Ethereum Insider Unveils Ethereum Founders’ Fraudulent ICOs

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  • Steven Nerayoff unveils the alleged “deceptive evolution” of the Ethereum blockchain.
  • The Ethereum advisor alleges that Ethereum founders are manipulating the crypto community with fraudulent ICOs.
  • Nerayoff adds that Ethereum would have been the base of crypto if his ICO proposal had been implemented.

Steven Nerayoff, a former advisor to the Ethereum blockchain, has recently raised his voice against the alleged “deceptive evolution” of Ethereum. In his latest X post, Nerayoff slammed Ethereum founders, claiming their “greed” as the sole reason for SEC’s recent probe into Ethereum and the ETHGate conspiracy theory.

Nerayoff, who has blamed Ethereum founder Vitalik Buterin and co-founder Joseph Lubin several times for the blockchain’s mischievous journey, once again attacked them. He asserted that Ethereum founders’ ultimate aim is to make the “revolutionary project” nothing more than a “deceptive database controlled by a few to manipulate many.” He added,

Ethereum is built on deceit and lies, and they think you’re all dumb enough to not be the wiser. Well, I am, and I am saying to all of you, don’t allow this to happen a day more. The Ethereum house of deceit must fall once & for all!

In a November post, Nerayoff hinted at a possible truth in the ETHGate theory, arguing that Buterin and Lubin had confidential dealings with the Securities and Securities Commission (SEC) to influence the regulator to frame favorable rules. In a subsequent post, Nerayoff accused Buterin and his team of defrauding the crypto community.

Nerayoff, in his recent revelations, unveiled the fraudulent Initial Coin Offerings (ICO) by Vitalik, which altered Nerayoff’s ICO proposal. He stated,

When I architected the ICO and implemented it with Ethereum, I did this to help them bring Ethereum to life. I saw the endless possibilities of positive change and none of the negatives that they had up their sleeves. My invention was to avoid legal and regulatory issues.

The Ethereum insider added that the blockchain would have been the “base of crypto” if his invention was followed. As per his post, Ethereum founders skipped some significant steps and replicated his ICO proposal, giving rise to fraudulent ICOs. 

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