Ex-Ethereum consultant accuses Vitalik Buterin and George Lubin of collusion with American authorities

2 min readNov 7, 2023


Former Ethereum consultant Stephen Nerayoff said that project co-founders Vitalik Buterin and Joseph Lubin participated in a fraudulent scheme that exceeds the scandalous story with the FTX crypto platform in scale. Nerayoff believes that the creators of ETH are deliberately misleading community members using social networks.

According to the lawyer, Buterin and Lubin are engaged in scams that are a thousand times greater than the scale of the crimes of the creator of FTX, Sam Bankman-Fried.

“Buterin’s claims that he was trying to create a decentralized currency are fake. It was centralized from the very beginning, and its influence is likely even more concentrated today,” Nerayoff wrote.

According to him, top managers of Ethereum and government officials, for example, SEC head Gary Gensler and ex-SEC chairman Jay Clayton, could secretly enter into an agreement even at the time of the initial offering of ETH.

“A small circle of ETH investors control about 75% of all protocol assets. So now it is not difficult to manipulate the price or even set a lower or upper price limit. Most of the trading you see on exchanges is fake or fictitious to create the appearance of liquidity,” Nerayoff expressed his concerns.

Previously, he shared a theory that the persecution of Ripple by regulators could be provoked by influential ETH owners. And the latter, in turn, may be associated with the FBI, the Ministry of Justice, and the US Securities and Exchange Commission.

According to Nerayoff, high-ranking officials became participants in the initial Ethereum ICO. They are currently hiding their holdings in the second largest digital currency to avoid liability for violating speculative trading laws.

The businessman did not name specific names, citing his lawyer’s advice not to cross “a dangerous line and to follow the proper procedures to do so, in the interests of justice and the public.”

“I believe the effective way to silence me was to prosecute me, publicly discredit me, and ultimately attempt to imprison me. This is what happened to me for the last four years, until I proved: the case was fabricated on the basis of the authorities’ own documents,” says Steven Nerayoff.

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