Ethereum's Alleged 'Bait-and-Switch' Draws Fire from Ex-Advisor

Former Ethereum advisor Steven Nerayoff denounces Ethereum's "deceptive evolution," accusing founders Vitalik Buterin and Joseph Lubin of greed and deception. Nerayoff alleges that Ethereum's founders have corrupted the project, turning it into a "deceptive database" controlled by a few. He claims that Buterin and Lubin had secret dealings with the SEC and defrauded the crypto community, manipulating ICOs and hindering Ethereum's true potential.

Ethereum's Alleged 'Deceptive Evolution' Under Fire from Former Advisor

Steven Nerayoff, a former advisor to the Ethereum blockchain, has reignited his campaign against the project, alleging a "deceptive evolution" driven by greed. In a recent blog post, Nerayoff excoriated Ethereum founders Vitalik Buterin and Joseph Lubin, accusing them of manipulating the project for their own financial gain.

Nerayoff, who has repeatedly criticized Buterin and Lubin for Ethereum's perceived shortcomings, claims that the founders' ultimate goal is to transform the "revolutionary project" into a "deceptive database controlled by a few to manipulate many." He asserts that Ethereum is "built on deceit and lies" and that its founders believe investors are too gullible to notice.

In a November post, Nerayoff alluded to the ETHGate conspiracy theory, suggesting that Buterin and Lubin had clandestine dealings with the Securities and Exchange Commission (SEC) to influence regulatory outcomes. In a subsequent post, he accused Buterin and his team of defrauding the crypto community.

Nerayoff's latest revelations focus on the Initial Coin Offerings (ICOs) conducted by Vitalik. He alleges that Buterin altered Nerayoff's ICO proposal, a move that he claims led to fraudulent ICOs.

"When I architected the ICO and implemented it with Ethereum, I did this to help them bring Ethereum to life," Nerayoff wrote. "I saw the endless possibilities of positive change and none of the negatives that they had up their sleeves."

Nerayoff contends that Ethereum would have become the "base of crypto" if his original proposal had been followed. However, he alleges that the Ethereum founders bypassed key steps and replicated his ICO proposal, resulting in a proliferation of fraudulent ICOs.

Nerayoff's allegations have been met with mixed reactions within the crypto community. Some have expressed support for his claims, while others have dismissed them as unfounded. The Ethereum Foundation has not yet publicly responded to Nerayoff's allegations.

The SEC's recent probe into Ethereum has raised further questions about the project's compliance with securities regulations. The agency is investigating whether Ethereum's ICOs violated federal securities laws. The outcome of the investigation could have significant implications for Ethereum and the broader crypto industry.

As the controversy surrounding Ethereum continues, investors and regulators alike are closely monitoring the situation. The project's future will depend on the resolution of the SEC's investigation and the response of the Ethereum Foundation to Nerayoff's allegations.