Former Ethereum Advisor Says Buterin Used Web3 to Defraud the World

Former Ethereum Advisor Says Buterin Used Web3 to Defraud the World

Steven Nerayoff once again takes a swipe at Layer-1 blockchain Ethereum’s founder, Vitalik Buterin, as he accuses the founder and his associates of defrauding the world.


Neyaroff, who previously served as an Ethereum Foundation advisor, tweeted that Buterin and his associates “covertly took control of” Web3 in its infancy and exploited it for personal gain. Furthermore, the executive alleged that the excesses of the crypto founder are also protected by “dictators hiding in plain sight.”

The comments follow a statement by Buterin where he said the original Web3 vision has been lost. Buterin, who launched Ethereum in 2015, was one of the earliest founders seen in the cryptocurrency space.

However, the recent accusations follow several others by Nerayoff against Buterin. Notably, Nerayoff has alleged several instances of misconduct by Buterin and former officials of the US Securities and Exchange Commission (SEC).

The allegations dubbed the “ETHGate” claim that the Layer-1 blockchain got special treatment from regulators. Importantly, ETHGate proponents believe this alleged relationship between the then SEC director William Hinman and Ethereum founders led to the regulator declaring that only BTC and ETH should not be considered securities.

Recently, Crypto executives such as Charles Hoskinson made similar allegations of favoritism, especially as the SEC doubled down on its regulatory charge. At present, Ethereum is the second-largest blockchain network in terms of market capitalization behind Bitcoin.

However, despite its large market share, the network’s dominance may be coming under threat, given the recent Solana resurgence. Alongside seeing a more robust price growth this year, Solana also managed to flip Ethereum on some important metrics, albeit briefly.

Meanwhile, in a separate tweet, Nerayoff mentioned that he is willing to sit with renowned crypto journalist Laura Shin to discuss the 2016 DAO attack. According to Nerayoff, he already proposed a live interview to discuss the DAO attack, which he maintains is an inside job orchestrated by Ethereum executives.

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