here's something that got almost no coverage in the bitcoint...

原始 JSON

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  "content": "here's something that got almost no coverage in the bitcointwittersphere:\n\nhttps://www.kucoin.com/news/flash/blockstream-faces-fraud-allegations-amid-mining-notes-controversy\n\nThe citation for the fraud allegations against Blockstream's BMN (Blockstream Mining Notes) in 2026 comes from a detailed investigation published by the account **NatInfoSec** in early June 2026. The allegations were widely reported by crypto media outlets like KuCoin News, ChainCatcher, and Mars Finance in late June 2026 .\n\n### Key Allegations from the NatInfoSec Report\n\n*   **Hashrate and Settlement Capability Doubts**: The report claimed Blockstream would need to operate over 20 EH/s of hashing power to fulfill issued BMN obligations, potentially up to 45 EH/s with contract buffers. However, Blockstream's own dashboard reportedly showed only 15 EH/s at the time. The investigation also stated it could not find public evidence of mining operations matching the scale of Blockstream's notes in records like power grid filings or customs data .\n\n*   **Concerns About the \"Substitute Performance BTC\" Clause**: The article highlighted a clause in BMN2 that reportedly allows Blockstream to fulfill delivery obligations with BTC from any source, without notice or disclosure. It also claimed that a previous BMN had supplemented payouts by buying BTC on the open market, shifting concern from whether mining revenue was sufficient to whether payout sources were verifiable .\n\n*   **Executive's Background and Disclosure Issues**: The report focused on Christopher William Cook, a key leader in Blockstream's mining operations and CEO of its spinoff Exacore. It alleged that Cook had a prior conviction for mail fraud from 2008 (41 months in federal prison, case number 06-80187), which was not disclosed in BMN offering documents. It also claimed that Blockstream had inaccurately stated Cook \"worked at NASA\" in marketing materials .\n\n*   **High Returns and High-Risk Debt**: The investigation pointed out that BMN notes issued through STOKR had yields rising from ~9.775% to nearly 20% in the latest tranche. It argued that offering fixed annualized returns around 20% in the highly cyclical mining industry was unusual and required a clear explanation from the issuer .\n\n### Important Context: The Response and Verification Status\n\nThe allegations were not independently verified at the time of reporting and were considered claims that required investigation . However, they did prompt market reevaluation . Independent analysis firm **BitMEX Research** also published commentary, agreeing that Chris Cook's criminal record seemed factual, but noted that other claims were unsubstantiated or based on misunderstandings, such as misreading data on the `liquid.network` site or incorrectly asserting a link between BMN and the BSTR SPAC .",
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