Ex-Ethereum advisor accuses Vitalik Buterin and Joseph Lubin of cheating to scale FTX 1,000x


Attorney and former Ethereum consultant Steven Nerayoff has made a series of shocking accusations against the platform’s founders, Vitalik Buterin and Joseph Lubin. Nerayoff reportedly asserted that the level of fraud in the Ethereum ecosystem has exceeded the scale of the infamous FTX scandal under Sam Bankman-Fried.

Nelayov stressed the seriousness of the fraud allegations in a statement, saying:

“Ethereum is a scam 1000 times bigger than SBF.”

His comments were part of a wider campaign suggesting there was evidence Buterin and Lubin were involved in serious fraud.

Evidence of suspected Ethereum fraud is about to be released

For months, Nelayov has hinted that he is working to collect and release evidence that could implicate Ethereum founders Vitalik Buterin and Joe Lubin. Many of his recent comments suggest that these efforts are coming to a climax.

elder brother Comment On X:

“We are making progress. Information will start to be released in weeks, not months. My goal is to make everything as public as I can. Everyone can decide for themselves. I have created another platform that cannot be censored, So I’ll post it there.”

In a subsequent series of posts, Nelayov responded to skepticism about his claims in a defiant tone.elder brother emphasize His contributions and integrity in the cryptocurrency space particularly highlight his resilience in the face of what he calls a wrongful prosecution.

“I don’t care if you don’t believe anything. I went the extra mile and demonstrated unparalleled integrity through this wrongful prosecution.”

After U.S. prosecutors dropped racketeering charges against him in May, his comments reflected his deep belief in the veracity of the charges.

Nerayoff also made critical remarks about his role in creating the Ethereum ecosystem, accusing Buterin and Lubin of using his contributions for personal gain.

“Without my invention, the Ethereum ecosystem would not exist… Lubin and Vitalik kept the cryptocurrency to benefit themselves,” he declared, indicating a betrayal of the cryptocurrency’s original vision.

He further explained the reaction to his accusations, saying the defendants were tacitly agreeing to plead guilty by not contesting them.

“Silence validates my goals.”

elder brother Announce:

“They were pure thugs. A gang that wasn’t as sophisticated and principled as the Mafia. All that trash talk from Joe and Vitalik. Where’s Andrew Case or Bill Hughes? Laura Sheen? Hell, even Government officials. I called dozens of people with serious accusations. Didn’t hear any of them say a damn thing and this has become a big deal.”

Nature of the allegation from Steven Nelayov

Steven Nerayoff’s accusations include a series of serious complaints against the Ethereum founder and the U.S. Securities and Exchange Commission (SEC). He accused Buterin and Lubin of engaging in fraudulent activities that were worse than the FTX scandal and could jeopardize the integrity of Ethereum. Nerayoff also claims that the founders orchestrated an elaborate smear campaign against him, linking him to an extortion scheme related to the Ethereum ICO.

A central theme of Nerayoff’s charges is collusion between Lubin, Buterin and senior officials in U.S. financial regulators, including SEC Chairman Gary Gensler and former SEC Chairman Jay Clayton. He accused them of using these connections to unfairly favor Ethereum in the cryptocurrency market.

Additionally, Nelayov accused the SEC of using him to target specific individuals in the cryptocurrency community, hinting at a broader conspiracy targeting key industry figures. He has described the past three and a half years of legal battles as part of deliberate prosecution by the SEC, adding another layer of ammunition to his sweeping claims.

As of this writing, ETH is trading at $1,871.


ETH 4-hour chart | Source: Tradingview

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