— Bitfinex, Capstone Limited, EQIBank
Inside EQIBank’s $84M seizure
EQIBank, a bank used by Tether, had 80% of its assets frozen in a seizure that targeted Capstone Limited.
Read the investigation (12 min) →
Documents, wallets, and the people who’d rather you didn’t read them.
Long-form reporting built on filings, on-chain records, and sources inside the companies. Every claim is documented, and every document we can publish, we do.
- Investigations published since 2020
- 37
- Documents obtained and published in full
- 37
- Investigations on Justin Sun’s entities alone
- 11
- Largest empire we’ve mapped, entity by entity
- $180B
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Separate investigations, same subject — read them together.
The family affairs shaping Tether’s $180B empire
Tether 8 investigations
What happened to HTX’s 700 million missing TRX?
Justin Sun 8 investigations
— Arkham Intelligence, Leverage Research
Arkham Intelligence, Reserve, and the Leverage Research ‘cult’
Crypto 7 investigations
Tether Investments: What a $100B stablecoin empire does with its profits
Stablecoins 5 investigations
Latest investigations
37 investigations published since 2021
— Bitfinex, Capstone Limited, EQIBank
Inside EQIBank’s $84M seizure
EQIBank, a bank used by Tether, had 80% of its assets frozen in a seizure that targeted Capstone Limited.
— HTX, Justin Sun, Poloniex
What happened to HTX’s 700 million missing TRX?
In June, approximately 700M TRX left the HTX reserves. We were able to track these assets to the addresses they ended up in.
— HTX, Justin Sun, Poloniex
We found HTX’s reserves at Poloniex
HTX recently moved huge portions of its reserves to an undisclosed third-party. We've tracked funds out of HTX wallets into Poloniex.
— Bitcoin, MicroStrategy, MSTR
We calculated the present value of STRC — it’s bad for MSTR
We calculated the present value of STRC and compared it to various metrics that reveal the difficult math behind BTC yield.
— HTX, Justin Sun, Poloniex
‘Someone’ is taking advantage of HTX’s reserves
Justin Sun-owned HTX's reserves are troubling, with most stablecoins being lent out and most of the BTC in an opaque tokenized variant.
— Paolo Ardoino, Stablecoins, Tether
The family affairs shaping Tether’s $180B empire
Tether, the world's largest stablecoin, has family members in top leadership positions and in partner firms.
— Paolo Ardoino, Stablecoins, Tether
Tether Investments: What a $100B stablecoin empire does with its profits
Tether isn't just the world's largest stablecoin; it's a massive investment firm with investments across countless verticals.
— AI, BitTorrent, Justin Sun
Justin Sun’s graveyard of abandoned crypto projects
Justin Sun has launched and endorsed a huge number of cryptocurrency projects, and many have since been abandoned.
— Justin Sun, USDD
Justin Sun’s USDD has problems
USDD, the Justin Sun-founded stablecoin, has abandoned its DAO, rebuilt its collateral system, and has highly concentrated holdings.
— Brad Garlinghouse, Chris Larsen, Ripple
XRP billionaire boys club: Tracking Ripple’s earliest insiders
Founders and early insiders of Ripple and its XRPL blockchain have sold billions of dollars worth of XRP since the network went live in 2012.
These AI chatbots are happy to help you run a crypto scam
We tested popular chatbots, including Grok, Meta, and DeepSeek, to find out which would generate materials for use in a crypto scam.
— Omar Rossi, Stablecoins, Tether
What is Omar Rossi doing for Tether?
Omar Rossi has worked for a variety of interesting financial firms in Switzerland and the Bahamas and now seems to be involved with Tether.