Steven Nerayoff Accuses Ethereum Founders of Massive Frauds and Corruption

Tue 07 Nov 2023 ▪ 3 min of reading ▪ by Fitah
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Steven Nerayoff, a former advisor to Ethereum, has publicly accused the founders of Ethereum of fraud. According to his allegations, Vitalik Buterin and Joseph Lubin, two iconic figures in the crypto industry, were conducting fraudulent activities 1,000 times larger than SBF. The founder of FTX, now convicted, orchestrated one of the biggest financial frauds in American history. But what are the reasons behind these accusations? Let’s find out.

Two men sitting on a Ponzi pyramid, fraud, with Ethereum crypto

Ethereum founders accused of fraud

Steven Nerayoff declared on X (Twitter) that the Ethereum fraud is 1,000 times greater than that of SBF. As a reminder, the FTX case is one of the biggest financial frauds in the crypto industry. Sam Bankman-Fried was implicated in numerous crimes, including the misappropriation of customer and lender funds. This led to the collapse of his crypto exchange FTX and his trading company Alameda Research.

Steven Nerayoff on X (Twitter)

The FTX founder was convicted on all seven federal counts and faces a maximum sentence of 110 years in prison. He was charged with money laundering, securities fraud, wire fraud and more. Considering the frauds committed by SBF, it’s hard to imagine anything worse. Yet Steven Nerayoff claims otherwise, revealing that Ethereum’s founders are major fraudsters.

Allegations of corruption within the SEC

According to this former Ethereum advisor, Ethereum’ s founders have allegedly bribed SEC officials. Joseph Lubin and Vitalik Buterin provided cover for corrupt officials at the highest levels of federal agencies. In particular, he cited Clayton, Gensler and many others. This would have given the project an unfair advantage on the crypto market. Ethereum executives gave bribes to the SEC to turn a blind eye to the network’s ICO, he said. Ethereum could thus escape charges of violating securities law.

However, Nerayoff provided no substantial evidence to support his allegations against Ethereum’s founders (ETH). Moreover, his reputation for distorting the truth undermines the credibility of his information.

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Fitah avatar

Je suis passionnée par les cryptomonnaies, un monde que j'ai découvert il y a peine 3 ans. Mon seul but est de vous informer de cet univers incroyable à travers mes articles.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.