Bloomberg: Adam Back-linked ventures hit by setbacks after $320M hack, legal disputes

Several Bitcoin-related ventures linked to Blockstream CEO Adam Back have been hit by a string of setbacks, including a hack, legal disputes and a collapsed merger, Bloomberg reported. Bloomberg said plans to list BSTR Holdings, a $4 billion Bitcoin treasury company promoted by Back, had fallen through. BSTR had been pursuing a merger with a special purpose acquisition company tied to Cantor Fitzgerald, but the deal was scrapped after the original terms were withdrawn. Cantor said in August that BSTR owed the SPAC $15 million. Exacore, a partner of Blockstream Mining, which was spun off from Blockstream about two years ago, is also facing multiple legal disputes. According to court records and other documents, Exacore has been sued by several companies over mining equipment purchase contracts, electricity bills and construction payments. Liquid Network, the Bitcoin-linked blockchain launched by Blockstream in 2018, recently suffered a security breach in which 4,000 BTC, worth about $320 million, was stolen. The attackers claimed it was a white hat action meant to disclose a security vulnerability and later returned 3,400 BTC, but BTC worth about $47 million has not been returned.