Ethereum Foundation Facing Legal Investigation Over Alleged Involvement in Gatecoin Hack
An independent legal investigation will soon be launched into the alleged involvement of the Ethereum Foundation in the 2016 Gatecoin hack. This development comes after on-chain forensic analyst TruthLabs (@BoringSleuth on X) revealed evidence and sparked intense discussions. TruthLabs announced the initiation of the probe on Twitter, stating that a law firm will investigate the Gatecoin hack and the Ethereum Foundation’s involvement.
Accusations Against Ethereum Foundation
In previous posts, TruthLabs accused the foundation and its key figures, including Vitalik Buterin and Joseph Lubin, of being directly involved in the GateCoin exploit, which resulted in the theft of over $450 million worth of ETH. The allegations have not been denied or addressed by any developer or crypto analytics firm.
The Silence and Support from Others
The Ethereum Foundation and its leaders have remained silent in response to these allegations. According to TruthLabs, this silence indicates their inability to dispute the facts presented. Former Ethereum advisor Steven Nerayoff has also supported these allegations and criticized the silence from those accused.
Evidence of Connection
TruthLabs’ analysis of ETH wallet addresses and transaction records presents evidence that directly links the Ethereum Foundation to the losses incurred during the Gatecoin hack. This event occurred before the infamous DAO hack and resulted in a loss of 185,000 ETH. The alleged motive behind the foundation’s involvement is attributed to financial worries at the time.
Implications and Current Price
The information surrounding these allegations has gained significant attention, with nearly 1 million impressions across the internet. As a result, regulatory bodies such as CFTC, DOJ, SEC, and Homeland Security may take action. At the time of writing, ETH is trading at $2,207.
Hot Take: Ethereum Foundation Faces Legal Scrutiny Over Alleged Involvement in Gatecoin Hack
The Ethereum Foundation is set to undergo a legal investigation into its alleged role in the 2016 Gatecoin hack. On-chain forensic analyst TruthLabs has presented evidence linking the foundation to the hack, accusing key figures such as Vitalik Buterin and Joseph Lubin. Despite these allegations, there has been no response from the Foundation or its leaders. The silence suggests an inability to dispute the evidence. This development has garnered significant attention, with support from individuals such as former Ethereum advisor Steven Nerayoff. As the investigation unfolds, regulatory bodies may be compelled to take action. The implications for the Ethereum Foundation could be far-reaching.
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