Steven Nerayoff, a lawyer who has served as an advisor for Ethereum, has candidly alleged that the founders of Ethereum are greater fraudsters than the disgraced ex-CEO of FTX Sam Bankman-Fried (SBF), who is now dealing with a fraud trial.

Nerayoff made the allegation on X in response to an update concerning the prosecution of Bankman-Fried. He particularly made mention of Vitalik Buterin and Joe Lubin in his allegation. According to him, Buterin and Lubin are a hundred times bigger fraudsters than Bankman-Fried.

In Nerayoff’s words,

Ethereum is the fraudulent elephant in the room in plain sight, 1000x bigger than SBF.

Furthermore, the lawyer argued that Buterin and Lubin have close relationships with allegedly corrupt top-ranking U.S. government officials. He particularly mentioned the names of serving and past chairman of the U.S. Securities and Exchange Commission (SEC), Jay Clayton and Gary Gensler, respectively.

Ethereum is the fraudulent elephant in the room in plain sight 1000x bigger than SBF. Joe Lubin & Vitalik Buterin have been the front with corrupt officials at the highest levels of federal agencies such as Clayton, Gensler & many others. Cover this now.

— Steven Nerayoff (@StevenNerayoff) November 2, 2023

“Joe Lubin & Vitalik Buterin have been the front with corrupt officials at the highest levels of federal agencies such as Clayton, Gensler & many others,” Nerayoff alleged in the X post. Notably, the ex-Ethereum advisor did not identify the alleged crimes concerning Buterin and Lubin.

Nonetheless, it likely relates to the development that ensued prior to Ethereum’s initial coin offering (ICO). In recent weeks, Nerayoff and other well-known figures in the XRP community have theorized that the Ethereum founders had brided the SEC executives to get a free pass. The bribery argument is that Ethereum leaders tipped SEC leaders not to pursue charges of violating security laws with the Ethereum ICO.

In another conversation, Nerayoff shared private communication between Joe Lubin and Ethereum legal counsels that borders on the concern of criminal liability upon Ethereum ICO.

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