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Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
Ethereum news

Could Wall Street 51% Attack Ethereum? Bitcoin Firm CEO Sparks Debate

Jake Simmons
by Jake Simmons
1 month ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A speculative thread led by Bitcoin Magazine CEO David Bailey on July 23 ignited a fresh dispute between Bitcoin advocates and Ethereum supporters over how the proof‑of‑stake (PoS) security model might interact with traditional capital markets. The exchange unfolded against a backdrop of publicly listed Ethereum treasury companies steadily accumulating and staking Ether—an emerging trend.

Wall Street 51% Attack on Ethereum?

Bailey’s scenario hinges on that concentration: if a cluster of corporate balance sheets holds a material share of staked ETH, equity‑market tactics could, in his view, substitute for direct token purchases in assembling validator control. Bailey opened: “If enough eth validators were owned by public ethereum treasury companies (~20% of total eth supply), you could 51% attack the public equities (ie take majority control, many ways to achieve that via capital markets) – and you’d have governance control over ethereum. In other words securities law would become eth’s consensus mechanism.”

Extending the idea, he claimed the strategy “opens quite an interesting investment strategy,” adding: “since Ethereum is not a security then ethereum holders have no legal rights… You could reorg the chain, slash other users, screw up all assets and L2s issued on top eth… legally pillage.”

Related Reading: SEC Set To Shake Up Bitcoin, Ethereum ETFs With In-Kind Approval

The core of Bailey’s hypothesis rests on two linked assumptions: first, that publicly listed Ethereum treasury companies accumulate a sufficiently large percentage of staked Ether; second, that hostile actors could obtain board or managerial control of those corporations—via hostile takeovers, activist campaigns, or other capital markets tactics—without directly purchasing ETH on‑chain.

Responding to a counterargument that an attacker would have to buy vast quantities of Ether and thereby enrich existing holders, Bailey wrote: “You don’t need to buy any eth, you just buy stock in companies that already own it.”

Related Reading: Ethereum Maxi Compares Bitcoin To Outdated Landlines, Reveals Why ETH Is Better

Critics quickly challenged both the technical premises and the real‑world feasibility. Pseudonymous commentator Birdnals framed the scenario as requiring simultaneous, secret collusion among several boards overseeing “5+ publicly traded companies” and “the 100’s of others of employees/agents it would take to perform that collusion… many of which are ETH maxis.”

They warned such conduct could invite “fraud, anti-trust violations, RICO” and other liabilities, making the proposition legally and operationally brittle. Bailey replied that “hostile takeovers is a whole world unto itself in capital markets” and questioned how “social slashing” would be applied “without screwing the other 49% of shareholders who are innocent.”

Technical members of the Ethereum community rejected the framing that validator ownership equals governance authority. Former federal agent Tigran Gambaryan responded: “Block production and mev maybe, but not governance. That’s not how eth works. ETH governance is off-chain.” Ethereum user nicholasb.eth likewise stated: “While there are many PoS blockchains that use on-chain governance, Ethereum does not. It’s important to distinguish this. It’s not just whoever owns the most ETH (or a coordinated group of holders) can control the network,” calling Bailey’s earlier claim “factually incorrect.”

At press time, ETH traded at $

Ethereum price
ETH price stalls below key resistance, 1-week chart | Source: ETHUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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