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.
00 / Executive summary
A real Bitcoin mining and distribution project operated for years. Its public records also show a severe seat-price collapse, incomplete user-level accounting, and multiple later disputes that must not be blended into one unsupported loss figure.
NastyMining began on Bitcointalk in June 2012. Its public organizer,
OgNasty, raised bitcoin for mining equipment and promoted a no-fee model. In December
2012, the associated NastyFans system—publicly operated by nonnakip—opened
trading in 30,000 membership “seats.” Seats carried voting rights and could receive a
share of bitcoin donations. The records show genuine distributions, but they also show
early seat prices collapsing by more than 99.8% in BTC terms.
The strongest evidence therefore supports a narrower conclusion than either side’s rhetoric: substantial bitcoin moved through the project, members did receive payouts, and many purchase benchmarks performed extremely poorly. The public feeds do not reveal enough historic ownership data to calculate every member’s net loss, and the separate Pirate pass-through, forum-treasury, identity, and lawsuit disputes remain differently sourced and differently proven.
OgNasty fronted NastyMining; nonnakip operated NastyFans and its member records. Project chronology reports 200 BTC raised for a Mini-Rig and another 185 BTC for Monarch upgrades in 2013. Their operational collaboration is documented. Claims about nonnakip’s real-world identity or family relationship are not established by the public project record.
Main project recordThe live feeds contain 2,013 purchase lots representing 18,080 seat-trade occurrences and 2,017.12216249 BTC of gross turnover. The distribution feed records approximately 568.97362716 BTC paid to donation-accepting seats, 165.18912462 BTC directed to NastyMining, and 0.20502380 BTC in transaction fees. Turnover is not operator revenue or a victim-loss total: resales can count the same seat repeatedly.
TradesDistributionsThe first recorded purchase was 0.44889676 BTC per seat; another early lot traded at 0.6 BTC. A 2026 trade recorded 0.0005 BTC per seat. Those comparisons represent declines of 99.8886% and 99.9167% respectively. They measure price change—not a holder’s net return after distributions and resale proceeds.
In dollars, the first seat’s December 2012 value was only about $6.04 and its current 0.0005 BTC value is about $40.53. But the original 0.44889676 BTC would be worth about $36,391.61 at the same current price—a $36,351.08 opportunity-cost gap.
BTC and USD comparisonIn 2017, nonnakip reported 644.40754294 BTC visible at two donation addresses and 725.60538763 BTC in total site-reported donations. The 81.19784469 BTC difference was attributed mainly to NastyShop activity. This is useful first-party accounting, but no independent audit reviewed here reconciles every source and use of funds.
Wallet recordForum users allege roughly 2,600 BTC connected with an earlier Pirateat40 pass-through was not properly returned or accounted for; OgNasty denies wrongdoing, and this review found no judgment resolving that claim. Separately, OgNasty held 500 BTC for the forum. The major fork proceeds—21.534665 BTC—were returned, while a GBYTE airdrop worth roughly 7 BTC was claimed without prior disclosure to the forum.
Pirate recordTreasury recordForum participants report Alberta Court of King’s Bench file 2503 12841 and discuss examinations and procedural hearings. The official docket has not been obtained for this review, and no public final judgment was located. The forum record proves that the dispute exists; it does not establish which party’s factual allegations are true.
Litigation statusThe public record supports describing NastyFans as a long-running, operator-controlled Bitcoin seat and distribution system with real payouts and catastrophic BTC-denominated price performance for important purchase benchmarks. It does not yet support a single proven “BTC stolen” total, a finding that OgNasty committed fraud, or a finding that nonnakip’s publicly alleged real-world identity participated in wrongdoing. The defensible publication is the ledger: what moved, what was returned, what declined, who said what, and what remains unresolved.
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.
Dollar value vs. bitcoin opportunity cost
Fixed comparison using the 9 December 2012 BTC/USD close of $13.46 and a CoinGecko snapshot of $81,069 per BTC at 20 September 2026, 20:57:30 UTC. These are USD equivalents; the seat trades themselves were denominated in bitcoin.
| Entry price | USD equivalent then | Seat value now | BTC decline | Original BTC held until now | Current-dollar opportunity cost |
|---|---|---|---|---|---|
| 0.44889676 BTC | $6.04 | $40.530.0005 BTC · +570.9% nominal USD | −0.44839676 BTC−99.8886% | $36,391.61 | −$36,351.08 |
| 0.60000000 BTC | $8.08 | $40.530.0005 BTC · +401.9% nominal USD | −0.59950000 BTC−99.9167% | $48,641.40 | −$48,600.87 |
A uniform 0.0077 BTC basis would equal 231 BTC. At 0.0005 BTC per seat, the same 30,000-seat comparison equals 15 BTC: a 216 BTC price-only gap, worth $17,510,904 at the current snapshot. Actual aggregate loss cannot be inferred because seats had different acquisition dates, prices, owners, and payouts.
At the same $81,069 snapshot, 2,600 BTC would equal approximately $210,779,400. This conversion shows scale only. It does not establish that 2,600 BTC was lost, owed, controlled, or misappropriated by OgNasty.
Method: historical USD equivalent = BTC amount × $13.46; current seat value = 0.0005 BTC × $81,069; current-dollar opportunity cost = (entry BTC − 0.0005 BTC) × $81,069. Dollar figures are rounded to the nearest cent and exclude distributions, resale proceeds, taxes, inflation, and transaction costs. Price sources: S18 and S19.
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. USD comparisons use explicitly
dated BTC/USD snapshots and are kept separate from BTC-denominated return because the
chosen 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.
Historical daily record reporting a $13.46 closing price for the date of the earliest cited seat trades.
CoinGecko API returned $81,069 per BTC with a last-updated timestamp of 20 September 2026, 20:57:30 UTC.