The tumultuous events at nChain, a blockchain research and development firm, have recently come to light, unravelling a tapestry of internal conflicts, corporate manoeuvres, and public deceptions. The termination of key personnel like Christen Ager-Hanssen and CFO Andrew Moody hints at larger issues within the organization.
The vociferous revelations by Ager-Hanssen, the company’s former CEO, have ignited further debate, shining a spotlight on the company’s corporate governance and the veracity of its claims.
The Terminations
Norbert recently pointed out that nChain filed terminations on September 28th, a move that not only saw Christen Ager-Hanssen exiting but also ended the tenure of CFO Andrew Moody, who had been with the company for five and a half years.
While terminations in corporations are hardly newsworthy, the circumstances and accompanying allegations make this situation exceptional.
In a rather dramatic twist to an already complex saga, Craig Wright, who was terminated from nChain on Sunday, September 24, allegedly announced a day later, on Monday, September 25, that certain drives had been “found.” This revelation comes right after his firing by Christen Ager-Hanssen, the CEO of nChain, and the chairman Stefan Matthews. The timing of Wright’s announcement raises several questions, not the least of which is whether the “discovery” of these drives is connected to his sudden departure from nChain.
Given the various controversies and legal battles surrounding Wright, his announcement regarding the discovery of drives is sure to ignite speculation and scrutiny from multiple quarters. Could these drives contain evidence or information that will substantiate his various claims, including his long-contested assertion that he is Satoshi Nakamoto?
Or might they include data relevant to the ongoing legal and corporate dramas he has been a part of? At this point, it’s all conjecture. However, considering Wright’s polarizing influence within the cryptocurrency world and the recent turbulence in his professional life, whatever is on those drives could hold significance both for him and the broader crypto community. Wright’s post-firing revelation about these drives adds another mysterious layer to an already convoluted narrative.
Ager-Hanssen’s Revelations
Ager-Hanssen did not leave quietly; he took to social media to spill the beans on some of the inner workings at nChain. According to him, not only was Shadders, a key developer at Bitcoin SV, “forced out” due to politics, but there were also other misrepresentations happening within the company.
The claims and counterclaims surrounding nChain’s ownership structure have taken a dramatic turn, thanks to a revelatory recording released by Christen Ager-Hanssen, the company’s former CEO. Contrary to the statements made by Craig Wright, Calvin Ayre, and Stefan Matthews, who have all insisted that Wright holds no shares in nChain, the recording unmistakably divulges that Wright owns a staggering 30% of the company. This piece of information not only undermines their public assertions but also raises important questions about the transparency and ethical conduct of the involved parties.
A Disguised Ownership?
Perhaps equally compelling is the elaborate mechanism employed to obscure this ownership. Wright’s 30% stake is strategically held through DW Discovery Selection Fund LTD, a company registered in the Cayman Islands under the company number MC-245708. The use of an offshore entity in a well-known tax haven adds another layer of complexity and secrecy to the already convoluted web of relationships and power dynamics within nChain. It seems that the goal here is more than just tax optimization; it is designed to shield the actual ownership structure from public scrutiny.
The mastermind behind this intricate arrangement is said to be Marco Bianchi of Fairway Family Office AG, a company regulated by the Swiss Financial Market Supervisory Authority (FINMA). The revelation raises further questions about the compliance and legality of these clandestine setups. It also makes one ponder the extent to which Fairway Family Office AG, as a regulated entity, was aware of, or complicit in, the unfolding subterfuge.
The Russian Mining Business
Ager-Hanssen also threw out a cryptic message regarding a Russian mining business, urging those in the know to come forward and become whistleblowers. His invitation to confidentially share information further thickens the plot and hints at potentially undisclosed activities that could be of public interest.
Court of Public Opinion and Legal Verdicts
While Ager-Hanssen has expressed doubts about Wright being the real Satoshi Nakamoto, the creator of Bitcoin, he leaves the final judgment to the court. This legal tussle also implicates Calvin Ayre, a staunch supporter of Wright, whose emails may serve as incriminating evidence, should Wright be declared a “Faketoshi” in the COPA case, as alleged by @artonbitcoin.
Shadders’ Perspective
The narrative around BitcoinSV and Craig Wright has been deeply fraught, as underscored by a searing comment from Shadders, an ex-Bitcoin SV developer. In a candid Twitter post, Shadders decries Craig Wright’s counterproductive influence on the BitcoinSV project, arguing that Wright’s actual contributions have been negligible, if not downright detrimental.
While the development team was laboring tirelessly to implement a node from scratch amid the chaotic hashwar, Wright’s conduct on social media served only to enflame tensions and alienate support. Shadders and his team, who received public acknowledgement for their work at Coingeek London 2020, contrast sharply with Wright, who appears to have abstained from even basic gestures of gratitude.
Shadders’ comments amplify the question of attribution and credit in the complex, collaborative world of cryptocurrency development. The tweet suggests that Craig Wright, despite the prominence of his name and the volume of his claims, may be undeserving of the credit he often receives for work on BitcoinSV.
In fact, Shadders accuses Wright of having a “wholly destructive and self-serving” role in the project. This public call-out begs for a reevaluation of how contributions are recognized in decentralized projects and serves as a warning against the pitfalls of attributing the success of a community-driven venture to a single, polarizing figure.
The Financial Disclosure Issue
Hodlonaut, a prominent figure in the cryptocurrency community known for previously being embroiled in a lawsuit with Craig Wright, has raised yet another significant point that puts Wright’s credibility into question. Hodlonaut points out that there is a glaring omission in Wright’s sworn financial disclosure: the absence of a 30% ownership stake in nChain.
This observation gains further traction considering the recent revelations that have come to light, suggesting that Wright does indeed own a substantial share of nChain. The lack of transparency in Wright’s financial disclosures could not only be legally precarious but also adds another layer of scepticism to his already controversial reputation.
Hodlonaut’s comment exposes the fault lines in the narrative that Craig Wright has been constructing, both legally and publicly. For someone who has consistently claimed to be Satoshi Nakamoto, the enigmatic creator of Bitcoin, such oversights or potential omissions in official documents only fuel the scepticism around him.
Given that Hodlonaut has been a vocal critic and has even faced legal repercussions for questioning Wright’s claims, this observation serves as a potent challenge to Wright’s integrity. As the situation unfolds, it will be interesting to see how this missing piece in Wright’s financial puzzle will affect both his ongoing legal battles and his standing within the cryptocurrency community.
It’s Not Over
The unfolding drama around nChain exposes the minefield of politics, egos, and alleged deceptions that lurk beneath the surface of what should be purely technical and business endeavours. In the age of information, where transparency and integrity are highly prized, the revelations about nChain offer a cautionary tale.
The cryptocurrency world watches to see how the controversial narrative around nChain and its key players will evolve. But one thing is clear: the story is far from over.
Author Profile
- Lucy Walker covers finance, health and beauty since 2014. She has been writing for various online publications.
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