Independent source review · Version 1.0
A reconstruction of the project’s public timeline, BTC-denominated seat prices, distribution records, published wallet accounting, Pirate-related disputes, and reported Alberta litigation.
This is not a court finding, an audit, or investment advice. Forum statements are attributed to their speakers. Allegations are not presented as facts, and disputed claims are marked as such.
01 / Forum treasury custody
The contemporaneous record supports unauthorized use of the forum’s cold-storage address for a personal airdrop claim. It does not support saying that the major fork coins were kept.
In 2013, administrator theymos publicly sought “extremely trustworthy people” to hold
250–500 BTC chunks of forum money. The published agreement required a treasurer to
keep the held bitcoins safe and return them on a legitimate request. The public roster
later listed OgNasty with 500 BTC at
1Eog8UqRFLufC71rBLt2nYgfUDskgxAyVF.
The forum administrator reported liquidating the major forks associated with the 500 BTC: 14.272715 BTC from BCH, 6.818999 BTC from BSV, and 0.442951 BTC from BTG. The reported total was 21.534665 BTC. Lower-value forks were later assigned to OgNasty.
Administrator’s accountingIn December 2019, LoyceV published a signed-message record showing that the 500 BTC address had been used to claim a 2017 Byteball/GBYTE airdrop. About 31.25 GBYTE—then estimated at roughly 7 BTC—was attributable to the forum-held balance. Theymos said he had not known about the claim and called the lack of permission unprofessional.
Airdrop evidence and responseThe administrator expressly said the agreement made fork coins forum property, but treated airdrops differently: collecting them was not prohibited and the forum had no contractual claim to the proceeds. He nevertheless criticized using the cold-storage key without asking. On this record, “stole the forked coins” is an allegation, not an established fact; “claimed an airdrop tied to forum-owned BTC without prior permission” is supported by the contemporaneous thread.
02 / Findings at a glance
The project’s long-running Bitcointalk post describes seats as carrying voting rights and a share of donation distributions. It links public member, trade, and distribution feeds.
Source S1The first recorded lot was 0.44889676 BTC per seat. A 2026 trade recorded 0.0005 BTC per seat. That is a 99.8886% price decline, before distributions or resale proceeds.
Source S2In 2017, site operator nonnakip reported 644.40754294 BTC in chain-visible donations and 725.60538763 BTC in total reported donations. The 81.19784469 BTC difference was attributed mainly to NastyShop-linked donations.
Source S5Forum threads allege that funds connected with a Pirateat40 pass-through were missing or mishandled. OgNasty disputes wrongdoing. This review found no judgment establishing those allegations against him.
Read both sidesForum participants identify Court of King’s Bench file 2503 12841. Alberta’s official service can return the filed-document list for CAD $25. This review has not purchased that record or found a public final judgment.
Lawsuit recordThe reviewed material does not establish tax evasion, that a personal vehicle was paid for with NastyFans or Pirate funds, or claimed off-forum family relationships. Those claims are therefore not adopted by this site.
Editorial standard03 / Reconstructed chronology
Dates come from the project’s own chronology and live feeds unless marked as reported or disputed.
The main Bitcointalk topic dates the project to 10–11 June and records an ASIC order later that month, an FPGA beginning to hash in July, and a first BTC distribution on 27 July.
S1NastyFans was announced on 8 December. The trade feed begins the next day at 0.44889676 BTC per seat, with early lots as high as 0.6 BTC. The first distribution record is dated 17 December at 0.00131686 BTC per eligible seat.
S1S2S3The project chronology says membership opened on 14 January, the 100th BTC was distributed on 1 March, 200 BTC was raised for a Mini-Rig in July, and another 185 BTC was raised for Monarch upgrades in August.
S1The project chronology states that debt was settled in October 2014 and that the operation became debt-free in June 2015. These are project statements, not audited findings.
S1
nonnakip reported 166.14730886 BTC to the old address and 478.26023408 BTC to
1NastyFR…, totaling 644.40754294 BTC visible on-chain. The site total was
stated as 725.60538763 BTC.
The feed records 259 seats at 0.00055 BTC in June 2024, 162 seats at 0.0006 BTC in July 2025, 628 seats at 0.0005327 BTC in September 2025, and 217 seats at 0.0005 BTC in February 2026.
S2Forum participants identify Alberta Court of King’s Bench file 2503 12841 and report a 26 June filing. Later posts discuss service, defence, and an August 2026 appearance. No official docket copy or final judgment is included in this review.
S10S11Numerous 2026 entries report 0.00000007–0.00000008 BTC per eligible seat. The latest record reviewed is dated 5 September 2026.
S304 / BTC-denominated calculations
Public trades show the seat price at specific moments. A holder’s actual result also depends on every distribution received and any resale proceeds.
| Entry / basis | Comparison | BTC price decline | Evidence |
|---|---|---|---|
| 0.44889676 BTC | 0.0005 BTC | 99.8886% | Trade feed |
| 0.60000000 BTC | 0.0005 BTC | 99.9167% | Trade feed |
| 0.00770000 BTC | 0.0005 BTC | 93.5065% | Forum basis + trade feed |
| 0.00770000 BTC | 0.00056003 BTC | 92.727% | Reserve calculation |
A 99.9% seat-price decline is not automatically a 99.9% net investment loss. Net BTC result requires the original acquisition price, all distributions received while held, and the final sale or current comparison value. The trade feed does not identify buyers, so it cannot support named-user loss claims by itself.
05 / Wallet & distribution evidence
Blockchain records can verify transactions. They do not, on their own, prove the owner, purpose, or off-chain agreement behind every transfer.
Longstanding project donation address
1NastyFRkeUTmMdbMmzggDVTQA6r3ibUoX
1NastyFR…, reported
478.26023408 BTC
Project-operator statement in 2017
06 / Pirate pass-through record
The legal record concerning Trendon Shavers is separate from allegations about OgNasty’s pass-through activity. Conflating them would overstate the evidence.
The SEC obtained a final judgment against Trendon Shavers and BTCST in 2014. The U.S. Department of Justice later reported that Shavers pleaded guilty and was sentenced for securities fraud. That legal finding concerns Shavers and BTCST.
Forum users allege that large sums—often framed as roughly 2,600 BTC—were not properly returned or accounted for. OgNasty has denied wrongdoing and characterized the claims as unsupported. The reviewed sources do not resolve the amount, ownership, or legal obligation.
Editorial rule: “BTCST was a Ponzi scheme” is a court-supported fact. “OgNasty retained or misappropriated 2,600 BTC” is a disputed allegation and is not stated here as fact.
07 / Reported Alberta litigation
Alberta allows a search by action or court-file number. The CAD $25 result includes a list of documents filed; copies and certification can cost more.
Alberta civil searchBecause the docket has not been obtained, this site does not characterize either party’s pleadings as true, state that anyone has won, or treat the lawsuit as proof of fraud, theft, tax evasion, or any other alleged misconduct.
08 / Methodology
Snapshot date: 20 September 2026. Live sources may change after that date.
Project feeds support trade and distribution facts. Government pages support legal findings and court-search procedures. Forum posts support only what a participant said.
“Project record” is first-party material, not automatic verification. “Operator statement” is attributed. “Allegation / disputed” is not adopted. “Government record” refers to an official publication.
Price decline = (entry − exit) ÷ entry. Net BTC return =
(exit + distributions − entry) ÷ entry. No USD conversion is used because
entry and exit dates materially change the answer.
The 2,013-lot trade feed omits buyer identities. Current ownership does not establish who bought a historic lot. Named-user P/L requires historical ownership or transfer evidence plus the distribution history for the holding period.
Bitcointalk posts can be edited and NastyFans CSVs are live. Material claims should be archived with a retrieval date before use in legal, regulatory, or journalistic work.
No independent audit, official Alberta docket copy, or public final judgment resolving the forum parties’ dispute was located for this version. Absence from this review is not proof that a record does not exist.
09 / Source archive
Sources are described by provenance, not by whether they support one side.
Project introduction, structure, donation address, and operator-maintained chronology.
2,013 purchase lots with date, time, quantity, and price per seat; no buyer field.
Per-seat amounts, eligible seat counts, blocks, transaction IDs, fees, and donations to NastyMining.
Current seat counts, public identifiers, and donation preferences. Not historic ownership evidence.
nonnakip’s published address totals, site-reported total, and explanation of the difference.
Third-party calculation of 16.801 BTC divided across 30,000 seats.
Contemporaneous discussion using a 0.0077 BTC seat-price basis and reported distributions.
Contains allegations, rebuttals, historic links, and transaction claims. Not a judicial finding.
Historic first-party thread advertising interest on BTC deposits; later marked closed and paid out.
Participant discussion of the reported lawsuit and access to court materials.
Official process for action-number searches, filed-document lists, and applicable fees.
Official civil-enforcement record identifying BTCST as a Ponzi scheme.
Official criminal-case summary, plea, sentence, and victim-loss description.
Independent explorer view for the project-published 1NastyFR… address.
Theymos’s 2013 request for custodians of 250–500 BTC portions of forum funds.
Custody obligations, return rules, and public roster for the forum’s distributed treasury.
Contemporaneous thread containing the 21.534665 BTC fork liquidation, signed airdrop evidence, and the administrator’s response.