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- TruthLabs claims Ethereum’s ICO was funded by seized Silk Street Bitcoin.
- Allegations counsel Vitalik Buterin knew of this funding in early 2014.
- Criticism arises over Buterin’s lack of help for Ross Ulbricht’s freedom motion.
TruthLabs, a blockchain investigative analyst, has accused Ethereum co-founder Vitalik Buterin of benefiting from Bitcoin seized from Ross Ulbricht’s Silk Street pockets throughout Ethereum’s preliminary coin providing (ICO). The allegations emerged following an internet alternate between Buterin and Ulbricht on January 19, 2025.
Ulbricht, who’s serving a life sentence for working the Silk Street market, took to X to make clear his non-involvement with meme cash bearing his identify. Vitalik responded with a message of help, calling Ulbricht’s life imprisonment “absurd” and expressing hope for his freedom.
TruthLabs’ Allegations
Within the early hours of immediately, TruthLabs posted a collection of claims alleging that Bitcoin from Ulbricht’s seized pockets was used to fund Ethereum’s ICO and the Ethereum Basis. They acknowledged that the downfall of Silk Street and the confiscation of its property supplied the monetary basis for Ethereum’s success.
Based on TruthLabs, Buterin was allegedly conscious as early as January 2014 that Ethereum’s ICO can be funded by Bitcoin linked to Silk Street property and the collapsed Mt. Gox alternate. The put up criticized Buterin for not main efforts to help Ulbricht’s freedom, regardless of Ethereum allegedly benefiting from his imprisonment.
“Vitalik, your ICO, and your Basis’s wallets have been funded from Bitcoin that got here from Ross Ulbricht’s seized Silk Street pockets,” TruthLabs wrote.
They additional condemned Buterin for permitting grassroots actions like Free Ross DAO to depend on public donations whereas offering solely minimal public help himself.
Broader Context and Response
Ross Ulbricht’s life sentence has lengthy been a contentious subject, with supporters advocating for clemency and criticizing the severity of his punishment. Free Ross DAO, a decentralized fundraising initiative, has raised important funds to help Ulbricht’s authorized efforts.
Neither Buterin nor the Ethereum Basis has responded to the allegations on the time of writing. Nevertheless, the claims have reignited debates over the origins of Ethereum’s funding and the moral obligations of its management.
In the meantime, in the course of the U.S. president-elect Donald Trump’s marketing campaign, he made a pledge to the crypto neighborhood to free the Silk Street creator, Ross Ulbricht, if re-elected. Notably, with Trump taking workplace immediately, whether or not he’ll fulfill the promise stays to be seen.
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