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Bitcoin Private Founder Rhett Creighton Alleges BTCP Treasury Mismanagement and Fraud

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Bitcoin Private Founder Rhett Creighton Alleges BTCP Treasury Mismanagement and Fraud

Bitcoin Private Co-founder and cryptocurrency maverick, Rhett Creighton has leveled a series of remarkable allegations of theft, incompetence, mismanagement, and cover-ups against his former team in a blog post published on May 23, 2018.

Source: Wikipedia

Creighton has been engaged in a public feud with the Bitcoin Private team since he was reportedly fired in April 2018. The allegations made by him range from the relatively minor such as incompetence and infighting to severe accusations including mismanagement of Treasury funds, fraud, bribery, and several coverups to prevent information from reaching the BTCP community.

Bitcoin Theft and Coverup

Creighton alleges that BTCP Strategy chief, Giuseppe Stuto accidentally paid 5.5 BTC to a developer Jon S. Layton when he intended to pay 0.55 BTC.

In a series of screenshots posted showing the conversation between Stuto and Layton, Stuto repeatedly requested Layton to return the 5 BTC overpayment, and Layton shamelessly refused.

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Source: Medium

Creighton then posts screenshots of a conversation between himself and BTCP Head of Operations Jacob Brutman in response to a tweet where he criticized the team’s lack of communication with the community on the subject of being listed on Binance. Brutman responds by saying that Creighton is not helping by publicising their internal problems and that BTCP is not listed on Binance because their lowball offer of 55 BTC was not accepted.

As the exchange goes on, Brutman then reveals that the developer stole 5 BTC, which Creighton at that point is not aware of. When pushed by Creighton on whether this will be revealed to the community, Brutman responds, “We aren’t going to show that. For now, it’s chalked up as a dev expense. Not sure we want that to be known.”

100,000 BTCP Bribe and Fraud Proposal

It will be recalled that on May 22, 2018, Creighton tweeted an allegation stating that he was offered a bribe of 100,000 BTCP to enable Stuto and Brutman steal BTCP coins by writing fraudulent commits in the course of a coin burn. Both Stuto and Brutman have publicly denied the allegation, endorsing a tweet stating that Creighton is looking to take revenge on the team for removing him.

Creighton then shows a series of conversation between Brutman, Stuto, and members of the BTCP community including Hannah Steinke, where both of them attempt to clear their names of Creighton’s fraud and bribery allegation.

Continuous Intent to Defraud

Creighton infers that “several members” of the BTCP Treasury have an established pattern of fraudulent behavior which they intend to continue as they move on to a new company called Nexus.

Another series of screenshots shows conversations between Brutman and community members where he talks about having a non-profit foundation set up in partnership with Nexus.

Creighton concludes by hinting that there are more allegations to come. He states, “But wait! There’s more! There’s much larger fraud that was never disclosed to the community. Maybe Jake and Guiseppe will disclose it now?”

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