Crypto journalist Laura Shin reflects on how Ethereum revolutionized the blockchain industry and shares insights from her book documenting its origins and controversies.
Introduction: Laura Shin, a veteran journalist, reveals how Ethereum transformed the crypto landscape. Her book, “The Cryptopians,” delves into the idealism, greed, and lies that fueled Ethereum’s rise, offering a detailed account of its founder, Vitalik Buterin, and key events like the 2016 DAO hack.
Renowned crypto journalist Laura Shin, who began her career at Newsweek in the late 1990s, reflects on how Ethereum changed the landscape of cryptocurrency and shares insights from her book on the subject.
Laura Shin’s journey in journalism began at a time when Newsweek was one of the most prestigious publications in the industry. As a young journalist in the late 1990s, Shin witnessed firsthand the transformative impact of the internet on media, particularly after online platforms broke the Monica Lewinsky story, catapulting digital news into the spotlight. Despite its storied history, Newsweek was sold for just a dollar in 2010, marking a turning point in the traditional media landscape.
“I just saw how much the internet disrupted the way everything was done. And I feel like it’s going to be the same for blockchain technology,” Shin shared during a recent interview with The Korea Times while visiting Korea. Her words reflect a deep understanding of the parallels between the internet’s disruptive power and the potential of blockchain technology.
Shin’s first encounter with cryptocurrency came during her tenure as a freelancer for Forbes. While researching the digital currency industry for the Forbes Fintech 50 list, she realized the revolutionary potential of cryptocurrencies, noting that many companies were merely putting a digital facade on outdated financial models. This revelation set the stage for her to delve deeper into the world of crypto.
As she progressed in her career, becoming a senior editor at Forbes, Shin found herself at the forefront of the rapidly evolving cryptocurrency industry. The initial coin offering (ICO) boom of 2017 and 2018 was a watershed moment in the crypto world, and Shin observed that much of the excitement and confusion centered not around Bitcoin, but Ethereum—a project that would go on to redefine the blockchain space.
Driven by a desire to document Ethereum’s history, Shin embarked on an ambitious project that would take three years to complete. Her book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze, published in 2022, offers a comprehensive account of Ethereum’s origins, internal conflicts, and the evolution of the project. Shin conducted interviews with around 200 members of the Ethereum community, providing an in-depth look at the personalities and power struggles that shaped the platform.
The book also casts a spotlight on Vitalik Buterin, Ethereum’s enigmatic founder. Known for his difficulty in refusing others and his preference for peace, Buterin’s leadership style made him vulnerable to manipulation, particularly by Ming Chan, a former executive director of the Ethereum Foundation, who sought personal gain. Shin’s narrative doesn’t shy away from the darker aspects of the Ethereum story, revealing the idealism, greed, and deceit that permeated its early days.
One of the most significant revelations in her book is the uncovering of those responsible for the 2016 hack of the Decentralized Autonomous Organization (DAO) on Ethereum. The hacker exploited a vulnerability, siphoning off 31 percent of the Ethereum coins held by the DAO, which at the time amounted to 5 percent of the total supply.
“It was important for me to show, as the title says, the idealism and the greed and the lies—all good and bad,” Shin explained. She emphasized the necessity of recording this history, noting that others within the Ethereum community also felt it was crucial to document the project’s early days.
Shin’s book was published in Korea in June 2024, and she visited the country in mid-August to promote it. “My parents emigrated from Korea, and I’m very proud of my ancestry,” Shin said, expressing her gratitude for the warm reception she received from Korean readers.
In addition to her work on Ethereum, Shin is also well-known in Korea for her interview with Do Kwon, the founder of Terra-Luna, on her blockchain and cryptocurrency podcast Unchained in 2022. Kwon, who was on the run before his arrest at a Montenegro airport, presented a stark contrast to Vitalik Buterin. “Before the Terra-Luna collapse, Kwon was one of the ones who frequently tweeted ‘have fun staying poor’ to people who don’t believe in crypto,” Shin recalled. “But when I interviewed him, he was quite a lot more humble.”
Reflecting on the interview, Shin said, “Everybody wanted to know answers to many questions, so I wanted to make sure that I asked the most important ones. I wanted to address, is he a failed entrepreneur? Is he a fraud? Is he a criminal?”
Shin’s work continues to be a guiding light for those seeking to understand the complexities of the cryptocurrency world, providing a nuanced perspective on the rise and challenges of blockchain technology.
