This is a long article, so I’ll just include the beginning with link to the rest. Two of the most cancerous people in Bitcoin look like their day of reckoning is approaching. This is a major scam, and just reading through these many pages, it’s hard to keep up with it all, and it would be monstrous to put together in a criminal prosecution. And not sure how insulated some are legally, though you could work a conspiracy angle. And it’s interesting that the main fraudster running the apparent mining ponzi scheme got a meeting with Trump and invested in his company with Adam Back, fronting someone else’s money it appears. And it’s a fact that Trump has scammed over a billion from people investing in his crypto ventures, who some label bribery, which I wouldn’t discount. As we approach the end of the age, they’re getting more emboldened with their schemes, and there are no prosecutions for it, yet you or I can have the full weight of the federal government directed at us for the most minor of offenses… As public outcry for all these crypto schemes sprouts up, there could be prosecutions to appease public sentiment, so I’d be afraid if I were Adam Back, Samson Mow, or the Russians steering it all.<\/p>\n\n\n\n
https:\/\/natinfosec.substack.com\/p\/fraud-adam-back-samson-mow-chris?publication_id=9397144&post_id=212527566&isFreemail=true&r=1rignw&triedRedirect=true&utm_source=substack&utm_medium=email<\/a><\/p>\n\n\n <\/a><\/p>\n\n\n\n NatInfoS<\/a>ec.com<\/a><\/p>\n\n\n\n TLDR:<\/strong> A Bitcoin network run by one of cryptos most respected figures, Adam Back, was hacked on September 6 and $320 million of user funds remains frozen. Blockstream\u2019s Liquid Network users still cannot get their money out (contrary to highly misleading statements being put out by Adam Back and Samson Mow). We believe this is the end stage of a multi-billion dollar fraud we have been investigating.<\/p>\n\n\n\n We were the first to report that Christopher Cook, who runs Blockstream’s Bitcoin mining business, spent three years in prison for fraud. We also reported that he was raising billions from investors under the Blockstream name without telling those investors about his conviction. Bloomberg has since confirmed both!<\/p>\n\n\n\n Adam Back’s Bitcoin mining business is, in our view, a Ponzi scheme, meaning the money coming in from new investors was used to pay the old ones, while new money was raised on the promise of unrealistically high returns. Blockstream has been selling this Bitcoin cloud mining investment since 2021, some of it on a promise of 20% returns a year. The Luxembourg platform that helped Blockstream raise all this money, STOKR, presented itself as an independent Luxembourg regulated venue. But STOKR is partly owned by Adam Back who was also taking Bitcoin loans from STOKR. Investors were not alerted to any of this!<\/p>\n\n\n\n In April, The New York Times named Adam Back the likeliest inventor of Bitcoin, a story we believe The New York Times was hoaxed into running. Two months after the press coverage Adam Back was in front of American investors asking for billions for a new company whose entire business would be buying and holding Bitcoin (Bitcoin that we believe didn\u2019t actually exist – the custodian chosen to hold and verify that Bitcoin, Komainu, was not independent – more on this below). The timing is rather fishy.<\/p>\n\n\n\n Bitcoin is hard, and Blockstream used that to their advantage. Journalists, investors, and in some cases Blockstream’s own employees could not read the software or understand the operations, so the reputations of Adam Back and Blockstream were taken on faith rather than verified. Even Blockstream\u2019s enemies helped. For a decade some of the loudest voices in crypto have cast Blockstream as a shadowy cabal quietly steering Bitcoin, a theory that credits Blockstream with enormous competence. Whether they admired Blockstream or feared it, people assumed Blockstream was highly competent, and in our opinion it was not.<\/p>\n\n\n\n Blockstream is now coming apart at the seams. On August 20, Cantor Fitzgerald killed Adam Back\u2019s planned multi-billion dollar US stock listing. Adam Back\u2019s side then agreed to pay Cantor $15 million to get out of a deal that, by the contract\u2019s own terms, either party could have walked away from for nothing. On September 6th Blockstream\u2019s Liquid Network was hacked and has been frozen ever since with users unable to get their money out. Meanwhile Bloomberg has published its own investigation confirming key parts of what we found, and investors and vendors are still going unpaid.<\/p>\n\n\n\n Read Part 3 of our investigation below in full to learn what comes next (Part 1<\/a> and Part 2<\/a>).<\/strong><\/p>\n\n\n\nBloomberg exposes Adam Back & Blockstream. Plus, Samson Mow\u2019s role, the convicted felon managing billions in investor cash behind the curtain, and the lawsuits piling up. Trump payoffs?<\/h5>\n\n\n\n
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