Some background

On February 2021, George Hotz (geohot) et al. forked the Ethereum chain to form cheapETH. A project intended to provide a stable, affordable testnet for the Ethereum ecosystem, with cross-chain communication functionality. The founders of the devETH project participated in this community, spending time and resources building infrastructure surrounding the project.

Unfortunately, days after the project was started, a member of the cheapETH community discovered and pointed out patch in the cheapETH fork of go-ethereum, that grants 25,000,000 cheapETH tokens to the developers associated with the project. According to the cheapETH website, that would theoretically amount to 25,000 Ethereum as per the pegged 1/1000 ratio described by the cheapETH developers. This single transaction has theoretical market value of $46 million USD at the time of writing. (Feb 18th)

Following this revelation on the cheapETH Discord server, a number of community members expressed their concern regarding this seemingly gratuitous developer fund, and the details surrounding its implementation. Instead of addressing these issues, the cheapETH staff appointed in the Discord community resorted to deleting messages and banning members of the community who were posing unwanted questions about the financial motivations of the cheapETH project.

The devETH project authors do not intend to make any assumptions or accusations as to the financial dealings and motivations of the cheapETH developers - They are free to do whatever they wish with their project. However, prompted by the drastic response in the Discord community, and a suggestion by George Hotz, a group of cheapETH community members decided to launch the devETH project as a direct fork of the cheapETH project.

We intend to continue innovating on the vision of the cheapETH project, and wish all the best to the cheapETH team on their endeavour.

The devETH team invites anyone interested in our take on the cheapETH vision to participate in our Discord server.

- The devETH team