Independent source review · Version 1.0

NastyFans & NastyMining:
a public-record review

A reconstruction of the project’s public timeline, BTC-denominated seat prices, distribution records, published wallet accounting, Pirate-related disputes, and reported Alberta litigation.

Scope note

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

The NastyFans saga, in one account

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.

01
Project record

Launch, hardware fundraising, and two operators

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 record
02
First-party data

A functioning market and hundreds of BTC in distributions

The 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.

TradesDistributions
03
Measurable outcome

The BTC-denominated seat price collapsed

The 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 comparison
04
Operator accounting

Published totals are detailed, but not audited

In 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 record
05
Separate disputes

Pirate allegations and forum custody require separate treatment

Forum 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 record
06
Still unresolved

Public accusations culminated in reported Alberta litigation

Forum 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 status
Recorded gross trade volume 2,017.12 BTC Market turnover; not an operator take or loss total
Recorded member distributions 568.97 BTC Aggregate feed total; recipients changed over time
Early-lot price decline >99.8% BTC price comparison before holder-specific distributions
Pirate amount alleged ≈2,600 BTC Disputed allegation—not an established loss
Bottom line

The 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

500 BTC in custody—and a disputed airdrop

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.

Custody record

OgNasty was selected to safeguard 500 BTC belonging to the forum.

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.

Major fork proceeds returned 21.534665 BTC BCH, BSV and BTG liquidated in November 2019
GBYTE attributed to forum-held BTC 31.25 GBYTE Calculated from the 2017 airdrop record
Reported value at receipt ≈ 7 BTC Contemporaneous estimate, not a present-day valuation
Verified forum record

The major fork coins were transferred back

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 accounting
Undisclosed airdrop / disputed characterization

A separate GBYTE claim used the custody address

In 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 response
Careful finding

The 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

What the record supports — and what it does not

Project record

Seats, voting, and BTC distributions were the stated model.

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 S1
Source data

The recorded seat price fell by more than 99.8% for early benchmarks.

The 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 S2
Operator statement

Published wallet accounting is detailed, but not an independent audit.

In 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 S5
Disputed

Pirate pass-through allegations are documented; liability is not established here.

Forum 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 sides
Reported court matter

An Alberta file number is publicly reported, but the docket was not obtained.

Forum 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 record
Not established

Tax evasion, personal-use funding, and family-relationship claims remain unverified.

The 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 standard

03 / Reconstructed chronology

Fourteen years in the public record

Dates come from the project’s own chronology and live feeds unless marked as reported or disputed.

  1. Project record

    NastyMining announced

    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.

    S1
  2. Project + source data

    NastyFans launches; trading and distributions begin

    NastyFans 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.

    S1S2S3
  3. Project chronology

    Public membership and major fundraising claims

    The 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.

    S1
  4. Operator statement

    1NastyFR… becomes the stated donation address

    The address appears in the project’s opening post. In a later accounting, nonnakip described it as the official donation address from this date onward.

    S1S5
  5. Operator statement

    Debt settlement and “debt-free” milestones

    The 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
  6. Operator statement

    Donation-accounting checkpoint published

    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.

    S5
  7. Source data + forum comparison

    BTC-denominated seat value contracts sharply

    Trades in the public feed appear around 0.0015–0.002 BTC. A 2018 discussion used a prior 0.0077 BTC seat price to compare returns from distributions.

    S2S7
  8. Allegation / disputed

    Pirate-related accusations become a sustained public dispute

    Dedicated forum threads questioned an alleged 2,600 BTC connected with the earlier pass-through. The amount, ownership, obligations, and conduct remain contested.

    S8S9
  9. Forum calculation + source data

    0.00056 BTC reserve calculation; 0.0005 BTC buyback trades

    A forum participant calculated 16.801 BTC across 30,000 seats as about 0.00056 BTC per seat. The public feed then records 1,499 seats traded at 0.0005 BTC in April.

    S6S2
  10. Source data

    Later trades cluster near 0.00045–0.0006 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.

    S2
  11. Reported court matter

    Alberta litigation is discussed publicly

    Forum 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.

    S10S11
  12. Source data

    Recent distributions are measured in single-digit satoshis per seat

    Numerous 2026 entries report 0.00000007–0.00000008 BTC per eligible seat. The latest record reviewed is dated 5 September 2026.

    S3

04 / BTC-denominated calculations

Price decline is measurable. Personal P/L is not yet.

Public trades show the seat price at specific moments. A holder’s actual result also depends on every distribution received and any resale proceeds.

BTC return calculator

per seat

Use the distribution field only when you have a verified per-seat total for the holding period. Zero shows price change alone.

Price-only result

−99.8886%

−0.44839676 BTC per seat

Total value recovered
0.11%
Formula
(exit + distributions − entry) ÷ entry
Selected public-record benchmarks, excluding distributions
Entry / basisComparisonBTC price declineEvidence
0.44889676 BTC0.0005 BTC99.8886%Trade feed
0.60000000 BTC0.0005 BTC99.9167%Trade feed
0.00770000 BTC0.0005 BTC93.5065%Forum basis + trade feed
0.00770000 BTC0.00056003 BTC92.727%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

A nominal dollar gain can conceal a near-total BTC loss

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.

Early 9 December 2012 seat trades compared with a 0.0005 BTC seat value
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
Illustrative—not aggregate P/L

30,000 seats at the later 0.0077 BTC benchmark

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.

Disputed scale only

The alleged 2,600 BTC Pirate amount

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

A public address, a published reconciliation, and an audit gap

Blockchain records can verify transactions. They do not, on their own, prove the owner, purpose, or off-chain agreement behind every transfer.

On-chain reference

Longstanding project donation address

1NastyFRkeUTmMdbMmzggDVTQA6r3ibUoX
Open explorer

Old address, reported 166.14730886 BTC Project-operator statement in 2017
1NastyFR…, reported 478.26023408 BTC Project-operator statement in 2017
Chain-visible total, reported 644.40754294 BTC Sum stated by nonnakip
Additional site-reported amount 81.19784469 BTC Attributed mainly to NastyShop-linked donations; underlying private records were not published in the cited post

What can be checked

  • The address is published by the project itself.
  • The distribution feed lists transaction IDs and blocks.
  • Those transactions can be inspected independently on-chain.
  • The trade feed supplies dates, quantities, and per-seat prices.

What still needs evidence

  • A full reconciliation of inflows, distributions, refunds, reserves, and expenses.
  • Public records supporting the additional 81.19784469 BTC described in 2017.
  • Historic seat ownership needed to assign distributions to specific purchase lots.
  • Proof tying any particular personal purchase to project or pass-through funds.

06 / Pirate pass-through record

A proven Ponzi scheme; a disputed connection

The legal record concerning Trendon Shavers is separate from allegations about OgNasty’s pass-through activity. Conflating them would overstate the evidence.

Government record

Bitcoin Savings and Trust was a Ponzi scheme.

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.

Allegation / disputed

The amount and handling of pass-through funds remain contested.

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

The public forum trail is not the court docket

No public final judgment located
Reported file 2503
12841
Court
Alberta Court of King’s Bench
Reported filing
26 June 2025
Parties
Discussed publicly as Vod v. OgNasty; legal names not reproduced here without the docket
Verified here
The official Alberta search process and fee; public forum statements by the disputants
Not verified here
The filed pleadings, causes of action, defence, exhibits, orders, or final outcome

What the official service says

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 search

Current publication limit

Because 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

How claims were classified and calculated

Snapshot date: 20 September 2026. Live sources may change after that date.

1

Prefer the closest available source

Project feeds support trade and distribution facts. Government pages support legal findings and court-search procedures. Forum posts support only what a participant said.

2

Label the evidentiary status

“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.

3

Keep price change separate from total return

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.

4

Do not invent user-level losses

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.

5

Account for editable and live records

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.

6

State what was not found

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

Direct links used in this review

Sources are described by provenance, not by whether they support one side.

S1

NastyMining / NastyFans main topic

Project introduction, structure, donation address, and operator-maintained chronology.

First-party forum record
S2

NastyFans historic trade feed

2,013 purchase lots with date, time, quantity, and price per seat; no buyer field.

First-party live CSV
S3

NastyFans distribution summary

Per-seat amounts, eligible seat counts, blocks, transaction IDs, fees, and donations to NastyMining.

First-party live CSV
S4

NastyFans current seat-owner list

Current seat counts, public identifiers, and donation preferences. Not historic ownership evidence.

First-party live CSV
S5

2017 donation-accounting discussion

nonnakip’s published address totals, site-reported total, and explanation of the difference.

Attributed operator statement
S6

2021 reserve-per-seat discussion

Third-party calculation of 16.801 BTC divided across 30,000 seats.

Forum calculation
S7

2018 minted-seat return discussion

Contemporaneous discussion using a 0.0077 BTC seat-price basis and reported distributions.

Forum comparison
S8

Pirate pass-through accusation thread

Contains allegations, rebuttals, historic links, and transaction claims. Not a judicial finding.

Disputed forum record
S9

OgNasty reserve-fund topic

Historic first-party thread advertising interest on BTC deposits; later marked closed and paid out.

First-party forum record
S10

Forum posts identifying Alberta file 2503 12841

Participant discussion of the reported lawsuit and access to court materials.

Attributed forum report
S11

Alberta Court of King’s Bench civil search

Official process for action-number searches, filed-document lists, and applicable fees.

Government service
S12

SEC final judgment release: Trendon Shavers / BTCST

Official civil-enforcement record identifying BTCST as a Ponzi scheme.

U.S. government record
S13

DOJ sentencing release: Trendon Shavers

Official criminal-case summary, plea, sentence, and victim-loss description.

U.S. government record
S14

Blockchair address view

Independent explorer view for the project-published 1NastyFR… address.

Third-party blockchain explorer
S15

Forum treasurer recruitment

Theymos’s 2013 request for custodians of 250–500 BTC portions of forum funds.

Forum administrator · 6 Feb 2013
S16

Published treasurer agreement

Custody obligations, return rules, and public roster for the forum’s distributed treasury.

Forum administrator · 19 Mar 2013
S17

Fork-coin accounting and GBYTE disclosure

Contemporaneous thread containing the 21.534665 BTC fork liquidation, signed airdrop evidence, and the administrator’s response.

Forum record · Nov–Dec 2019
S18

BTC/USD close on 9 December 2012

Historical daily record reporting a $13.46 closing price for the date of the earliest cited seat trades.

Historical market data
S19

BTC/USD current-price snapshot

CoinGecko API returned $81,069 per BTC with a last-updated timestamp of 20 September 2026, 20:57:30 UTC.

Live market-data API · fixed snapshot recorded here