More details about what went on during Ethereum’s Initial Coin Offering (ICO) have come to light. This time, it is another Ethereum insider that is making damning revelations that could threaten the stability of the Ethereum ecosystem
70% Of Premined ETH Was Distributed
A video of former ethereum core developer Lane Rettig recently surfaced on the X (formerly Twitter) platform. In the video, Rettig mentioned that 70% of ETH that was pre-mined was immediately distributed. The developer also seemed to suggest that the majority of these distributed tokens went to the Ethereum founders.
Such revelations are undoubtedly sure to revive talks about the alleged atrocities that went on in the early stages of ETH’s development (famously known as the ETH Gate). Before now, another Ethereum insider, Steven Nerayoff, had made certain revelations that suggested that ETH and its founders had gotten a regulatory free pass from the SEC.
Now, Rettig seems to be suggesting that ETH’s founders could have also been greedy in their undertakings. According to him, distributing 70% of the ETH that was pre-mined is “just too much” by any order of magnitude. He also stated that this led him to leave the Ethereum Foundation as he couldn’t keep “pumping Joe Lubin’s bags.”
ETH price above $2,200 | Source: ETHUSD on Tradingview.com
Who The Early Ethereum Participants Were
When quizzed about those who might have gained from this distribution, Rettig stated that employees at the Ethereum Foundation didn’t exactly have access to that kind of information. The only persons that he was well aware of were ETH co-founders, Vitalik Buterin and Joe Lubin. He also mentioned the Ethereum Foundation, as their wallet addresses are public.
He, however, admitted that the early participants were a “small number of people.” Many will probably find this alarming, considering that such ICOs usually allow the crypto tokens to be distributed into the hands of many.
Rettig wasn’t done yet, as he further mentioned that there were rumors that “like one or two people singlehandedly bought up very large percentages” of pre-mine ETH. This was able to occur “because they were able to participate pseudonymously,” and so there were no limits.
Interestingly, Nerayoff recently made new allegations that seem to corroborate some of the things Rettig mentioned. In an X post, the Ethereum insider specifically stated that ETH “was created and operated to benefit a very small number of players who hold the vast majority of Ether.” He alleges that “they” used their position to commit the “biggest fraud in history.”
Featured image from Medium, chart from Tradingview.com
