Former Ethereum Developer Says 70% of ETH Supply Was Distributed During Pre-Mine

Ethereum insider Lane Rettig makes strong allegations about ETH ICO, claiming that 70% of all ETH in existence was distributed in the pre-mine. 

Lane Rettig, a former Ethereum core developer, recently caused a stir among crypto investors following his recent accusations against the team behind Ethereum. 

70% of ETH Supply Was Distributed During Pre-Mine 

In a video making the rounds, Rettig alleged that 70% of ETH supply was distributed during the pre-mine several years back. Notably, he pointed out the figure has recently dropped to about 60%. 

“I don’t know the right numbers, 10%, 15%, 20%, you can draw the line wherever you want. 80%, 70%, 60%, it is just too much by almost an order of magnitude,” he added. 

🚨🍿🚨🍿BOMBSHELL ALERT🚨🍿🚨🍿
Lane Rettig, former ethereum core developer, on the Ewasm team at the Ethereum Foundation
🚨ETHGATE Is THE Financial Scandal of the Century
BIGGER Than Enron. BIGGER than FTX. BIGGER than Madoff. BIGGER than MF Global. BIGGER than Theranos.🚨🍿… pic.twitter.com/7CRARuWCKJ

— Digital Asset Investor.XRP (@digitalassetbuy) December 16, 2023

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No One Knows ETH Biggest Holders’ Identity 

Aside from Ethereum co-founder Vitalik Buterin’s ETH holdings, Rettig noted that nobody knows the true identity of the biggest ETH holders. However, he noted that a very small number of people fall under the category of biggest ETH holders.  

“I’ve heard rumors that are totally anecdotal like a very small number of individuals, like one or two people single handedly bought up large percentages of pre-mine ETH because they were able to participate pseudonymously,” Rettig was quoted as saying.   

It is worth mentioning that the crypto community has been asking major questions about the transparency of ETH’s Initial Coin Offering (ICO). 

Last year, a video surfaced showing Ethereum co-founder Joseph Lubin advising early Ethereum investors to disguise themselves during ETH ICO by creating multiple pseudonymous identities. The rationale behind this advice was to avoid scaring the public. 

Notably, Rettig, who was among Ethereum’s core developers, explained that he left the Ethereum Foundation mainly because of the incidents that occurred during the ETH pre-mine. 

After working with the Ethereum Foundation for a year and six months, Rettig claimed he realized that he was “pumping Joe Lubin’s bag,” a major shift from what he wanted in his career. 

Not New 

Rettig is not the first ex-Ethereum Foundation employee to make strong allegations about the ETH ICO. Recall that former Ethereum advisor Steven Nerayoff has leveled fraudulent allegations against the ETH team. 

As reported earlier, Nerayoff alleged that both Buterin and Lubin sabotaged crypto and engaged in a fraudulent initial coin offering. He also claimed that the corruption that happened at Ethereum during ETH ICO was 1,000 times bigger than the FTX fraud.