"The past is never dead. It's not even past." - William Faulkner, Requiem for a Nun Tomorrow, I’ll be publishing a deep dive on the background of Bullish, a cryptocurrency exchange that recently went public at a $10 billion+ valuation. As a preview, and for context, I’m republishing here one of the very first things I ever wrote about cryptocurrency: a report published in Fortune in 2014 from the North American Bitcoin Conference in Miami. With barely over 1,000 attendees, it was the lar...

Welcome back to Dark Markets, a newsletter about technology fraud. I’m David Z. Morris, a longtime tech and finance reporter. This week we dive into Bullish, the crypto exchange that recently went public at a $10 billion valuation. Much of that value derives from fundraising for EOS, a blockchain project announced nearly a decade ago. Read on for the mind-boggling story of how they got away with their billion-dollar shell game. *** The crypto exchange Bullish went public in an IPO earlier thi...