- Adam Back says Blockstream had no direct financial ties to Jeffrey Epstein.
- Blockstream met Epstein in 2014 via Joi Ito–linked fund during seed round.
- The disclosures have fueled speculation about early influence over Bitcoin’s development.
The release of the Epstein Files on January 30, 2026, has put Blockstream in the limelight. The Epstein Files show that Blockstream received $500,000 during its 2014 seed round. As a result, some commentators on social media have raised broader questions about influence and decentralization within Bitcoin’s development ecosystem.
Adam Back Defends Blockstream’s Ties With Convicted Epstein
Adam Back, a founding father of Bitcoin through early cypherpunk projects, has defended Blockstream’s financial ties to the late convicted Jeffrey Epstein. Back said Blockstream was introduced to Jeffrey Epstein during its seed round through a fund linked to then–MIT Media Lab director Joi Ito.
He emphasized that Epstein was described at the time as a limited partner in the fund, which later divested its Blockstream stake, and denied any direct or ongoing financial ties. Adam stated, “A few months later, Ito’s fund divested its Blockstream shares due to a potential conflict of interest, and other concerns.”
What’s at Stake
Blockstream is a veteran company focused on the mainstream adoption of Bitcoin through its Blockstream App and the Blockstream Jade hardware wallet. The early association of Blockstream with Epstein may give its competitors, including Trezor and Ledger, an edge to some crypto users.
Additionally, the association of Blockstream with Epstein may result in more investor divestments. As such, Adam has categorically stated that Blockstream has no connection with Epstein’s dirty funds.
“Blockstream has no direct or indirect financial connection with Jeffrey Epstein, or his estate,” Adam concluded the statement.
Is Bitcoin a Bug for States?
The mention of the top Bitcoin-associated company, Blockstream, in the latest and largest release of Epstein files has raised eyebrows on Bitcoin’s decentralization bid. Furthermore, more nation-states have shown a high interest in controlling Bitcoin.
According to Jacob King, CEO of SwanDesk, the Epstein Files suggest that Israel hijacked the Bitcoin network more than a decade ago. Jacob argues that Israel financially backed early core developers of Bitcoin in a disguised operation.
“Epstein and Israel were also major investors in Blockstream, a company that works with Tether and exerts significant influence over Bitcoin. They can manipulate the price by issuing unbacked Tether, control the network’s code because they hired most of the developers, and own a majority of the nodes,” Jacob highlighted
Jacob stated that the idea of Bitcoin decentralization could be an illusion, especially after the latest connection revealed by the Epstein files.
Related: Unsealed Epstein Files Reference Michael Saylor and Adam Back
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