- Ethereum’s founder, Vitalik Buterin, has been uncovered as having strong ties to Prometheum through a chain of associations involving Wanxiang Blockchain Labs.
- Prometheum, the only crypto-focused company backing the SEC’s regulations, has a significant stake held by Wanxiang Holdings, linking it back to Buterin.
In a surprising twist within the cryptocurrency sphere, new revelations point towards the intricate alliance between Ethereum co-founder, Vitalik Buterin, and Prometheum, an entity partly owned by Wanxiang Holdings.
As brought to light by Fox Journalist Eleanor Terrett, Buterin is a co-founder of Wanxiang Blockchain Labs, an institution with significant backing from Wanxiang Holdings. This non-profit research body, supported by Wanxiang Holdings, has a leading stake in Prometheum, establishing an interesting link to Buterin.
Breaking down these connections, we discover that Wanxiang Holdings, a holding corporation with its roots in auto part manufacturing, is a key player in funding the non-profit Wanxiang Blockchain Labs. Moreover, it’s critical to note that Dr. Feng Xiao, Wanxiang’s Executive Director, and Buterin are the co-founders of this non-profit organization.
Delving into history, in April 2015, Dr. Xiao pledged a donation of $500,000 to the Ethereum Foundation under the banner of Wanxiang, thereby underpinning the launch of the Ethereum mainnet. This act not only strengthens the ties between Buterin and Xiao but also presents the intricate web connecting Ethereum, Wanxiang, and Prometheum.
Prometheum, a platform licensed to operate as a digital asset securities firm, is viewed by the SEC as the ideal compliant company. This disclosure, pinpointing Buterin’s connection to Prometheum, takes a new turn in light of SEC Chairperson Gary Gensler’s refusal to categorize Ethereum as a security, despite claiming that all assets deploying proof-of-stake mechanism are securities.
This revelation gains further traction in view of the recent release of Hinman documents, revealing that former SEC Director, Bill Hinman, had significant interactions with Buterin following his renowned 2018 speech about Ethereum. This has fanned the flames of speculation about potential collusion between the SEC and Ethereum.
Overall, this finding provides a new perspective on how regulatory decisions might be influenced and sheds light on the intricate and sometimes surprising alliances within the crypto industry. From Ethereum’s ‘Chinese-controlled’ controversy to Ripple’s report and Buterin’s dismissal of these claims, this narrative is yet another fascinating chapter in the ongoing cryptocurrency saga.
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