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The Bitfinex Scam for $5.5M+

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Jan 10th, 2017
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  2. Here’s a rough timeline:
  4. November - negotiations start with Bitfinex.
  5. November 17th - contract is signed (5998 BTC - I got this contract under a pseudonym btw).
  6. November - Giancarlo explicitly say he will not renegade on the contract.
  7. November - Giancarlo begin coercing me into doing Bitfinex’s part of the contract (talking to the FBI) or he will breach the contract.
  8. December - Giancarlo refuses every renegotiating attempt and alternative methods that I suggest to progress the deal.
  9. December - The deal turns sour.
  10. December 31 - Blockstream CEO & CTO defrauds me out of over $5.5M on behalf of iFinex Inc.
  12. Below is Adam Back’s PGP signed copy of the contract:
  15. Hash: SHA1
  17. The agreement is made November 17th, 2016 between
  19. Giancarlo Devasini (“GD”), CFO of iFinex Inc. with full power of
  20. attorney on behalf of iFinex Inc. communicating through
  21. and with the PGP pub key fingerprint E7ED 6B5B
  22. 0172 2ECD 7F9D FCBC 6F19 A931 3DDF 4814
  24. and
  26. the entity owner (“BM”) of the email address
  27. and with the PGP
  28. pub key fingerprint F136 8394 018A DFF7 0AF3 7550 C1DC A5C7 8321 5A72.
  30. Whereas
  32. iFinex Inc. was the victim a security breach on the 2nd of August 2016
  33. that resulted in the theft of ~119,756 bitcoin and BM claims to know
  34. the identity of the hacker, can provide evidence of that claim, and
  35. can provide details on the attack vector(s) employed in the security
  36. breach.
  38. GD takes formal obligation on behalf of iFinex Inc. to move the amount
  39. of 5,988 BTC under the direct control of Adam Back (PGP pub key
  40. fingerprint 80 7B 4E FE D8 6F EF 86 81 E4 EA 27 78 E3 FA 1B with email
  41. and Gregory Maxwell (PGP pub key fingerprint
  42. 0xAC859362B0413BFA with email who are trusted
  43. persons by BM.
  45. Adam Back and Gregory Maxwell, together with an additional trusted
  46. third party (Daniel Folkinshteyn a/k/a nanotube) will hold these
  47. bitcoin in escrow in a “2 of 3” multi-signature wallet with the public
  48. key hash: 36XN5b82ZYVs5nCUBz3PE8LEhaCHEMkxmB
  50. Once the bitcoin has been transferred into escrow, BM will then
  51. provide to GD the identity of the hacker, the evidence linking the
  52. hacker to the security breach, and details on the attack vector(s)
  53. employed in the security breach.
  55. A bounty of five percent (5%) on any recovered bitcoin will be paid by
  56. iFinex Inc. from the multi-signature wallet in control of Adam Back,
  57. Gregory Maxwell, and Daniel Folkinshteyn with the public key hash:
  58. 36XN5b82ZYVs5nCUBz3PE8LEhaCHEMkxmB within a month of the bitcoin
  59. recovery to BM’s wallet with the public key hash of
  60. 1FW4G4W9s89rKiB3VU7PZcNBPPn2btFYzP. If no bitcoin is recovered, no
  61. bounty is due to BM.
  63. GD and iFinex Inc. have no right to claim any total or partial
  64. withdrawal from this agreement under the assumption that the hacker
  65. identity was previously known by GD or hinted at by anybody else. The
  66. full amount of 5% of any recovered amount will be paid by iFinex
  67. Inc. to BM.
  69. GD and iFinex Inc. have no right to claim any total or partial
  70. withdrawal from this agreement without adequately informing Adam Back
  71. and Greg Maxwell why the individual revealed by BM is no longer a
  72. person of interest or why the bitcoin may be irrecoverable.
  74. Neither Adam Back nor Gregory Maxwell are liable to GD or iFinex
  75. Inc. for any of their actions or inactions under this agreement.
  77. This agreement is considered to be in effect when BM is in receipt of
  78. PGP signed copies of this agreement from GD, Adam Back, and Gregory
  79. Maxwell.
  80. -----BEGIN PGP SIGNATURE-----
  81. Version: GnuPG v1.4.11 (GNU/Linux)
  83. iQEVAwUBWC4/BBQ8n0HY8FbdAQJaIgf+OC2qFsFIGsynS2apYxVAaAACr+HfOrhZ
  84. sAMedySXB5b/7c06f8M5tDJGMLYxMeAaaUQdfUgSWd5dcl021KiOmdwzZx8lDeb7
  85. KKg2/UJKntKoR2kZI+4M78M/Fx1VHrzZ1erKF4WoLUAFIBJduAUoKEtLnpoOFUpZ
  86. OE3k6c+o2V386rACqsx2no+OQi+CH3UTZef597V38CN4n74QnehLewSPQL4/VC5P
  87. G/Vjvp2383+ML9ACt/c4Y08+mVE6Yvbt2WV6lBWgyjdE9ZxzRBXOVVoxgUNoIX/g
  88. lAqxb1kAU2Xilstw29GFPHcbKxWAh0J17KJtDl2nYL4wzN1fvGwM0Q==
  89. =9j8E
  90. -----END PGP SIGNATURE-----
  96. Bitfinex claims my evidence isn’t “actionable”, (note that it isn’t about the contract requirements - I met ALL of those) but about a word that is not in the contract and besides anyone with Bitcoin/Tor/VPN is “actionable”.
  98. December 31, 2016 - Adam Back and Gregory Maxwell moves the escrow on these grounds thus breaking it - they were WELL aware of all the facts. In the contract you’ll see that they are liable to me but not to Bitfinex. They played the judge, jury and executioner - they let the FBI do nothing for them, and they probably never will voluntarily.
  100. And during my experience with Giancarlo Devasini and Phil Potter, here’s some of the crimes they’ve done:
  101. Money Laundering
  102. Corruption
  103. Obstruction of Justice
  104. Fraud
  105. Embezzlement
  107. During my experience (3 escrowers + iFinex INC) used “Gaslighting” negotiation techniques which of course is weak and disgusting behavior. They could’ve defrauded me right off the bat but chose to waste 1.5 month of my time to break me down psychologically - and then they defrauded me.
  109. I will be releasing more material ->
  111. (Some material there will already corroborate, more to come).
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