June 23, 2024

The former Ethereum core developer, Lane Rettig, has just made a shocking revelation regarding ETH’s initial coin offering (ICO). He alleged that the protocol team distributed over two-thirds of the Ethereum token supply during pre-mine. 

This distribution represents 70% of all ETH coins. Also, Rettig accused the Ethereum team of some foul play, sparking several reactions within the crypto community.

Class of Biggest ETH Holders Are Very Small And Anonymous

The recent trending video within the crypto space covered Rettig, revealing certain facts regarding ETH’s ICO. Digital Asset Investor.XRP posted it on the X platform.

According to the former core developer, Ethereum’s team distributed about 70% of the token’s supply during the pre-mine period. He noted that the equivalent figure of the coins has plummeted to 60% recently.

Rettig stated: “I don’t know the right numbers, 10%, 15%, 20%, you can draw the line wherever you want. 80%, 70%, 60%, it is just too much by almost an order of magnitude.

Further, Rettig brought up the mystery surrounding ETH’s biggest holders.

According to the developer, the public knows only Ethereum co-founder Vitalik Buterin’s holdings. However, other larger ETH holders concealed their real identities and have remained anonymous. 

Also, the developer mentioned that the class of biggest ETH holders has a very small number of people.

Again, Rettig said:

I’ve heard rumors that are totally anecdotal, like a very small number of individuals, like one or two people single-handedly bought up large percentages of pre-mine ETH because they were able to participate pseudonymously.

Doubts Over The Transparency Of Ethereum’s Initial Coin Offering (ICO)

Before now, several reactions and questions had been spreading within the crypto space over the transparency of Ethereum’s ICO. There was also a video and rumors about Ethereum’s co-founder, Joseph Lubin, last year.

He allegedly told early investors how to purchase multiple units of ETH during the ICO. 

He stated that whales could remain anonymous by creating multiple pseudonymous email identities to disguise themselves at ETH ICO. 

In a recent post, Rettig complained about some incidents that happened during the ETH pre-mine period. The overall outcome of the event contributed to his exit from the Ethereum Foundation.

According to the developer, there were many differences between his proposed career path and the occurrences in the foundation. As such, he had to leave after realizing that he was “pumping Joe Lubin’s bag.” Notably, Rettig worked with the foundation for about one and a half years.

His allegation is not the first that comes from a former Ethereum team member against the protocol within the crypto industry. Another ex-ETH Foundation staff, Steven Nerauoff, accused the Ethereum team of fraudulent actions regarding the token’s ICO.

According to Nerayoff, the Ethereum founders Lubin and Buterin both sabotaged cryptocurrency. 

Moreover, they manipulated Ethereum’s initial coin offering, which reflected some fraudulent activities during the entire process. Nerayoff alleged that the level of fraud during ETH ICO was 1,000 times greater than that of the FTX exchange.


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