CipherBlade’s Forensic Report Seems to have Turned the table for ShapeShift, after the infamous Accusations from the Wall Street Journal

ShapeShift was last in reports due to rather unpleasant reasons when the Wall Street Journal reported about its involvement in the 9 Million U.S. Dollars laundering. In the past seven days. ShapeShift turned around the table when it provided evidence against the claims above. This evidence came into existence after a third party conducted a ‘forensic review.’ As a result, it was found that the Wall Street Journal overstated the results. CipherBlade was the party behind the forensic report. Also, the report shone some light on a group of small companies that had a link to unsavory business, as per

On Twitter, Cas Piancey unraveled a few facts about the Panama Papers scandal, when he highlighted the connection between CipherBlade’s director- Genevieve Magnan and the multiple shell companies. He said on his twitter handle that he really likes The Block- “Especially Larry, Frank, and Steven.

In the Panama Papers scandal, 11.5 million documents were leaked that had critical details of 214,488 offshore entities. On further digging, the Twitter users found the potential connection between the exchange and BitFinex, which supported ShapeShift financially. Moreover, CipherBlade told that the research was made on request of ShapeShift.

The CEO of CipherBlade- Rich Sanders, on the other hand, has been continuously denying any authentication in these rumors. The scenario becomes more confusing due to the involvement of Magnan as the ‘nominee director.’ Decrypt Media describes this role as a shallow role which exists on paper but has a null effect on real activities of the company. In a way, it helps a company to hide the activities it wants to hide.

Further, CipherBlade’s Greene told that she protects the team as they come in contact with dangerous clients, as per the reports from If this explanation holds any truth, it will make much sense to understand the reason behind Magnan being the director of brokerages such as Big365 and LMSwiss. Greene further told that Magnan’s involvement is not a problem and moreover, she herself does not have much influence over it. These setups are made for security reasons by many companies as per Greene.

CipherBlade is a company from the Marshall Islands with ‘CipherBlade’ as the registered name, according to incorporation documents. The registration has been done in London with an address that the company shares with seventeen more companies. Yet it is physically in Pittsburgh, Pennsylvania.

In the incorporation documents, the connection between BitFinex and CipherBlade has also been made clear. As per the papers, BitFinex is one of the major investors. Interestingly the name of the company is quite close to another company that Magnan is involved with which is called- ‘Finex.’ Beyond this, Greene assured that there are no more connections. Further, Greene explained that the factors such as the low wallet holdings and the free report service could be explained about.

On this, the CEO told that there were only two fiat payments ever.  The CEO has shown evidence to the investigators at Decrypt Media. Beyond this, he was not able to prove that he owned the wallet. Sanders pointed at the ‘good cause’ reason behind the free report. By far, there have been no comments or feedback on this matter by ShapeShift and Magnan.

ShapeShift’s CEO- Erik Voorhees posted on Twitter-

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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