Emily Walker
Recent discoveries suggest that an investigator specializing in blockchain has made serious accusations against Vitalik Buterin, the creator of Ethereum, regarding the Gatecoin hack that occurred in 2016, resulting in a theft of $500 million. The investigator claims that funds from the Ethereum Foundation were funneled to the primary wallet of the hackers involved.
Buterin Accused Of Participation In Gatecoin Breach
TruthLabs, a well-known cryptocurrency investigator active on X (formerly Twitter), has charged Buterin with potential involvement in the initial Ethereum hacking incident from 2016, which resulted in the loss of tokens valued at over $500 million. The investigator noted that the wallet linked to the Gatecoin hacker was funded by just three sources.
One of these sources supposedly belongs to the Ethereum Foundation, a charitable entity that supports Ethereum’s blockchain. The second wallet was traced back to Ethereum’s Genesis Block 0 account and interacted with two main addresses, which included a Poloniex wallet controlled by a user and a contract associated with Buterin.
Furthermore, TruthLabs disclosed that the final wallet funding the Gatecoin hacker also originated from a Genesis Block 0. The investigator claims that this unidentified wallet can be traced back to prominent Ethereum developer Vlad Zamfir.
These revelations led TruthLabs to assert that an unchangeable ledger suggests Buterin and Ethereum Foundation members may have played a role in the $500 million Gatecoin hack. The investigator noted that the incident likely transpired 30 days prior to the Foundation running low on funds, preceding the well-known DAO exploit, which caused significant financial losses shortly after the Gatecoin incident.
So far, Buterin and the Ethereum Foundation have not responded to the allegations put forth by TruthLabs. The broader crypto community remains eager for further explanations and confirmations regarding Buterin’s alleged involvement as the situation develops.
Focus Turns To Silk Road Bitcoin
While implicating Buterin in the 2016 Gatecoin hack, TruthLabs also revealed new insights about Ross Ulbricht, the founder of Silk Road. According to the investigator, Bitcoin seized from Silk Road contributed to funding Ethereum’s 2014 ICO and its associated wallets.
The investigator alleged that the funds from Silk Road and Mt. Gox aided in establishing the Ethereum Foundation, particularly during Ulbricht’s imprisonment. TruthLabs criticized Buterin for failing to advocate for Ulbricht’s release following his life sentence without parole in 2015, a cause that holds considerable support within the cryptocurrency community.
In their critique, TruthLabs labeled Buterin a “stain on the word integrity,” accusing him of neglecting his ethical duties. They argue that while Buterin allegedly built the Ethereum Foundation using Bitcoin from Silk Road, he did not publicly support Ulbricht’s cause, contrasting with the sentiment prevalent in the crypto space.