Is CCP Influencing the Ethereum Network?

Truth Labs, acrypto investigator well-known on various platforms, has made serious allegations concerning the Ethereum network’s decentralised future.

According to the investigator, the Chinese Communist Party (CCP) reportedly exercises control within the Ethereum network through entities it is associated with.

In a recent claim, Truth Labs suggested that entities with close ties to the CCP held an overwhelming majority of ETH mined before the 2022 merge update, accounting for approximately 80% of the total.

Allegations on CCP

Recognised for its rigorous investigative work in uncovering various crypto-related scams and secrets, Truth Labs has previously exposed critical information related to Ethereum’s founder, Vitalik Buterin.

In a tweet from June 2023, Truth Labs made a claim about the connection between ETH and the CCP:

The investigator’s recent findings have shed light on the alleged involvement of Chinese entities within the Ethereum network.

Notably, the investigator highlighted the role of the Chinese conglomerate Wanxiang Group, a major early funder of the Ethereum network in 2015.

With an initial investment of $500,000, the Wanxiang Group has emerged as one of the prominent Ethereum whales, also playing a role in establishing Vitalik Buterin’s original wallets.

Truth Labs further speculates that these Chinese entities might hold a portion of the overall ETH supply, potentially exceeding 66.6%.

Claims and Concerns

Truth Labs has alleged that Chinese entities are responsible for orchestrating the launch and subsequent rug pulls of various altcoins, centralised exchanges (CEXs), decentralised exchanges (DEXs), and stablecoins.

The Ethereum network stands as the largest ecosystem in the crypto market, currently locking over $50.32 billion in total value.

Concerns have been raised by Truth Labs regarding the potential erosion of the network’s decentralisation credentials and overall credibility due to the CCP’s growing influence.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.

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