Adam Back's Blockstream Borrows Billions, Hides CIO Chris Cook's Fraud Conviction. NYT Cheerleads while BSTR lists. Why? Why is a man worth $78 billion borrowing half a billion dollars at 20%? A look at the Blockstream Mining Note (BMN), the mines we can't find, and the fraud convicted felon spending lavishly. NatInfoSec.com Jun 08, 2026 https://natinfosec.substack.com/p/adam-backs-blockstream-borrows-billions TLDR: Blockstream’s CEO, Adam Back, was just splashed across The New York Times as the most likely inventor of Bitcoin. Behind that halo, built by John Carreyrou at the NYT, Blockstream has quietly grown an investment product, the Blockstream Mining Note (BMN), from $200 million to $2 billion of issuance in just fourteen months. The man actually running the mining operation that backs those notes is a convicted financial fraudster. His conviction appears nowhere in the offering documents. And he’s been spending money lavishly, buying jets, yachts, and penthouses. Meanwhile, the Bitcoin mines that would have to exist to pay investors back don’t show up in a single public record we can find, or anywhere on the blockchain. And now Adam Back is taking a company public on the NASDAQ and raising billions more from investors in America (via a SPAC). The new company, Bitcoin Standard Treasury Company (BSTR), is merging with Brandon Lutnick’s Cantor Equity Partners I in a deal anchored by a record $1.5 billion PIPE and more than 30,000 Bitcoin. It’s pitched as one of the largest publicly traded Bitcoin treasuries on Earth, just passed SEC review, and it’s expected to list by the end of this month. This is all incredibly weird! Andy Back, the Epstein's cuck 🤡