In the ongoing saga of accusations within the cryptocurrency world, former Ethereum Foundation advisor Steven Nerayoff has targeted Ethereum’s founder Vitalik Buterin once again. Nerayoff claims that Buterin and his associates manipulated and exploited Web3 in its early stages, ultimately deceiving the world. His latest salvo responds to Buterin’s lament over the loss of Web3’s original vision.
Nerayoff, through a series of tweets, accused Buterin of secretly taking control of Web3 during its infancy and using it for personal gain. He went further, alleging that Buterin’s actions were protected by “dictators in plain sight.” These strong claims point to a narrative of complex manipulation and exploitation in the early development of Web3. Buterin, a pioneer in the crypto space and founder of Ethereum in 2015, has been an influential figure in shaping the landscape of decentralized technologies.
However, Nerayoff’s accusations indicate a growing dispute between the former insider with serious concerns about the ethical behavior of Ethereum’s founder and his associates. The allegations are not isolated incidents but are connected to a broader narrative known as “ETHGate.” This narrative claims Ethereum received special treatment from regulators, particularly from then SEC Director William Hinman.
The supposed relationship between SEC officials and Ethereum founders is believed to have influenced the regulator’s statement that only Bitcoin (BTC) and Ethereum (ETH) should be exempt from being classified as securities. Such claims of regulatory favoritism are drawing attention with figures like Charles Hoskinson echoing similar sentiments.
Ethereum, currently the second-largest blockchain by market value, faces challenges to its dominance, especially with the resurgence of Solana. Despite Ethereum’s significant market share, Solana’s strong price surge this year momentarily surpassed Ethereum in key metrics. The intensifying competition among blockchain networks signals a changing landscape with new rivals challenging Ethereum’s established position.
In a separate tweet, Nerayoff expressed his willingness to engage in a debate with renowned crypto journalist Laura Shin regarding the 2016 DAO attack. He proposed a live interview to investigate the DAO attack, maintaining his stance that it was an inside job orchestrated by Ethereum executives.