A team of crypto investigators has brought to light the significant number of ETH tokens received by Ethereum co-founder Joseph Lubin during the token’s ICO. Australian pro-XRP lawyer Bill Morgan raised questions about the exact percentage that Lubin’s 3.75 million ETH coins represent in relation to the total distributed during Ethereum’s ICO phase. At the current exchange rate of $2,901, these coins amount to a staggering $10.87 billion in value. The allegations against Lubin were made by a group called TruthLabs, who also claimed that he engaged in more fraudulent activities than Bernie Madoff. The group presented evidence showing that over 50% of the Bitcoin addresses allegedly associated with Lubin participated in the ETH ICO, revealing how much BTC Lubin supposedly paid and the total ETH he received. Screenshots attached to a tweet displayed addresses linked to Lubin that invested 1,648 BTC and received 3.27 million ETH. TruthLabs stated that the investigation took hundreds of hours but shared the information with the public for free. There have been previous allegations of corruption during Ethereum’s ICO, with former Ethereum advisor Steven Nerayoff accusing Lubin and Vitalik Buterin of sabotaging crypto and engaging in fraudulent ICO practices. However, the exact amount of ETH received by the co-founders, especially Lubin, remains unknown. Lubin has refrained from disclosing his ETH holdings, including during CoinDesk’s Consensus 2022 event, where he claimed to hold less than half a percent. This contradicts previous analysis by Forbes, which estimated his holdings to be between 5% and 10% of the total ETH supply when they named him the second-richest man in crypto in 2018. Despite the resurgence of corruption allegations, Lubin has remained silent about his ETH holdings. As the SEC investigates whether certain ETH transactions qualify as securities, attention has turned to Lubin’s exact holdings. His company, Consensys, recently filed a lawsuit to prevent the SEC from labeling ETH as securities. It is important to note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed are those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.
