More details have emerged about Ethereum’s Initial Coin Offering (ICO), with revelations from an insider that could potentially destabilize the Ethereum ecosystem. Former Ethereum core developer Lane Rettig recently made a video in which he claimed that 70% of pre-mined ETH was immediately distributed, with the majority going to the Ethereum founders.

These revelations have reignited discussions about alleged misconduct during the early stages of ETH’s development, known as the ETH Gate. Another Ethereum insider, Steven Nerayoff, previously suggested that ETH and its founders received preferential treatment from the SEC.

Rettig’s claims imply that the Ethereum founders may have acted greedily by distributing such a large portion of pre-mined ETH. He left the Ethereum Foundation because he felt uncomfortable with this distribution. When asked about those who benefited from the distribution, Rettig mentioned ETH co-founders Vitalik Buterin and Joe Lubin, as well as the Ethereum Foundation.

Rettig also mentioned rumors that a small number of individuals purchased significant percentages of pre-mined ETH because they were able to participate anonymously. Nerayoff’s recent allegations support some of Rettig’s claims, stating that ETH was designed to benefit a select few who hold the majority of Ether.

These revelations raise concerns about the fairness and transparency of the early stages of ETH’s development, particularly as ICOs typically aim to distribute tokens widely. The impact of these revelations on the stability of the Ethereum ecosystem remains to be seen.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	1
People	Steven Nerayoff, Joe Lubin, Vitalik Buterin, Lane Rettig
Companies	SEC, Ethereum Foundation
Currencies	Ethereum
Securities	None