Allegations Against the Ethereum Foundation for Involvement in Gatecoin Hack
A detailed thread on social media platform X by on-chain forensic analyst TruthLabs, supported by former Ethereum advisor Steven Nerayoff, has made serious allegations against the Ethereum Foundation. According to TruthLabs, there is evidence linking the foundation to the Gatecoin hack of 2016, which occurred before the DAO hack.
The Gatecoin Hack and Traced Transactions
The Gatecoin hack took place between May 9 and May 12, 2016. TruthLabs examines the on-chain movements associated with this event and focuses on four Ethereum addresses believed to be directly involved. One particular address, 0x1342a0, stands out due to its activities prior to the hack.
TruthLabs traces the origins and transactions of another wallet, 0x8266, which interacted closely with 0x556b. The latter address was funded by the Ethereum Foundation and played a role in sending gas money to the hackers’ wallet.
The Connection to the Ethereum Foundation
The key allegation is that wallet 0x556b, which sent gas money to the hackers, was originally funded by the Ethereum Foundation’s main wallet. This suggests a direct financial connection between the foundation and the Gatecoin hackers.
Possible Motive for Involvement
TruthLabs speculates that the Ethereum Foundation may have been facing a financial crisis at the time of the hacks. Financial forecasts from September 2015 indicated that they could run out of funds by June 2016, aligning with the timing of the Gatecoin and DAO hacks.
Calls for Accountability and Further Investigation
Steven Nerayoff emphasizes the seriousness of these allegations and calls for a response from the implicated parties. TruthLabs invites the crypto community to independently verify the findings and delve deeper into these claims. As of now, there has been no comment from Vitalik Buterin or anyone else from the Ethereum Foundation.
Hot Take: Allegations Against Ethereum Foundation for Gatecoin Hack Involvement
On-chain forensic analyst TruthLabs and former Ethereum advisor Steven Nerayoff have made substantial allegations against the Ethereum Foundation, linking them to the Gatecoin hack of 2016. The thread presents evidence of transactional connections between the foundation and the hackers. The motive behind this alleged involvement is speculated to be a financial crisis faced by the foundation at that time. Calls for accountability and further investigation have been made, but there has been no response from Vitalik Buterin or other foundation members. These allegations raise serious concerns about the foundation’s integrity and its role in past hacks.
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