [Buterin’s] white paper was unworkable. Gavin fixed it in his yellow paper & he’s the reason 1.0 got out the door. Vitalik is the reason 2.0 never got out the door.”
In a stark statement, Nerayoff positions himself as a whistleblower, intent on exposing a decade of corruption, “Look, I’m going to be strategic & only focus on what I can prove not just allege. I am only doing it to reveal the truth but then others will have to untangle the rest of the 10 years of corruption. I know this much, the Free Pass is going to cost somebody something.”
Why Do Buterin And Lubin Not Fight Back?
He also questioned the lack of legal action against him, suggesting that the absence of denials or lawsuits lends credibility to his allegations: “Why isn’t anyone suing me for these ‘outrageous’ allegations? They have armies of lawyers & billions of dollars. Nobody will even deny they did unethical things they ignore it. If I was clean I’d simply say no.”
Notably, Nerayoff also revealed today that many parties involved have contacted him since he spoke publicly on the Ethereum fraud, underscoring the seriousness of his allegations:
“I made sure this story would go public & not dependent on me by giving info for major press before I came forward. Notice not a single denial or even answers to basic questions of impropriety from anyone. Makes one question how deep & wide this goes.”
At press time, the Ethereum price stood at $2,030 after being rejected at the yearly high.
Featured image from Bloomberg.com, chart from TradingView.com