One of Ethereum’s Lead Developers Announces He’s Leaving His Position at the Surprise Altcoin: Raises Suspicion

Leading Ethereum researcher Justin Drake has announced significant changes to his professional commitments, stepping down from his advisory positions and other roles to focus on Ethereum Layer 1 (L1) research and coordination.

In a recent statement, Drake announced that he is stepping down from his advisory role at EigenLayer (EIGEN), leaving the ultra sound team, and will no longer be participating in consultancies, angel investments, or security councils.

The EIGEN altcoin price has lost 6% in the last 24 hours.

Drake’s advisory role at EigenLayer has previously caused controversy in the crypto community.

Drake expressed regret for past decisions that he viewed as missteps in hindsight. “I stepped down as an advisor to the Eigen Foundation in September. I would like to apologize to the Ethereum community and my Ethereum Foundation colleagues for the uproar I caused. Looking back, this was a bad move on my part,” he said. He emphasized that it is important to maintain public trust and legitimacy while contributing to L1 advancements. “Ethereum is special because of the standards that researchers, developers, and coordinators hold themselves to,” he said.

Drake has also moved away from the Ultra Sound team, handing over operations and decision-making to three key contributors: Alex, Niclas and Christian. “The project has three excellent full-time contributors who take full responsibility for the operations and decision-making of the Ultra Sound relay and dashboard,” he said.

Despite the challenges faced in 2024, Drake expressed optimism for the future, saying, “I am optimistic that 2025 will be a great year for Ethereum and an energizing year for L1 R&D.”

*This is not investment advice.