CCP’s Dominance Over Ethereum Jeopardizes Entire Crypto Space: Report

In recent events, Ethereum’s decentralization has been questioned with Steven Nerayoff and TruthLabs’ speculations of the Chinese Communist Party’s (CCP) dominance over the blockchain. Pointing out the vulnerabilities of Ethereum, Steven Nerayoff, the blockchain’s former advisor, urged Founder Vitalik Buterin and Co-Founder Joseph Lubin to take immediate action.

Earlier this week, crypto sleuth TruthLabs identified CCP as Ethereum’s “largest hidden whale,” controlling over 66% of ETH supply. TruthLabs’ post also shed light on the alleged role of Prometheum in the potential classification of Ether as a security.

The US Securities and Exchange Commission (SEC) recently granted a Special Purpose Dealer Broker (SPDB) license to the platform. As per Nerayoff, this move implies a potential categorization of ETH as a security, impacting Ethereum’s legal and operational landscape.

Notably, Nerayoff pointed out CCP’s deep involvement in the matter to ” control the narrative and the crypto space.” Further, he spotted the move’s larger implications, stating, “The CCP’s stake in Ethereum jeopardizes the entire crypto world.” He added,

This move sidesteps the alarming issues within Ethereum that could jeopardize its acceptance and expose systemic corruption. It’s not merely about Ethereum’s status; it’s about safeguarding American financial sovereignty against foreign influences.

In another post, Nerayoff asserted that the impending dangers that result from CCP’s authority over Ethereum are “inevitable.” Reiterating Ethereum’s key executives as responsible, he cited, “We can’t ignore this; we must confront the corruption, hold key figures accountable, and keep advancing this constantly evolving industry.”