In a recent revelation, Steven Nerayoff, a former advisor to Ethereum and current litigant against Ethereum founders Vitalik Buterin and Joseph Lubin, has disclosed a pivotal moment in his history with the cryptocurrency. In a detailed statement on X (formerly Twitter), Nerayoff revealed that he turned down an allocation of more than 1 million Ether (ETH) in the past. According to Nerayoff, this decision was rooted in his commitment to avoiding conflicts of interest and a vision for Ethereum that diverged from the trajectory set by its founders.
The Ethereum insider shared this revelation in a candid post on X, stating, “OVER 1 MILLION ETHER: Here is how much I care. I would have over 1 million Ether if I didn’t refuse my contribution, get reimbursed for expenses which was in Ether & choose not to invest in the ICO to avoid a conflict. I don’t regret it for a second. It’s not what I signed up for.”
Nerayoff attributed the surge in Ether’s price to the initial coin offering (ICO) and utility token model, which he believes played a crucial role in funding numerous projects on the Ethereum platform. Despite his contributions, he expressed dissatisfaction with the current state of Ethereum, stressing that a focus on decentralized applications (DApps) could have significantly increased Ether’s value.
“But I don’t say that to brag as I’m not happy, that’s the reason it’s valuable. If they had focused on DAPPs then the world would have changed PLUS Ether would be way more valuable. They have hurt the value of Ether. It’s just people don’t realize how much more valuable it would be today if they did what they said and created a truly decentralized scalable smart contracts platform,” he further stated.
Ethereum Insider Reveals Stark Visionary Contrast With Leadership
Nerayoff’s comments underscore a significant difference in vision between him and the Ethereum leadership. He also revealed the refusal of his Ether allocation and expense reimbursement, emphasizing his focus on changing the world rather than personal gain – a departure from the motivations of Buterin and Lubin. “I cared deeply about changing the world, not Vitalik & Lubin’s insatiable appetite for money & power,” he concluded.
To support his claims, Nerayoff released communications with Ethereum co-founder Ethan Wilding and former Chief Communications Officer (CCO) at Ethereum, Stephan Tual. These communications, dating back to 2014 and 2015, revolve around the Ethereum endowment and the allocation of Ether to Nerayoff. In an email dated March 12, 2015, from Ethan Wilding, he acknowledges Nerayoff’s decision to direct his Ether allocation elsewhere. Nerayoff’s response underlines his dedication to the project without the expectation of financial return.
“I see. I really was here to help the cause and continue to do so. As such, I wasn’t expecting anything in return. I donated, and continue to when asked, my time and passion to the project.”
Moreover, in exchanges with Stephan Tual, Nerayoff elaborates on his financial backing for Ethereum, underscoring his dedication without pursuing reimbursement:
“No this was not approved although I spoke with Joe [Lubin] about it at length. The issue is that it was the last large office space […] and create a community which will be very beneficial to Ethereum NYC.. Right now I’m paying for it out of my pocket… I suppose for now consider this my gift to Ethereum (along with the Opinion Letter) and whatever the future holds on this is fine with me so long as we are successful.”
These disclosures arise amidst Nerayoff’s ongoing preparations for his legal confrontation with Buterin and Lubin, aiming to substantiate fraud allegations against them. Importantly, the timing of Nerayoff’s lawsuit filing remains uncertain.
In recent months, Nerayoff has consistently unveiled new revelations and leveled accusations against Buterin and Lubin. His assertions, including labeling Ethereum as a more significant scam than FTX and implicating an inside job in the DAO hack, have generated considerable attention.
As of the latest update, ETH is trading at $2,515.