- The Chinese CCP’s dominance in the Ethereum ecosystem remains a matter of concern for community members.
- According to TruthLabs, CCP is the network’s largest hidden whale.
Members of the cryptocurrency community have long expressed concerns about China’s position in the Ethereum ecosystem. Echoing these sentiments, Steven Nerayoff, former advisor at Ethereum, revealed the Chinese CCP’s significant stakes in Ethereum and the potential dangers to the network.
Taking to X, also known as Twitter, to speak out on the matter, the former Ethereum executive noted that crypto enthusiasts are turning a blind eye to an ongoing trend with the Chinese Communist Party (PCC). Neyaroff argues that Ethereum’s market position could be threatened by the CCP’s significant dominance of the network. Certain that America’s top regulators are corrupt, he urges major market players to address the underlying problems. He wrote:
The CCP’s stake in Ethereum puts the entire crypto world at risk. It’s inevitable. Ethereum has vulnerabilities, that’s a fact. The SEC and other entities are compromised. We cannot ignore this; we must fight corruption, hold key figures accountable and continue to advance this ever-changing industry.
Notably that of Neyaroff statement was made in response to TruthLabs. As TruthLabs claims, PCC is Ethereum’s largest hidden whale, with its asset ownership estimated at approximately 66.6% of Ethereum’s total supply.
The CCP has been accused of favoring US regulators to maintain its position
Truth Labs has made another major claim, claiming that the United States Securities and Exchange Commission (SEC), as well as the Commodity Futures Trading Commission (CTFC), have both been “compromised” by the CCP. Prometheum, the only US-registered crypto securities platform, is also accused of reinstating special treatment, to operate as the only Purpose Dealer Broker license for digital assets in the US.
Alleging that Paycheck Protection Program (PPP) fraud may have been enabled via Ethereum, Truth Labs stated the following:
I wonder how much of the PPP fraud during Covid came from the CCP, which went through Ethereum. Just look at the data. A massive surge in dollar volume shown below flowed through Binance as our trillions in PPP funds were released.
Recent statements from crypto figures have sparked debate within the Ethereum community, although feelings are currently mixed. However, top Ethereum executives like Vitalik Buterin have yet to make an official comment in response to the allegations.
It is worth mentioning that TruthLabs has explored the Ethereum ecosystem and conducted research aimed at shedding light on the depths of the Ethereum network structure.
Last year, TruthLabs took a deep dive in the Ethereum network. According to their findings, NFT-wrapped tokens, CEXs, and DEXs, along with every other part of the Ethereum ecosystem, were victims of theft, exploits, and mockery. However, the validity of the research still needs to be verified by insiders.
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