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Samson Mow Ethereum next FTX

Crypto CEO Claims ‘Ethereum Is The Next FTX’

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

In a controversial statement, Samson Mow, CEO of JAN3, known for pioneering nation-state Bitcoin adoption, sparked intense debate in the cryptocurrency community with his assertion on X (formerly Twitter): “Ethereum is the next FTX.” This comparison to the infamous crypto exchange which collapsed in November 2022 has raised eyebrows and concerns, particularly as Mow linked his claim to a tweet by on-chain sleuth “TruthLabs” (@BoringSleuth).

Ethereum is the next FTX. https://t.co/qCqga1Q5XW

— Samson Mow (@Excellion) January 12, 2024

Unpacking The Allegations: The Blockchain Bandit Connection

TruthLabs’ tweet highlights a disturbing connection between a founding ETH developer and the enigmatic “Blockchain Bandit,” known for massive crypto thefts. The researcher’s tweet read:

Remember, one of the Founding Devs of Ethereum sent Ethereum/Gas to the Blockchain Bandit during the period in time in which The Blockchain Bandit was draining thousands of normal people’s wallets holding their Crypto (2015/2016) on the Ethereum Blockchain. It wasn’t until 1 year later that this exploit was revealed.

This revelation suggests a potential inside link between Ethereum’s early development team and the notorious hacker. The researcher further notes that this took place just three months prior to The DAO exploit, which, according to hin, “was a complete, provable, inside job.”

He added, “What if I told you the Movie made on the Blockchain Bandit, the Book by Laura Shin made about the Dao exploit, were both massive coverups so that nobody would look deeper? 2024 will be the year of Crypto’s Grand Awakening.”

Related Reading: Ethereum’s Capacity Boost: Buterin Advocates For 33% Increase In Gas Limits

Further intensifying the scrutiny, TruthLabs’ October 2023 claim implicated Christoph Jentzsch, a core ETH developer and the mind behind The DAO. TruthLabs stated, “Not only did Christoph Jentzsch launch THE DAO, but ANOTHER one of Ethereum’s core DEV’s, who had keys to the Ethereum Foundations Wallets, interacted with THE BLOCKCHAIN BANDIT’s wallet, PRIOR to the DAO Hack.”

Steven Nerayoff, a former Ethereum advisor and self-proclaimed “ETH whistleblower,” has expressed outrage over the lack of media coverage on these allegations. His statement on X asserted: “NO PRESS ON DAO HACK?! Not a single article on the biggest bombshell in crypto history. If not true they could disprove it with on-chain data.”

Nerayoff insists that the DAO Hack bears “the hallmarks & evidence of being an inside job,” and he believes that the transaction reversal, potential market manipulation, and insider trading point to a broader conspiracy, potentially even a RICO violation. “On chain analysis coupled with other evidence points to people within the ETH Foundation & http://Slock.It responsible,“ Nerayoff asserted.

Related Reading: Developer Thinks The Ethereum “Ultrasound Money” Narrative Exaggerated: Is It?

Nerayoff is currently preparing a lawsuit against the ETH founders Vitalik Buterin and Joseph Lubin for their alleged fraudulent activities. In recent weeks, however, things have become quieter around Nerayoff, who has not yet revealed a date when the lawsuit will be filed.

The Blockchain Bandit And Ethereum DAO Hack

The “Blockchain Bandit” has been a notorious figure in the crypto world, known for exploiting weak private keys and stealing over $90 million in cryptocurrency. Despite years of inactivity, the recent movement of stolen funds has reignited interest in this case.

Meanwhile, the DAO hack remains one of the most significant incidents in crypto history, where a hacker exploited a smart contract vulnerability in the DAO, leading to the theft of over $50 million in Ether and resulting in a controversial hard fork in the ETH blockchain.

Overall, the need for thorough investigation and clear answers is paramount. Samson Mow’s stark comparison has undoubtedly put Ethereum’s security, governance, and history under a microscope, with the crypto world now awaiting concrete evidence or rebuttals to these serious allegations.

At press time, ETH traded at $2,691.

Ethereum price
ETH price left the consolidation zone, 1-day chart | Source: ETHUSD on TradingView.com
Featured image from Forbes Colombia, 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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