A recent investigation into Ethereum's initial coin offering (ICO) in 2014 has found no evidence of double-spending, despite ongoing social media debates. The investigation, conducted by Magazine and Canada-based blockchain forensics experts Gray Wolf Analytics, examined whether Ethereum founders artificially inflated the ICO's success by double-spending investors' funds. While some transactions initially displayed double-spending characteristics, further analysis determined that the funds did not originate from the presale address. However, the investigation did uncover some funds with illicit origins, suggesting that bad actors used the Ethereum ICO to launder dirty Bitcoin for clean Ether.