Is Ethereum a Bad Actor? Found Secret Ties With Mt. Gox & the Blockchain Bandit

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Truthlabs, a blockchain forensics analyst has shared some secret ties that have been found linking important events and people in the cryptocurrency world. They found links between Mt. Gox’s Special Task Force, the mysterious Blockchain Bandit, and the Ethereum Foundation, suggesting things might not be as straightforward as they seem.

Ethereum’s Secrets Ties

Truthlabs starts its investigation by saying that Ethereum, one of the big names in cryptocurrency, might not be as trustworthy as it seems. They say it could all fall apart at any moment. He claims to have proven that the Special Task Force involved in the Mt. Gox investigation, which framed Ross Ulbricht, turns out to be the biggest holders of Ethereum.

Truthlabs investigation shows that these Ethereum wallets were directly connected to early phishing attack wallets, involved in both sending and receiving ether. He also highlights that these wallets funded over half of vDice’s ICO, a project linked to Erik Voorhees, a prominent figure in the crypto space.

Things get interesting when Truthlabs reveals that funds from the vDice ICO were sent to Yobit, and later to the notorious Blockchain Bandit wallet, famous for stealing private keys for almost a decade. 

Further, the stolen ether from the Blockchain Bandit was then sent to Erik Voorhees’ Shapeshift exchange.

Tracing the Trail

Further Truthlabs found out that Erik Voorhees might have been involved in a big scam earlier this year, where tens of millions of dollars went missing from a website called CoinRail. The money from that scam went through a wallet connected to Erik Voorhees’ company.

They even caught a con artist who was working with the same shady wallets, trying to make money from creating digital collectibles. This whole mess is connected to the Ethereum Foundation, the group behind Ethereum, which is pretty worrying.

Exploits and Expansions

Diving deeper into the investigation Truthlab reveals a connection between the Gatecoin hack and Ethereum Foundation’s main wallet. They think the Foundation’s main wallet funded the hackers, or at least knew what was going on.

It also hints that there are bigger networks involved, including well-known people like Mike Novogratz who started something called Hacker Gold, and the person who funded the Blockchain Bandit.

Keeping the Investigation Going

At last, Truthlabs says they’re still trying to sort it out all. They want to make sure everything’s fair and transparent in the crypto world. This whole investigation shows that there might be some serious problems behind the scenes going on the ethereum network.