Journalism that exposes corruption in crypto.
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CASE #10  November 9, 2023

New Intrigue: A key source of The New York Times, Arkham Intelligence, was deeply linked to Sam Bankman-Fried

We reveal that Arkham Intelligence — the subject of earlier cases #2 and #9 — is deeply linked to Sam Bankman-Fried.

Arkham's report had accused the DFINITY Foundation, the developer of key technology used by the Internet Computer network, of wrongdoing shortly after the network launched in May 2021. Our research shared video of Arkham insiders saying the material was produced to order for a powerful actor, who has not yet been identified. The credibility The Times lent the material caused it to wreak tremendous multi-billion dollar harm on the ecosystem.

It was inexplicable that The Times's star reporter and media pundit, Andrew Ross Sorkin, would choose to publish material from an organization such as Arkham, which was entirely unknown at the time, only revealed a single team member, 21-year-old founder Miguel Morel, faked dates on social media, and had obviously questionable motives.

The link to Sam Bankman-Fried exposed by this case places events in an entirely new light. Andrew was a huge supporter of Sam, who was donating vast sums towards his favored political causes, and a career-boosting prestigious prize contact. Meanwhile, our Case #1 indicates Sam Bankman-Fried may have initiated a variety of massive attacks on DFINITY and the Internet Computer ecosystem in defense of his investments. Could it be the actions of Arkham and The Times were in fact orchestrated by the corrupt tentacles of Sam Bankman-Fried?

Our new spy video captures conversations with key members of the Arkham team who reveal the links.

Full case details and spy video »

CASE #9  October 5, 2023

Arkham engineer alleges exploit run on Binance linked user emails to private crypto addresses

Blockchain addresses are highly sensitive financial information. If a blockchain user's token addresses are revealed, then they might be targeted by thieves and extortionists, and their past and future transactions can be tracked. Since crypto exchanges such as Binance are large financial organizations, customers rightly expect that using them will not risk causing their real-world identities to be linked to the private blockchain addresses where they keep tokens.

Unfortunately, Arkham Intelligence, led by smooth-talking CEO and founder Miguel Morel, may not see it that way. An ex-engineer reveals how they used a technical exploit on Binance to link the emails of users to their private blockchain addresses, with the purpose of profiting from this information via their "blockchain intelligence" services. It is alleged that they knew their actions contravened Binance's terms of service, and were illegal. At this stage, we do not know how much information was harvested, and cannot confirm whether it has already been put to use on their online platform or shared through their private services.

We also reveal other worrying happenings at Arkham, including cult-like behavior, and alleged violations of American securities law that caused the departure of two senior executives they had hired.

Our new spy video captures conversations with key members of the Arkham team who allege they were coerced to perform illegal actions.

Full case details and spy video »

CASE #8  August 29, 2023

Nansen's crypto industry market research on Avalanche misleads investors

Investors in crypto tokens, and corporations trying to identify partners, look to crypto industry market research to give them clear and unbiased signal on the nature and progress of networks and projects. We noticed that some crypto projects that appear important and deserving receive almost no coverage, while others that appear dubious benefit from near constant coverage extolling their virtues — even though the reports are presented as unbiased and informative in nature.

We decided to examine crypto market research on the Avalanche blockchain published by Nansen, which has continued to release glowing reports that are widely covered in the crypto press, despite our investigative journalism previously exposing patterns of highly deceptive behavior by Avalanche leaders.

Our new spy video captures a conversation with a member of the Nansen team that produces the research on Avalanche, to see what they really think, and what important facts they might be excluding from their reports.

Full case details and spy video »

CASE #7 [RESPONSE TO NYT]  July 7, 2023

The New York Times lashes out with another puff piece for a crypto villain

The New York Times has established a track record writing puff pieces for crypto villains. Most notoriously, they provided steadfast support for crypto villain Sam Bankman-Fried, which continued even after devastating crimes came to light that caused harm to millions of people.

In their latest puff piece, The Times tries to rehabilitate the notorious disgraced crypto lawyer Kyle Roche, who was sensationally exposed on video confessing to corruptly weaponizing the American legal system on behalf of a controversial industry paymaster in Case #3. In apparent desperation to save his career, Kyle now makes self-serving claims that are unsubstantiated and often highly defamatory in nature, which The Times platforms. This is despite their subject declaring himself a liar, and being kicked off legal cases by federal judges right, left and center. So what gives?

In this case, we methodically break apart The Times's latest crypto villain puff piece to lay bare the deceptions employed to fool readers, and uncover what looks like a shocking hidden purpose born of financial self-interest — which makes a mockery of the journalistic ethics they purport to hold dear.

Read the full story and analysis »

CASE #6  May 20, 2023

Avalanche Bridge mixes in $300M of North Korean and other tainted crypto

Ava Labs operates the "Avalanche Bridge," which takes custody of crypto assets deposited by users, and creates a wrapped copy on the Avalanche blockchain, where they can be used in its DeFi systems. The bridge uses centralized trust, and Ava Labs is legally responsible for the pool of assets it maintains. For reasons we explore, it has become a primary mechanism that enables the laundering of North Korean, Russian spy, and other tainted assets. The public blockchain data highlighted in this case suggests that almost $300M of assets from such sources, which are often stolen, being deposited into the bridge.

It is unknown how much of this still remains within the pool of assets that Ava Labs maintains for the bridge. In current times, when government regulators and enforcers are looking hard at crypto, it is not knowable whether authorities may wish to seize this pool of assets and/or initiate enforcement proceedings against Ava Labs and its centralized systems. In the mean time, honest retail investors using Ava Labs' centralized bridge, may unwittingly receive tainted assets in place of those they deposited, potentially subjecting them to loss or the inability sell them.

This case does not share spy video. Instead, we focus on the detailed tracing of assets from North Korean hackers, Russian spies, and others into the Avalanche Bridge.

Full case details and tracing data »

CASE #5  April 25, 2023

Ava Labs (Avalanche) has 1000s of astroturf bots that pump AVAX tokens, slander rivals, and mislead its community

Ava Labs operates a highly organized and massive secret bot and trolling army that distorts social media discourse by using fake people to parrot messages that help their cause en masse — to encourage the purchase of AVAX tokens, amplify falacious themes, insert fake consensus into their own community, and relentlessly slander rivals.

In our new spy video, a conversation with a leading ex-engineer who worked at the heart of Ava Labs reveals the nature of their operations, including their use of "astroturf" social media accounts. We additionally peform deep empirical analysis — and share the data — that reveals the true scale of their bot army, and the nature of its activities.

Full case details and spy video »

CASE #4  April 10, 2023

Why Sam routinely manipulated token prices using FTX and Alameda

Sam took a tremendous gamble in which he stole customer assets deposited into his FTX crypto exchange, and then invested them into the ecosystems of blockchains in which he held major stakes, crooked loans to himself, and influence peddling. He had to make sure the investments he made with the stolen assets succeeded, so he could repay what he stole before discovery, or face the law. A key part of his strategy was to use Alameda Research, his hedge fund and market maker, and the FTX exchange, to widely manipulate token prices. He artificially boosted the price of tokens to inflate the apparent value of his holdings, and attacked competitive ecosystems that might disrupt his investments, often by crashing the value of their tokens.

Our new spy video captures a conversation with the Head of Settlements at FTX.US, who confirms goings on, and gives a sense of the full corruption that was occurring at the heart of Sam's empire. She also opines on why Sam claims FTX.US was solvent, perhaps explaining the massive transfer of funds from FTX International to FTX.US just after he was arrested.

Full case details and spy video »

CASE #3  August 26, 2022 [UPDATED August 31]

Ava Labs (Avalanche) attacks Solana & cons SEC in evil conspiracy with bought law firm, Roche Freedman

Ava Labs is the for-profit company that develops and promotes the Avalanche blockchain. It is led by founder and CEO, Emin Gün Sirer. Roche Freedman is a law firm that widely sues organizations and individuals in crypto, including using several dozen class actions. It is led by founding partner, Kyle Roche. Ava Labs entered into a pact with Roche Freedman, after giving their key executives AVAX tokens and Ava Labs stock now worth hundreds of millions of dollars.

According to Kyle Roche himself, this aligned them in an aim to increase the value of AVAX, and is behind an ongoing conspiracy to use the legal system to harm Ava Labs competitors, share "expertise" gleaned from confidential information obtained through legal discovery processes, pursue the personal vendettas of Emin Gün Sirer himself, and con regulators by directing them towards other projects and away from themselves. Emin's own lawyer Kyle Roche does all the talking in shocking spy videos...

Full case details and spy video »

CASE #2  June 9, 2022

How The New York Times promoted a corrupt attack on ICP by Arkham Intelligence

On June 28th, 2021, Arkham Intelligence published the "ICP Report," which essentially claimed that the Dfinity Foundation, which contributes technology to the Internet Computer blockchain, executed a "rug pull" after the network underwent genesis. They claimed that they had not been paid to produce the report. Both this claim, and the claims of the report, were false.

The report was published in concert with The New York Times newspaper, causing billions of dollars in damages to holders of the Internet Computer's native token, ICP, and harming its ecosystem and community. We investigate what was behind the report. The evidence collected reveals the shocking extent of The New York Times's culpability, and how mainstream media has been dragged into crypto corruption.

Full case details and extensive spy video »

CASE #1  June 9, 2022 [UPDATED April 7, 2023]

Were attacks on ICP initiated by a master attack — multi-billion dollar price manipulation on FTX?

May 10th, 2021, the Internet Computer blockchain underwent network genesis. This made its ICP governance token transferrable and it became available on spot markets hosted by crypto exchanges. In early trading, the fully-diluted market capitalization of ICP exceeded $200 billion. However, those purchasing ICP were unaware that its initial price had been dramatically inflated using the ICP-PERP futures instrument on the FTX crypto exchange. Once the price manipulation ceased, the price of ICP began a dramatic fall. This fall damaged the reputation of the Internet Computer and triggered other attacks that made the falls self-reinforcing. This caused tens of billions of dollars damage to the Internet Computer ecosystem and ICP token holders.

Our report investigates goings-on, and examines possible motives for the price manipulation, including whether it might have been used to disrupt the Internet Computer ecosystem to pave the way for Solana, and deliver billions of dollars in extra capital gains to holders of its SOL token. Sam Bankman-Fried has the trading logs for ICP-PERP in his possession, which must be shared to reveal who was behind the manipulation.

Full case details »