Audit log

Every state-changing event for Blockchain Capital: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-14 06:03:04Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"fd98925b-474f-4834-bc05-5e457faa9029","kind":"publish","page_slug":"blockchain-capital","published_at":"2026-05-14T06:03:04.041Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Blockchain Capital","sections":[{"content":"Blockchain Capital is a legitimate VC firm founded in 2013 with $2B+ AUM and ~$964M reported fund NAV. BCAP represents 9.1M tokens on ZKsync Era, providing indirect economic interest in Fund III through a Cayman Islands/Singapore intermediary.","heading":"Entity Overview","severity":"low","sources":[{"credibility":2,"name":"RWA.xyz: BCAP","type":"research","url":"https://app.rwa.xyz/assets/BCAP"},{"credibility":2,"name":"Securities.io: Blockchain Capital","type":"news_article","url":"https://www.securities.io/blockchain-capital-a-premier-venture-capital-firm/"}]},{"content":"No enforcement actions. BCAP was structured under Regulation D Rule 506(c) from day one. First claimed SEC-compliant secondary trade occurred in January 2018 via Templum. Compliant custody through Coinbase Custody and Anchorage.","heading":"SEC and Regulatory Status","severity":"low","sources":[{"credibility":1,"name":"Bloomberg: First SEC-Compliant Token Trade","type":"news_article","url":"https://www.bloomberg.com/news/articles/2018-01-22/digital-token-exchange-claims-first-sec-compliant-trade"}]},{"content":"BCAP provides non-voting, non-redeemable, Cayman-domiciled indirect interest. First dividend paid in January 2025 ($0.25/token USDC after 8 years). Significant structural limitations versus direct LP interests.","heading":"Investor Rights and Token Structure","severity":"medium","sources":[{"credibility":2,"name":"PR Newswire: BCAP Dividend and ZKsync Upgrade","type":"official","url":"https://www.prnewswire.com/news-releases/blockchain-capitals-pioneering-tokenized-fund-announces-dividend-and-upgrades-to-zksync-assembling-its-portfolio-companies-to-advance-venture-capital-investment-access-302328430.html"}]},{"content":"NAV peaked at $23.83 in Q1 2021, fell to $14.72 by Q1 2023, reportedly recovered to ~$106 by early 2026. Portfolio includes Coinbase, Kraken, Circle, OpenSea, Anchorage, Bluesky. $580M raised in 2023; $700M raise underway as of April 2026.","heading":"Portfolio and Performance","severity":"low","sources":[{"credibility":2,"name":"CoinDesk: Blockchain Capital Raises $580M","type":"news_article","url":"https://www.coindesk.com/business/2023/09/18/crypto-vc-firm-blockchain-capital-raises-580m-for-2-new-funds"},{"credibility":1,"name":"Bloomberg: Blockchain Capital Seeks $700M","type":"news_article","url":"https://www.bloomberg.com/news/articles/2026-04-22/blockchain-capital-said-to-seek-700-million-for-two-new-funds"}]},{"content":"$6.3M in personal crypto was stolen from co-founder Bart Stephens in May 2023 via SIM-swap attack. Lawsuit filed August 2023 against anonymous perpetrators. Not a fund breach but a significant personal security incident.","heading":"SIM-Swap Attack on Co-Founder","severity":"high","sources":[{"credibility":2,"name":"Blockworks: Stephens $6.3M Hack","type":"news_article","url":"https://blockworks.com/news/stephens-blockchain-capital-hack"},{"credibility":2,"name":"OffshoreAlert: Stephens v. Doe Complaint","type":"news_article","url":"https://www.offshorealert.com/bart-stephens-v-jane-doe-et-al-complaint-6-3m-crypto-theft/"}]},{"content":"In August 2023, Blockchain Capital's Twitter/X account was hijacked to promote a fake BCAP airdrop phishing scam. The account was recovered with no fund assets affected.","heading":"X Account Hijacking","severity":"medium","sources":[{"credibility":2,"name":"CoinTelegraph: X Account Hacked","type":"news_article","url":"https://cointelegraph.com/news/blockchain-capital-x-twitter-hacked-promoting-token-claim-scam"}]},{"content":"Brock Pierce co-founded the firm but was distanced after EOS billboard incident and ongoing reputation risks. The firm's 2019 attempt to scrub Pierce from founding history is documented and contradicted by contemporaneous sources.","heading":"Brock Pierce Founding Controversy","severity":"medium","sources":[{"credibility":2,"name":"Decrypt: Blockchain Capital Scrubbing Brock Pierce","type":"news_article","url":"https://decrypt.co/6876/is-blockchain-capital-trying-to-scrub-co-founder-and-mighty-ducks-star-brock-pierce-from-its-history"}]},{"content":"Unsealed DOJ documents (February 2026) show Epstein invested $3M in a 2014 Coinbase round alongside Blockchain Capital. Blockchain Capital later purchased roughly half of Epstein's Coinbase stake in 2018 for ~$14.7M. No allegations of knowing facilitation of Epstein's crimes.","heading":"Epstein/Coinbase Periphery","severity":"medium","sources":[{"credibility":2,"name":"CoinDesk: DOJ Files Link Epstein to Coinbase","type":"news_article","url":"https://www.coindesk.com/policy/2026/02/04/newly-unsealed-doj-files-link-jeffrey-epstein-to-a-2014-investment-in-coinbase"},{"credibility":2,"name":"Decrypt: Epstein Early Coinbase Investor","type":"news_article","url":"https://decrypt.co/356620/jeffrey-epstein-early-investor-coinbase-emails-reveal"}]},{"content":"Effectively zero on-chain secondary trading exists. Regulated transfer restrictions mean BCAP is for all practical purposes an illiquid private fund interest despite the token wrapper.","heading":"Secondary Market Liquidity","severity":"medium","sources":[{"credibility":2,"name":"STOMarket: BCAP Trading","type":"other","url":"https://stomarket.com/sto/blockchain-capital-bcap/trading"},{"credibility":2,"name":"CoinGecko: BCAP","type":"other","url":"https://www.coingecko.com/en/coins/blockchain-capital"}]},{"content":"No regulatory actions and institutionally credible with active fundraising. Controversies are peripheral or personal rather than indicative of investor fraud.","heading":"Firm Reputation","severity":"low","sources":[{"credibility":2,"name":"The Block: Blockchain Capital $700M Raise","type":"news_article","url":"https://www.theblock.co/post/398560/blockchain-capital-seeks-700-million"}]}],"sources_used":[{"credibility":2,"name":"RWA.xyz: BCAP","type":"research","url":"https://app.rwa.xyz/assets/BCAP"},{"credibility":2,"name":"Securities.io: Blockchain Capital","type":"news_article","url":"https://www.securities.io/blockchain-capital-a-premier-venture-capital-firm/"},{"credibility":1,"name":"Bloomberg: First SEC-Compliant Trade","type":"news_article","url":"https://www.bloomberg.com/news/articles/2018-01-22/digital-token-exchange-claims-first-sec-compliant-trade"},{"credibility":1,"name":"Bloomberg: $700M Raise","type":"news_article","url":"https://www.bloomberg.com/news/articles/2026-04-22/blockchain-capital-said-to-seek-700-million-for-two-new-funds"},{"credibility":2,"name":"CoinDesk: Epstein Coinbase","type":"news_article","url":"https://www.coindesk.com/policy/2026/02/04/newly-unsealed-doj-files-link-jeffrey-epstein-to-a-2014-investment-in-coinbase"},{"credibility":2,"name":"CoinDesk: $580M Raise","type":"news_article","url":"https://www.coindesk.com/business/2023/09/18/crypto-vc-firm-blockchain-capital-raises-580m-for-2-new-funds"},{"credibility":2,"name":"Blockworks: Stephens Hack","type":"news_article","url":"https://blockworks.com/news/stephens-blockchain-capital-hack"},{"credibility":2,"name":"CoinTelegraph: X Account Hacked","type":"news_article","url":"https://cointelegraph.com/news/blockchain-capital-x-twitter-hacked-promoting-token-claim-scam"},{"credibility":2,"name":"Decrypt: Brock Pierce Scrub","type":"news_article","url":"https://decrypt.co/6876/is-blockchain-capital-trying-to-scrub-co-founder-and-mighty-ducks-star-brock-pierce-from-its-history"},{"credibility":2,"name":"Decrypt: Epstein Coinbase","type":"news_article","url":"https://decrypt.co/356620/jeffrey-epstein-early-investor-coinbase-emails-reveal"},{"credibility":2,"name":"PR Newswire: BCAP Dividend","type":"official","url":"https://www.prnewswire.com/news-releases/blockchain-capitals-pioneering-tokenized-fund-announces-dividend-and-upgrades-to-zksync-assembling-its-portfolio-companies-to-advance-venture-capital-investment-access-302328430.html"}],"summary":"BCAP is the world's first tokenized venture capital fund interest, issued in April 2017 as a Regulation D security token. It represents a non-voting economic interest in Blockchain Capital's Fund III. The firm manages $2B+ AUM with portfolio companies including Coinbase, Kraken, and Circle. Key risks include a $6.3M SIM-swap attack on co-founder Bart Stephens, Brock Pierce founding controversy, Epstein/Coinbase periphery connections, and effectively zero secondary market liquidity despite the token wrapper. No SEC enforcement actions exist.","timeline":[{"date":"2013-01-01","event":"Blockchain Capital founded","source":"securities.io","source_url":"https://www.securities.io/blockchain-capital-a-premier-venture-capital-firm/"},{"date":"2017-04-01","event":"BCAP token issued as first tokenized VC fund under Reg D","source":"securities.io","source_url":"https://www.securities.io/blockchain-capital-a-premier-venture-capital-firm/"},{"date":"2018-01-22","event":"First claimed SEC-compliant secondary token trade via Templum","source":"bloomberg.com","source_url":"https://www.bloomberg.com/news/articles/2018-01-22/digital-token-exchange-claims-first-sec-compliant-trade"},{"date":"2023-05-01","event":"Co-founder Bart Stephens loses $6.3M in SIM-swap attack","source":"blockworks.com","source_url":"https://blockworks.com/news/stephens-blockchain-capital-hack"},{"date":"2023-08-01","event":"X/Twitter account hijacked for fake BCAP airdrop phishing","source":"cointelegraph.com","source_url":"https://cointelegraph.com/news/blockchain-capital-x-twitter-hacked-promoting-token-claim-scam"},{"date":"2023-09-18","event":"Blockchain Capital raises $580M for two new funds","source":"coindesk.com","source_url":"https://www.coindesk.com/business/2023/09/18/crypto-vc-firm-blockchain-capital-raises-580m-for-2-new-funds"},{"date":"2025-01-01","event":"First BCAP dividend paid ($0.25/token USDC) after 8 years","source":"prnewswire.com","source_url":"https://www.prnewswire.com/news-releases/blockchain-capitals-pioneering-tokenized-fund-announces-dividend-and-upgrades-to-zksync-assembling-its-portfolio-companies-to-advance-venture-capital-investment-access-302328430.html"},{"date":"2026-02-04","event":"DOJ documents reveal Epstein $3M Coinbase investment alongside Blockchain Capital","source":"coindesk.com","source_url":"https://www.coindesk.com/policy/2026/02/04/newly-unsealed-doj-files-link-jeffrey-epstein-to-a-2014-investment-in-coinbase"},{"date":"2026-04-22","event":"Blockchain Capital seeking $700M for two new funds","source":"bloomberg.com","source_url":"https://www.bloomberg.com/news/articles/2026-04-22/blockchain-capital-said-to-seek-700-million-for-two-new-funds"}]},"v":1}

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2. #2reviewby reviewerreviewer

   2026-06-04 03:16:41Z
   Score: 68 → 68 (no score change)
   The investigation page is largely accurate and well-sourced. The most significant factual error is the characterization that Epstein invested 'alongside Blockchain Capital' in the 2014 Coinbase round — the CoinDesk source cited by the page itself clarifies that Blockchain Capital's planned investment was 'never consummated,' making the co-investment framing inaccurate. One cited URL (CoinTelegraph X-hack article) returns a 404 but the underlying event is confirmed by multiple other sources. The fund NAV figure of ~$964M is slightly stale, with current data showing ~$975M.
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   ●mainnet-betaslot 424,160,452

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   {"actor":"reviewer","decided_at":"2026-06-04T03:16:41.642Z","decision":"review","investigation_id":"fd98925b-474f-4834-bc05-5e457faa9029","new_score":68,"page_slug":"blockchain-capital","prev_score":68,"reason":"The investigation page is largely accurate and well-sourced. The most significant factual error is the characterization that Epstein invested 'alongside Blockchain Capital' in the 2014 Coinbase round — the CoinDesk source cited by the page itself clarifies that Blockchain Capital's planned investment was 'never consummated,' making the co-investment framing inaccurate. One cited URL (CoinTelegraph X-hack article) returns a 404 but the underlying event is confirmed by multiple other sources. The fund NAV figure of ~$964M is slightly stale, with current data showing ~$975M.","score_delta":0,"sequence_num":2,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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3. #3review approveby judgejudge

   2026-06-04 03:16:41Z
   Score: 68 → 68 (no score change)
   The review verified 26 claims and found 23 confirmed, 1 partially supported, and 1 disputed, yielding a disputed_pct of 7.7% — within the 0–10% approval band. The single disputed finding (claim_findings[22]) concerns the framing that Epstein invested 'alongside Blockchain Capital' in the 2014 Coinbase round; the reviewer established that Blockchain Capital's planned investment was never consummated, making the co-investment framing inaccurate. However, this error is confined to a peripheral section marked medium severity, does not affect the firm's core reputation or fund-safety assessment, and carries no allegation of wrongdoing against the firm. The partially supported claim (claim_findings[4]) reflects a stale NAV snapshot (~$964M vs. current ~$975M), directionally correct and not material. One link rot instance (CoinTelegraph URL, 404) exists but the underlying event is confirmed by multiple independent sources. All coverage gaps are medium or low priority. Reviewer confidence of 0.87 supports a decisive approval.
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   {"actor":"judge","decided_at":"2026-06-04T03:16:41.642Z","decision":"review_approve","investigation_id":"fd98925b-474f-4834-bc05-5e457faa9029","new_score":68,"page_slug":"blockchain-capital","prev_score":68,"reason":"The review verified 26 claims and found 23 confirmed, 1 partially supported, and 1 disputed, yielding a disputed_pct of 7.7% — within the 0–10% approval band. The single disputed finding (claim_findings[22]) concerns the framing that Epstein invested 'alongside Blockchain Capital' in the 2014 Coinbase round; the reviewer established that Blockchain Capital's planned investment was never consummated, making the co-investment framing inaccurate. However, this error is confined to a peripheral section marked medium severity, does not affect the firm's core reputation or fund-safety assessment, and carries no allegation of wrongdoing against the firm. The partially supported claim (claim_findings[4]) reflects a stale NAV snapshot (~$964M vs. current ~$975M), directionally correct and not material. One link rot instance (CoinTelegraph URL, 404) exists but the underlying event is confirmed by multiple independent sources. All coverage gaps are medium or low priority. Reviewer confidence of 0.87 supports a decisive approval.","score_delta":0,"sequence_num":3,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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