Investigative Report · Subject Analysis
Multicoin Capital
SEC-Registered VC Firm & Impersonation Scam Operations — Dual Investigation
Snapshot: Multicoin Capital Management, LLC is a legitimate SEC-registered investment adviser founded in 2017, but faces elevated risk due to significant portfolio losses (91.4% hedge fund decline in 2022), FTX exposure, and ongoing litigation. Separately, widespread impersonation scam operations fraudulently use the Multicoin Capital name to perpetrate task-based investment schemes, resulting in regulatory warnings and substantial victim reports across multiple jurisdictions.
Intelligence Metrics
Investigative Disclaimer
This report is based on publicly available OSINT sources and does not assert wrongdoing. All allegations remain unproven unless legally established. This analysis distinguishes between the legitimate SEC-registered firm (CRD 297302) and widespread impersonation scam operations using the Multicoin Capital name. Unknown information is stated clearly. No intent is assumed.
Executive Summary
Multicoin Capital Management, LLC
SEC-registered investment adviser (CRD 297302). Operates venture capital funds in the cryptocurrency sector since 2017. Subject to regulatory oversight with disclosed corporate structure.
Fraudulent Scam Operations
Widespread network of impersonation scam operations exploiting the Multicoin Capital name to conduct task-based fraud schemes targeting retail victims across multiple jurisdictions.
This investigation examines two distinct entities using the "Multicoin Capital" name: (1) Multicoin Capital Management, LLC, a legitimate SEC-registered investment adviser (CRD 297302) operating venture capital funds in the cryptocurrency sector since 2017, and (2) a widespread network of impersonation scam operations exploiting the firm's reputation to conduct task-based fraud schemes targeting retail victims. The legitimate firm manages institutional venture capital funds with documented regulatory filings and a disclosed portfolio of crypto-focused investments, while the impersonation operations represent coordinated fraud campaigns reported across multiple consumer protection platforms.
The legitimate Multicoin Capital experienced significant portfolio volatility, including a reported 91.4% hedge fund loss in 2022 and substantial exposure to the FTX collapse. The firm faces ongoing legal challenges including class-action litigation related to SOL token investments and internal governance disputes. Concurrently, scam operations using the Multicoin Capital name have proliferated across social media platforms, employing fraudulent job offers and task-based investment schemes that have generated numerous victim reports on BBB ScamTracker, Reddit, and other consumer protection forums.
This dual investigation distinguishes between legitimate business risks and criminal impersonation activity. No evidence gathered through OSINT methods establishes wrongdoing by the legitimate SEC-registered entity.
Identity & Background Verification
Corporate Registration
| Legal Entity | Multicoin Capital Management, LLC |
| LEI | 254900JO1KNLAXAK4B30 |
| SEC Registration | CRD 297302 · File 801-121946 |
| Jurisdiction | Delaware LLC · Registered in Texas |
| Registration Authority ID | 0802731501 |
| Formation Date | May 25, 2017 |
| Legal Address | C/O CT Corporation System, 1999 Bryan St., Suite 900, Dallas, TX 75201 |
| HQ | 2500 Walsh Tarlton Lane, Suite 1326, Austin, TX 78746 |
Key Principals
Tushar Jain
ActiveCo-Founder & Managing Partner
Based in Austin, Texas. Previously worked at ePatientFinder (acquired by Elligo Health Research). Finance and Political Science degrees from New York University.
Kyle Samani
TransitionedCo-Founder · Advisor (as of 2026)
Finance and Management degrees from New York University. Transitioned from Managing Partner role to advisory capacity in early 2026. Backed new $35M fund (5c(c) Capital) in March 2026.
Brian Smith
ActivePartner, CFO & COO
Finance and operations executive.
Matt Shapiro
ActivePartner, Head of Investor Relations
Investor relations and communications.
Spencer Applebaum
ActiveGeneral Partner, Co-Head of Venture
Venture investment leadership.
Shayon Sengupta
ActiveGeneral Partner, Co-Head of Venture
Venture investment leadership.
Greg Xethalis
ActivePartner, General Counsel
Legal and compliance.
Corporate Network & Beneficial Ownership
Fund Structures (SEC Form D Filings)
Multicoin Venture Fund III US, LP
Filed: February 4, 2022
Total Raised: $297,855,000
Investors: 288 accredited
Min Investment: $20,000
Admin: NAV Fund Services (Cayman) Ltd., George Town, Cayman Islands
Multicoin Venture Fund III-A US, LP
Filed: February 4, 2022
Total Raised: $4,195,000
Investors: 33 accredited
GP: Multicoin Venture Fund III GP, LLC
Admin: NAV Fund Services (Cayman) Ltd., George Town, Cayman Islands
Documented Co-Investor
Circle Ventures
Identified as documented co-investor and financial backer of Multicoin Capital.
Portfolio Companies (Partial List)
3A. Beneficial Ownership & Control Analysis
| Factor | Assessment | Risk |
|---|---|---|
| Ultimate Beneficial Owners | Identified: Tushar Jain, Kyle Samani (co-founders). GP structure controlled by Multicoin Capital GP, LLC. | low |
| Transparency Level | Moderate — SEC-registered with public Form ADV filings. Limited visibility into LP investor identities (confidential). | moderate |
| Offshore Structures | Cayman Islands fund administration via NAV Fund Services. Standard for crypto VC but presents jurisdictional complexity. | moderate |
| AML Risk Indicators | Low-Moderate — Regulated SEC entity with compliance infrastructure. Offshore administration creates monitoring gaps. | moderate |
| Undisclosed Relationships | Minimal evidence of hidden control structures. Standard GP/LP hierarchy disclosed in filings. | low |
| Key Concerns | Offshore fund structures limit beneficial ownership transparency for LPs. No PEP or sanctions list matches identified for principals. | moderate |
Legal, Regulatory & Criminal Exposure
O'Keefe v. Multicoin Capital Management, LLC
Case is currently stayed as a member case in In Re: FTX Cryptocurrency Exchange Collapse Litigation (1:23-md-03076-KMM). Plaintiff Connor O'Keefe filed alleging fraud related to FTX collapse exposure.
Mark Young v. Solana Labs et al. (Solana Securities Lawsuit)
Alleges SOL is an unregistered security under the Howey Test. The complaint alleges Multicoin "offloaded millions of dollars of SOL" onto retail investors after "relentlessly" promoting the token despite known technical issues, passing transactions through FalconX OTC desks. Note: These remain allegations. No finding of liability has been made.
SEC Regulatory Status — No Direct Enforcement Actions
As of April 2026, no direct SEC enforcement actions or FINRA disciplinary proceedings have been identified against Multicoin Capital Management, LLC (CRD 297302). The SEC adviserinfo.sec.gov disclosure summary shows "None" for regulatory actions and customer complaints. The firm actively engages with the SEC's Crypto Task Force regarding crypto asset regulation.
Political Contributions — Sentinel Action Fund (July 2024)
Multicoin Capital pledged up to $1 million to support pro-crypto Senate candidates through conservative super PAC Sentinel Action Fund, matching 100% of Solana token donations through July 14, 2024. Managing Partner Kyle Samani stated the firm was "eager to flip the Senate for Republicans." The firm's decision-makers sought to shift the balance of power in agency appointments affecting crypto regulation. This is a matter of public record and political engagement, not a regulatory violation.
FTX Exposure & Portfolio Failures
Performance Impact Visualization
Note: Relative performance metrics. All figures based on investor communications and media reports.
FTX Collapse Narrative
On November 6, 2022, Multicoin held approximately 13% of fund assets on FTX and began withdrawal attempts following market turmoil. By November 9, 2022, the platform halted withdrawals, trapping an estimated $40–45M (9.7% of total AUM) in side-pocketed assets.
On November 11, 2022, FTX filed for bankruptcy. In a November 17, 2022 letter to investors, Multicoin predicted "contagion fallout from FTX/Alameda over the next few weeks" with "many trading firms" expected to be "wiped out and shut down."
The firm managed to withdraw about 24% of FTX-held assets before the exchange halted withdrawals. By year-end 2022, Multicoin's hedge fund had lost 91.4% of its value, with direct FTX exposure and indirect exposure through FTT, SOL, and SRM tokens as primary drivers.
Portfolio Write-Downs & Losses
| Asset / Position | Reported Loss | Detail | Severity |
|---|---|---|---|
| Hedge Fund (2022 YTD) | −91.4% | Full year 2022 decline. Primary drivers: FTX exposure, FTT/SOL/SRM token collapse. | critical |
| November 2022 Fund | −55% | Single month loss following FTX bankruptcy on November 11, 2022. | critical |
| FTX-Held Assets | ~$40–45M | Approximately 9.7–10% of total AUM stuck on FTX as pending withdrawals after platform halted on Nov 9, 2022. | critical |
| Solana (SOL) | −64% (12 days) | Largest position declined 64% in 12 days post-FTX collapse due to Bankman-Fried association. | high |
| Loot NFT Investment | −95% | 8-figure NFT investment effectively wiped out. | high |
| FTX Equity Stakes | −100% | Written down to zero following bankruptcy proceedings. | critical |
Adverse Media & Narrative Analysis
Analysis of negative coverage, controversies, and investigative reports from reputable sources. All items represent publicly available information; severity indicates potential impact, not verified wrongdoing.
91.4% Hedge Fund Loss in 2022
Source: Multiple Financial Media (Verified)
Multicoin's hedge fund lost 91.4% of its value in 2022, primarily driven by FTX collapse exposure, cascading losses in FTT, SOL, and SRM tokens, and the Loot NFT investment (95% loss on 8-figure position). Disclosed in March 2023 investor letter citing 1,376% net return since inception despite the drawdown.
Kyle Samani Steps Back from Daily Management
Source: The Block (Verified)
Co-founder Kyle Samani announced a step back from daily management at Multicoin Capital, shifting focus to AI, robotics, and life sciences. Subsequently backed a new $35M venture fund (5c(c) Capital) targeting prediction market startups alongside Polymarket CEO Shayne Coplan and Kalshi CEO Tarek Mansour. Internal disagreements over investment strategy reported.
Named Defendant in Solana SOL Securities Class Action
Source: Court Records — California Federal Court
Multicoin Capital and Kyle Samani named as defendants in a class-action lawsuit alleging SOL constitutes an unregistered security. Complaint alleges Multicoin 'offloaded millions of dollars of SOL' onto retail investors after promoting the token. Note: these are allegations only — no finding of liability has been established.
Multicoin Pledges $1M for Pro-Crypto Senate Candidates
Source: CoinDesk (Verified)
Managing Partner Kyle Samani stated the firm was 'eager to flip the Senate for Republicans.' The firm pledged up to $1M through Sentinel Action Fund (conservative super PAC), matching Solana token donations. This is lawful political activity but represents notable political entanglement for a VC firm.
Mixed Trust Signals on jobs.multicoin.capital
Source: ScamAdviser (Verified)
ScamAdviser assigned the subdomain a 'Likely Safe' trust score but flagged: WHOIS privacy protection, low visitor traffic, cryptocurrency services (high-risk category), and iframe usage. The main domain received a lower overall trust score. No evidence of systematic fake reviews or paid PR manipulation was detected.
Claims vs. Verifiable Reality
Comparison of key claims made in marketing materials and investor communications against independently verifiable evidence.
| Claim | Source | Verification | Evidence | Notes |
|---|---|---|---|---|
| 10,358% cumulative return since inception | Investor Presentation | Unverified | No independent audit found | 91.4% loss in 2022 significantly impacts long-term figures |
| 1,376% net return from inception through 2022 | March 2023 investor letter | Allegation | Self-reported, unaudited | Follows 91.4% drawdown year; no independent verification |
| ~10% of AUM ($40–45M) stuck on FTX | November 2022 LP letter | Verified | Multiple media outlets confirmed; consistent with fund size | Assets side-pocketed; partial recovery (24%) before halt |
| Leading Solana ecosystem investor | Company website / marketing | Verified | Early SOL investments at $0.04, $0.20, $0.23 per token documented | Position declined 64% in 12 days post-FTX collapse |
| Fund managed to withdraw ~24% of FTX assets before halt | Media reports | Verified | Consistent across multiple financial news outlets | Remaining 76% stuck as FTX filed for bankruptcy |
| No SEC regulatory actions or customer complaints | SEC adviserinfo.sec.gov | Verified | CRD 297302 disclosure summary shows 'None' | As of April 2026 |
| Scam operations claim to be Multicoin Capital | BBB ScamTracker, CNMV Spain, Reddit | Verified | Multiple verified reports including regulatory blacklisting | These are impersonators — NOT the legitimate firm |
Digital Footprint & Historical Changes
Official Social Presence
Active Scam Warning (March 25, 2026)
A Multicoin employee warned via X: "Beware — there is a scam going around where people pretend to be journalists (targeting founders) or sources (targeting journalists) that ask them to get on zoom and then download malware."
Domain & Trust Analysis
Wayback Machine Analysis Incomplete
Comprehensive Wayback Machine analysis of multicoin.capital could not be completed through OSINT methods, preventing verification of: deleted content, performance claim modifications over time, changes to risk disclosure language, narrative shifts from 2017–present, and historical fund marketing materials. This represents a significant gap in the historical record analysis.
Impersonation Scam Pattern Analysis
⚠ Critical Distinction
The impersonation operations documented below are entirely separate from the legitimate Multicoin Capital Management, LLC (CRD 297302). These are fraudulent entities exploiting the Multicoin Capital brand name. Victims are harmed by criminals, not the registered investment firm.
Common Scam Mechanics (Task-Based Fraud)
- 1Contact victim via Telegram/WhatsApp/LinkedIn with job offer
- 2Offer 'part-time' or 'personal assistant' position with Multicoin Capital
- 3Provide small 'trial' tasks with apparent returns to build trust
- 4Request cryptocurrency payment for first 'investment task'
- 5Show fake balance on fraudulent platform (appears profitable)
- 6Demand larger deposit for next mandatory task
- 7Freeze withdrawal until additional 'tasks' or fees paid
- 8Continue demanding payments until victim refuses or is depleted
Documented Victim Reports
Florida victim lost $1,000 to 'Multicoin Capital Impostor'
Source: BBB ScamTracker Report #1190747
After a trial period with small returns, the victim invested $1,000 via PayPal converted to cryptocurrency for a 'node task' promising 30% profit. The scammer then demanded $2,900 for a second mandatory task, refusing withdrawal without completion. The victim's balance showed $1,300 on the impostor platform but remained inaccessible.
Fraud Mechanic: Progressive deposit / withdrawal freeze
CNMV blacklisted tilova.top and rcsl.it operating as 'MULTICOIN CAPITAL'
Source: Spanish CNMV Regulatory Warning
Spain's Comisión Nacional del Mercado de Valores (CNMV) added an entity using tilova.top and rcsl.it to its regulatory blacklist for operating as an 'Unregistered/Unlicensed entity offering financial products or services' under the name MULTICOIN CAPITAL. The regulator warned the entity promoted via WhatsApp groups with unsolicited offers and high-return promises, exposing consumers to significant financial risk and lack of regulatory protection.
Fraud Mechanic: WhatsApp recruitment / unlicensed financial services
Telegram-based job scam using Multicoin Capital name
Source: WikiFX Exposure Report
A victim contacted via Telegram about a 'part-time job' was asked to deposit amounts to complete tasks, with the system freezing funds until task completion. The scammer used the Multicoin Capital name and claimed system restrictions prevented refunds. Consistent task-based fraud mechanic.
Fraud Mechanic: Telegram recruitment / task-based deposit freeze
Multiple threads confirm 'task scam' pattern using Multicoin Capital name
Source: Reddit r/CryptoScams
Users reported job offers from 'Multicoin Capital' for personal assistant positions that appeared fraudulent. Multiple threads confirm task scam patterns where victims send increasing amounts with fake fees demanded for withdrawal. One community member stated: 'I don't think you're dealing with Multicoin capital ... it's an investment firm that's been around since 2017.'
Fraud Mechanic: Fake job offers / escalating deposit demands
How to Identify Legitimate vs. Impersonator
✓ Legitimate Multicoin Capital
- Website: multicoin.capital
- SEC CRD: 297302
- Never solicits via Telegram/WhatsApp
- Never offers task-based jobs with deposits
- Institutional VC firm only
✗ Impersonation Red Flags
- Contact via Telegram/WhatsApp/Social DMs
- Part-time job or personal assistant offers
- Requires cryptocurrency deposits for "tasks"
- Promises guaranteed high returns (30%+)
- Blocks withdrawals until more deposits made
Timeline of Key Events
Multicoin Capital Management, LLC officially established
Delaware LLC formed. SEC registration (CRD 297302) initiated.
Multicoin Capital launches first fund
First institutional fund vehicle launched targeting crypto-native investments.
Early Solana investments at $0.04, $0.20, $0.23 per token
Among the earliest institutional investors in Solana ecosystem. Positions established at very low entry prices.
$430M Venture Fund III announced
Major capital raise closed with 288 accredited investors. $297.8M in primary vehicle plus $4.2M in sidecar.
Mark Young files Solana Labs securities lawsuit
Putative class action filed in California federal court. Multicoin Capital and Kyle Samani named as defendants alongside Solana Labs.
Multicoin holds ~13% of fund assets on FTX; begins withdrawal
CoinDesk reporting reveals significant FTX exposure. Withdrawal attempts initiated as market turbulence grows.
FTX halts withdrawals; 9.7% of fund AUM trapped
Estimated $40–45M in assets stuck on FTX as pending withdrawals. Side-pocket created for affected assets.
FTX files for bankruptcy
Sam Bankman-Fried's exchange collapses. FTX equity stakes written down to zero.
Fund down 55% for November; investor letter issued
Multicoin sends LP letter warning of 'contagion fallout from FTX/Alameda over the next few weeks.'
91.4% hedge fund loss disclosed to investors
Full-year 2022 loss communicated. Firm claims 1,376% net return since inception despite the drawdown.
O'Keefe v. Multicoin Capital filed in Florida federal court
Fraud suit filed under diversity jurisdiction. Case subsequently stayed as part of FTX MDL (1:23-md-03076-KMM).
Multicoin pledges up to $1M for pro-crypto Senate candidates
Sentinel Action Fund (conservative super PAC). Kyle Samani states firm is 'eager to flip the Senate for Republicans.'
Spain CNMV blacklists entity using Multicoin Capital name
tilova.top and rcsl.it blacklisted for operating as unlicensed financial services under MULTICOIN CAPITAL name. WhatsApp promotion.
BBB ScamTracker Report #1190747 filed — Florida victim
Florida victim reports $1,000 loss to Multicoin Capital impostor via PayPal-converted cryptocurrency for 'node task' scheme.
Kyle Samani announces step back from daily management
Co-founder transitions to advisory role. States focus shifting to AI, robotics, life sciences.
Kyle Samani backs new $35M prediction market fund (5c(c) Capital)
New fund alongside Polymarket CEO Shayne Coplan and Kalshi CEO Tarek Mansour. Internal Multicoin disagreements over strategy reported.
Risk Analysis Matrix
RISK SCORE VISUALIZATION (0–100)
FTX-related litigation (stayed), SOL securities class action, portfolio failure allegations
91.4% hedge fund loss (2022), leadership departure (Samani), FTX AUM exposure
Widespread impersonation scams, regulatory warnings, victim reports across platforms
Active scam operations, CNMV Spain blacklisting, BBB reports, Reddit community warnings
91.4% annual drawdown, FTX losses, Loot NFT 95% write-down, SOL 64% crash
No direct SEC enforcement. Registered (CRD 297302). Active SEC Crypto Task Force engagement
Overall Risk Classification
Weighted across all factors. High impersonation and reputational risks elevate overall classification despite low regulatory risk for the legitimate entity.
Red Flags & Unusual Patterns
Legitimate Firm — Concern Areas
These flags relate to the SEC-registered Multicoin Capital Management, LLC. They represent business risks and concerns — not evidence of fraud.
FTX Exposure (13% of assets on exchange)
Concentrated exchange exposure without hedging — violated risk management best practices common to crypto VCs at the time.
91.4% Hedge Fund Annual Loss
Extreme drawdown exceeding typical crypto market declines in 2022. Concentration in correlated positions (SOL, FTT, SRM) amplified losses.
Self-Reported Performance Metrics
10,358% cumulative return claim in investor presentations lacks independent audit verification. Common in private fund context but limits verifiability.
Political Donations via Super PAC
$1M pledge to Sentinel Action Fund seeking to influence Senate composition. Creates perception of regulatory capture motivation.
Leadership Transition (Samani departure)
Co-founder stepping back from daily management with noted internal disagreements. Succession risk in a founder-led fund.
Cayman Islands Fund Administration
Standard industry practice but creates jurisdictional opacity for beneficial ownership analysis.
Impersonation Scam — Red Flags
These flags relate to fraudulent impersonation operations — entirely separate from the legitimate firm.
Telegram/WhatsApp/Social DM Recruitment
Legitimate institutional firms never recruit retail investors or employees via unsolicited messaging app contacts.
Task-Based Investment Mechanics
Requiring 'tasks' with crypto deposits is a defining characteristic of pig butchering and task fraud schemes.
Withdrawal Freezes Until More Deposits Made
Classic escalating deposit fraud. The fake balance shown is never accessible without additional payments.
Guaranteed 30%+ Returns
No legitimate investment guarantees returns. High guaranteed return promises are a universal fraud indicator.
CNMV Spain Regulatory Blacklisting
tilova.top and rcsl.it operating as 'MULTICOIN CAPITAL' — affirmatively identified by a national securities regulator as unlicensed.
Unknown Operators / No Physical Presence
Scam entities have no verifiable corporate registration, licensed personnel, or physical office locations.
PayPal-to-Crypto Conversion Demanded
Irreversible payment methods demanded by scammers to prevent chargebacks. Standard fraud indicator.
Multiple Jurisdictions (Spain, US, Unknown)
Geographic spread of scam operations suggests organized criminal network, not isolated actors.
Gaps & Unknowns
The following information could not be independently verified through publicly available OSINT sources. These gaps do not imply concealment; they reflect the inherent limitations of open-source investigation methodology.
Wayback Machine Historical Analysis
High ImpactComprehensive analysis of multicoin.capital historical snapshots could not be completed through OSINT methods. Unable to verify: deleted content, performance claim modifications, narrative shifts from 2017–present, or historical fund marketing materials.
Ultimate Beneficial Owner (UBO) Mapping
Moderate ImpactWhile co-founders Jain and Samani are publicly identified, the full LP investor base (288+ accredited investors in Fund III alone) remains confidential per standard private fund disclosure rules. Offshore Cayman Islands structures limit further transparency.
Audited Fund Performance Reports
High ImpactIndependently audited fund performance reports are not publicly accessible. All performance figures (10,358% cumulative, 1,376% net return since inception) are self-reported by the firm. No third-party audit confirmation found.
Full Extent of Impersonation Operations
High ImpactOnly confirmed reports via BBB ScamTracker, CNMV Spain, WikiFX, and Reddit are documented. The total number of victims, total financial harm, operator identities, and geographic scope of impersonation operations remain unknown.
FTX Asset Recovery Status
Moderate ImpactThe current status of approximately $40–45M in side-pocketed FTX assets — whether recovered, partially recovered, or written off in bankruptcy proceedings — could not be independently verified.
Internal Governance Documents
Low ImpactInternal LP agreements, side letters, fee structures, and governance documents are not publicly available. The nature of reported 'internal disagreements' between Samani and Jain over investment strategy remains unverified.
Scam Operator Identity
High ImpactThe individuals or organizations behind the impersonation scam operations using the Multicoin Capital name have not been publicly identified or charged. Attribution of criminal operations to specific actors is not possible through OSINT methods.
OSINT Methodology Note: This investigation relied exclusively on publicly available information: SEC EDGAR/IARD filings, federal court records via PACER/CourtListener, regulatory authority publications, consumer protection databases (BBB ScamTracker), financial media, and community intelligence platforms. Private records, court-sealed documents, and non-public communications were not accessed or considered.
Conclusion
Analytical Standard Applied
This conclusion is evidence-based only. No intent is assumed. No guilt is asserted. All allegations remain unproven unless legally established. Observations are drawn exclusively from verified OSINT sources.
Legitimate Firm
- Multicoin Capital Management, LLC (CRD 297302) operates as an SEC-registered venture capital firm with documented portfolio holdings, regulatory filings, and verifiable corporate structure.
- The firm experienced severe financial distress in 2022 due to FTX exposure and correlated portfolio losses (91.4% hedge fund decline), but no regulatory enforcement action has been taken.
- Two civil lawsuits are pending: an FTX-related fraud suit (stayed) and a Solana securities class action. Both involve allegations that have not been adjudicated.
- Leadership transition (Samani step-back) and political contributions (Sentinel Action Fund) represent notable business developments but do not constitute regulatory violations.
Impersonation Operations
- Widespread impersonation operations using the Multicoin Capital name conduct task-based fraud schemes, as confirmed by BBB reports, Spanish CNMV regulatory warnings, and community intelligence.
- These operations are entirely separate from the SEC-registered entity. Victims are harmed by organized criminal actors exploiting the Multicoin Capital brand.
- The full scope, victim count, and operator identities of impersonation schemes remain unknown. CNMV Spain's blacklisting of tilova.top and rcsl.it represents formal regulatory recognition of the threat.
Final Assessment: The Multicoin Capital name now represents a dual-risk profile: a legitimate but financially distressed SEC-registered firm carrying elevated legal and operational risk, and a vehicle for criminal impersonation that poses direct consumer harm. Investors, researchers, and journalists encountering the name should exercise caution to distinguish between the two entities and verify credentials independently through SEC IARD (CRD 297302) before any engagement.
Sources & References
All sources are publicly available. Verification status reflects independent corroboration level at time of investigation (April 2026).
| Source | Date | Type | Verification | Notes |
|---|---|---|---|---|
| SEC IARD — Multicoin Capital Management LLC (CRD 297302) | Ongoing | Regulatory | Verified | Form ADV, disclosure summary showing no regulatory actions |
| SEC EDGAR — Form D Filings (Multicoin Venture Fund III US, LP) | Feb 4, 2022 | Regulatory | Verified | $297,855,000 raised from 288 accredited investors |
| SEC EDGAR — Form D Filings (Multicoin Venture Fund III-A US, LP) | Feb 4, 2022 | Regulatory | Verified | $4,195,000 raised from 33 accredited investors |
| CourtListener — O'Keefe v. Multicoin Capital (1:2023cv23048) | Aug 11, 2023 | Court Record | Verified | Case stayed; member of FTX MDL 1:23-md-03076-KMM |
| California Federal Court — Mark Young v. Solana Labs et al. | Jul 6, 2022 | Court Record | Verified | Class action; Multicoin Capital and Kyle Samani named defendants |
| CNMV Spain — Regulatory Warning / Blacklist Entry | Jan 12, 2026 | Regulatory | Verified | tilova.top and rcsl.it blacklisted as 'MULTICOIN CAPITAL' — unlicensed entity |
| BBB ScamTracker Report #1190747 | Feb 7, 2026 | Consumer Protection | Verified | Florida victim; $1,000 loss to Multicoin Capital impostor via PayPal/crypto |
| WikiFX — Multicoin Capital Scam Exposure | Jan 25, 2025 | Community Intel | Allegation | Telegram-based task scam using Multicoin Capital name |
| Reddit r/CryptoScams — Multiple Threads | 2024–2026 | Community Intel | Community Intel | Task scam pattern reports; job offer fraud using Multicoin Capital name |
| CoinDesk — Multicoin Capital Political Donations | Jul 5, 2024 | Media | Verified | $1M pledge to Sentinel Action Fund; Kyle Samani quote on Senate strategy |
| The Block — Kyle Samani 5c(c) Capital Fund | Mar 23, 2026 | Media | Verified | $35M fund for prediction markets; Samani departure from Multicoin management |
| ScamAdviser — jobs.multicoin.capital Analysis | 2026 | Trust Analysis | Verified | 'Likely Safe' with mixed signals; WHOIS privacy, iframe usage flagged |
| Multiple Financial Media — FTX Exposure Reports | Nov 2022 | Media | Verified | 10% AUM stuck on FTX; 55% monthly loss; 91.4% annual decline confirmed |
| Multicoin Capital LP Letters (via media) | Nov–Dec 2022, Mar 2023 | Company Document | Allegation | November 2022 contagion warning; March 2023 annual loss disclosure |
| SEC LEI Database — 254900JO1KNLAXAK4B30 | Ongoing | Regulatory | Verified | Legal Entity Identifier for Multicoin Capital Management LLC |
Get Involved
Sign in to comment, reply and react
We moderate comments to keep this a respectful and safe place. We have a zero-tolerance approach to user-to-user personal abuse. Please follow the house rules.
COMMENT
Participate in discussion, add context, and respond to this report.
TIPS AND EVIDENCE
Submit verified tips, supporting evidence, or additional intelligence.
CORRECTIONS
Request factual corrections or submit verifiable updates for this report.
* This discussion is moderated. Keep comments factual, relevant, and constructive. All submissions are reviewed before publication.
No comments yet. Be the first to comment!