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The post <a href="https://coinpedia.org/news/truth-labs-exposes-ethereums-ico-ties-to-silk-road-and-mt-gox/" rel="noopener noreferrer nofollow">Truth Labs Exposes Ethereum’s ICO Ties to Silk Road and Mt. Gox</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Truth Labs has just released an ongoing investigation, blowing the lid off new data about the origin of Ethereum’s Initial Coin Offering wallets.&nbsp;
The latest segment highlights some unnerving ties between Ethereum’s funding and notorious Silk Road addresses belonging to Ross Ulbricht, the mastermind behind the infamous darknet marketplace, and the Mt. Gox exploiter known as “Dread Pirate Roberts” (DPR).
<h2 class="wp-block-heading" id="h-shady-origins">Shady Origins</h2>
Truth Labs’ latest report reveals that the ICO wallets of Ethereum, including the ones related to the founders of My Ether Wallet, were initially funded by Bitcoin addresses related to the Silk Road. According to Truth Labs, these addresses are tracked directly back to Ross Ulbricht’s “Dread Pirate Roberts” wallet. The implications of these connections are profound; indeed, the very foundation of Ethereum may be related to illicit activities dating from the early days of Bitcoin.
The diagram below, released by Truth Labs, visually represents the flow of funds from Silk Road addresses through numerous wallets and eventually into Ethereum’s ICO wallet. Ultimately, the complex web ties up with the wallets of MEW founders, who have previously been accused of the DAO exploit and sundry other questionable activities.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/1uNYFB9MI1PyUFCfwYxFvgSOVM-H-YKvwq2_2MISW_9vkthf06PAqOumoVd3SYAb3j5mz4yqn06XiqLVeBn02mMBuuloXxO4LHbmED9LAZvh7kuw8fRDVaM6F-GtJi2dsk-ATn2rlsKLgDmzGEq4zns" alt="">
</figure>
<h2 class="wp-block-heading" id="h-a-chain-marred-by-bad-actors">A Chain Marred by Bad Actors</h2>
Truth Labs describes Ethereum as a blockchain that has been tarred and feathered by theft, fraud, and money laundering on an unprecedented scale. The latest disclosure suggests that the Bitcoin used to fund Ethereum’s ICO was stolen from Silk Road, a marketplace synonymous with illegal activity.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Ethereum, The Blockchain who’s been ridden with Theft, Fraud, and Money Laundering on a scale never seen before, was originally funded from Bitcoin from the Very Same Silk Road Address’ that Ross Ulbricht stole from,” stated Truth Labs.
</blockquote>
The implications of this connection are enormous and raise severe questions about the legitimacy of Ethereum’s funding sources and the moral integrity of its founding team.
Truth Labs further alleges that individuals within Ethereum’s core team orchestrated many of the major exploits on Ethereum, including the infamous DAO hack. Despite the gravity of these accusations, accountability remains elusive. The lack of transparency and justice has fueled conspiracy theories and mistrust within the crypto community.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “I wonder why nobody seems to get held accountable for any of the exploits on Ethereum, and why North Korea is blamed for exploits by the very same MEW founder, turned investigator.”
</blockquote>
<h2 class="wp-block-heading" id="h-the-silk-road-connection">The Silk Road Connection</h2>
Ross Ulbricht, known as Dread Pirate Roberts, was the architect of Silk Road, a platform that facilitated drug trafficking and other illicit activities using Bitcoin. Ulbricht’s downfall was a pivotal moment in the history of cryptocurrency, leading to law enforcement seizing a significant amount of Bitcoin.
Truth Labs’ investigation suggests a sinister possibility: could the seized Bitcoin have somehow made its way back into the hands of Ethereum’s founders? If proven true, this theory could unravel the perceived legitimacy of Ethereum’s origins.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 The end question arises: “Could following the trail on the BTC network possibly answer this question? No way the Seized BTC makes it back into Ethereum’s founders’ wallets, right? RIGHT??”
</blockquote>

Truth Labs Exposes Ethereum’s ICO Ties to Silk Road and Mt. Gox

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