Epstein bet big on coinbase years after his conviction
EPSTEIN BET BIG ON COINBASE YEARS AFTER HIS CONVICTION
Epstein directed a $3.25 million investment into Coinbase in 2014 through his Virgin Islands-based entity IGO LLC.
The deal, arranged with assistance from Brock Pierce and Blockchain Capital, acquired approximately 195,910 shares when the company was valued at $400 million.
Coinbase co-founder Fred Ehrsam was informed of the investment and expressed interest in meeting Epstein.
Even conviction didn’t stop him from landing elite crypto deals.
“I have a gap between noon and 3pm today, but again, not crucial for me, but would be nice to meet him if convenient,” Ehrsam wrote. “Is it important for him?”
The Epstein emails in the DOJ trove indicate Fred Ehrsam, Coinbase’s co-founder, was personally aware the investment was being made on Epstein’s behalf. In a correspondence dated December 3, 2014, Ehrsam asked to meet with Epstein in New York to discuss the arrangement.
Later that day, Blockchain Capital co-founder Brad Stephens emailed Ehrsam that they were good to move ahead with the investment. Coinbase’s wire transfer details were then immediately sent to Stephens, and forwarded to Epstein’s executive assistant, Darren Indyke, though Blockchain Capital maintains this investment “was never consummated.”
“Mr. Epstein has never been an investor in any Blockchain Capital fund,” the company said in a statement.
A document listing Epstein’s assets at the end of 2014, also released by the DOJ on Friday, shows a $3,001,000 “purchase of Coinbase.” The line item is connected to the same LLC, IGO Company, mentioned in emails between Epstein’s executive assistant and Blockchain Capital regarding Epstein’s purchase of Coinbase equity.
The investment was made at a $400 million company valuation, the emails say. Today, Coinbase is worth some $51 billion.
Epstein’s apparent early investment in Coinbase also came more than six years after Epstein was convicted, in 2008, by a Florida state court for procuring a child for prostitution and soliciting a prostitute. From 2008 on, Epstein was a registered sex offender.
