The Tale Of A BSV Culture Shock: The Fairway Brief

21 min readOct 12, 2023


Christen Ager-Hanssen, after leaving nChain on September 29, 2023, released his long awaited whistleblowing report. Oh boy. Buckle up for Part 2 of The Tale with The Fairway Brief published in full.

Who had thought that these 3 individuals would ever clash?

Written by Arthur van Pelt

ABOUT EDITS to this article: as more material may become available after the publication of this article, it could have edits and updates every now and then. In that sense, this article can be considered a work in progress, and become a reference piece for years to come.

Let’s bring back in memory that it all started here on on the evening of Friday September 29, 2023. Copied from my previous article “The Tale Of A BSV Culture Shock: Why Both Craig Wright And Christen Ager-Hanssen Have Left nChain”.

nChain Statement on departure of Christen Ager-Hanssen

London 29th September: The Board of the blockchain technology, IP licensing and consulting services company, nChain, confirms it has parted company with Christen Ager-Hanssen. The Board has appointed Stefan Matthews to retake the executive reins as acting CEO, in addition to his position as Chairman, with immediate effect.” — nChain UK Ltd website

Now let’s pick up where we left off with the previous article. Christen Ager-Hanssen was kind enough to tweet “The Tale Of A BSV Culture Shock” Part 1, obviously confusing a lone BSV fan.

Source: Twitter

And Christen Ager-Hanssen kept on tweeting about his findings.

Breaking: It’s fascinating to learn about all of Craig Wright, Calvin Ayre and Stefan Matthews their lies. They have all claimed that Craig Wright does not own any shares in nChain. This an obvious and blatant lie because you can from my recording of Stefan Matthews (which I’m releasing today) clearly hear that Craig Wright owns 30% of nChain. This 30% ownership is held through Majority Owner of nChain, DW discovery Selection Fund LTD registered in Cayman Island with company number MC-245708 and for the sole purpose of hiding the real owners behind. The brain behind the construction is Marco Bianchi in the FINMA regulated company, Fairway Family Office AG.

The Firm:

I have discovered that Calvin Ayre and Craig Wright and others was hiding there ownership in DW Discovery Selection Fund LTD in Cayman Island. This was all orchestrated by the Swiss FINMA regulated company, Fairway Family Office AG headed by Marco Bianchi.

Russian mining business? Is that a good idea? Where does Calvin operate his mining business. Make a guess where the secret places is. Always remember that you all can whistleblow to after 8pm BST today. The Fairway Brief website is soon up running.

In Part 1 of this The Tale Of A BSV Culture Shock series published a week ago, we learned that a media outlet called ‘What The Finance’ was doing daily updates on this Christen Ager-Hanssen whistleblower soap. And they didn’t stop. From their October 5, 2023 article “Fake Satoshi Exposed? Scandalous Allegations Behind nChain’s Shakeup” I took a few good quotes.

Artwork from the ‘What The Finance’ article

In a rather dramatic twist to an already complex saga, Craig Wright, who was terminated from nChain on Sunday, September 24, allegedly announced a day later, on Monday, September 25, that certain drives had been “found.” This revelation comes right after his firing by Christen Ager-Hanssen, the CEO of nChain, and the chairman Stefan Matthews. The timing of Wright’s announcement raises several questions, not the least of which is whether the “discovery” of these drives is connected to his sudden departure from nChain.

Given the various controversies and legal battles surrounding Wright, his announcement regarding the discovery of drives is sure to ignite speculation and scrutiny from multiple quarters. Could these drives contain evidence or information that will substantiate his various claims, including his long-contested assertion that he is Satoshi Nakamoto?

The background to this ‘harddrives’ (Craig Wright always finds ‘things’ when he most urgently needs them, now doesn’t he?) story is as follows. From Christen Ager-Hanssen his leaks, we find this conversation dated Tuesday September 5, 2023 (minus the last two lines down right, of course, which are dated just after Craig Wright was fired from nChain).

And the undersigned couldn’t help himself again, looking at the image of the September 15, 2007 Hashcoin whitepaper authored by no one else as… you guessed it, Satoshi Nakamoto! If Craig Wright would ever bring such mindblowingly unknown but — let’s presume — totally legit evidence of his Satoshi-ness out in the public… Wow.

But he doesn’t, and he won’t, ever, because he can’t. The simple reason is that he is not Satoshi Nakamoto. And time and again he has to fall back to sloppy homemade forgeries to keep his little fan club of dedicated believers entertained, while they are exposed as forgeries by his criticasters like clockwork.

So yeah, I’m one of those criticasters, and I immediately tweeted my findings about this 2007 paper. And it will surprise no one reading this, I’m sure, that it is a clear cut homemade forgery by Craig Wright again.

The reason why:

On the left: Craig Wright claimed in 2019 he choose the ‘Satoshi Nakamoto’ moniker in May 2008. This doc was exposed as a forgery in the @hodlonaut Norway case.

On the right: To Christen Ager-Hanssen Craig Wright is showing his next (COPA case?) forgery: a (backdated to) September 15, 2007 Satoshi Nakamoto paper.

Source left image: Modern Consensus

Back to Christen Ager-Hanssen. He then leaks:

20 September 2023 from Craig Wright stating “We have more evidence now that I’m Satoshi than evidence that Winston Churchill was a Prime Minister”

And here we have the aforementioned September 25, 2023 email of Craig Wright with some more explanation about the infamous drives.

However, this “evidence” of Craig Wright was not very acceptible, reading this conversation between Stefan Matthews and Christen Ager-Hanssen. This conversation is dated September 25, 2023 (as Christen wrote on Twitter when he leaked these screenshots:

Monday 25 September after Craig Wright was fired Sunday 24 September approximately 7pm by me being his boss as CEO of nChain and he chairman Stefan Matthews.”).

This was a few days before things exploded at nChain, and Stefan and Christen were still on speaking terms with each other.

Of course, Craig Wright his fans, not knowing anything about the fraudulent intent, let alone knowing anything about the freshly created fraudulent content of these ‘Faketoshi hard drives’, immediately cheered when they became aware of Craig’s announcement of newly found hard drives between Christen his leaked material:

Source: Twitter
The COPA pump is also being anticipated.

Anyway. Then things exploded in and around the Board rooms of nChain. Please read “The Tale Of A BSV Culture Shock: Why Both Craig Wright And Christen Ager-Hanssen Have Left nChain” what exactly blew up, leading to half the nChain Board leaving, including CEO Christen Ager-Hanssen and Chief Scientist Craig Wright.

Craig Wright not amused 2 days after he has been fired.

In a sense, Craig Wright had a point. As Christen Ager-Hanssen was fired by the rest of the Board that did not support him in his whistleblowing about the internal nChain fraud that he discovered.

Here you can see that Stefan Matthews clearly terminated me after the Group management and me reported the wrongdoing that I have described and that Stefan Matthews have admitted on tape recording already 12 September.

The Fairway Brief

So here it is, dear reader, this is the moment that we’ve all been waiting for. We’re going to have a look at The Fairway Brief in full, as released by Christen Ager-Hanssen on October 11, 2023 on his newly set up website The Fairway Brief.

The TL;DR is after the 41 pages of the report, pages that are presented as is, with the disclaimer that this is Christen Ager-Hanssen his current viewpoint on what is going on within nChain, with related findings when it comes to Craig Wright and his court cases.

Breaking: The Whistleblowing Report regarding the Conspiracy to Defraud nChain, Calvin Ayre, Stefan Matthew and Marco Bianchi who is head of Calvin Ayre’s Family office Fairway Family Office AG is now published online as The Fairway Brief. The report was signed off and approved by all Group Management in nChain 26th September 2023. One of the topics in the report is Craig Wright. The report is now available in a redacted online version and soon also available online via I decided to publish it because the report is of significant public interest because it is heavily connected to someone who fraudulently claim they are Satoshi namely Craig Wright. Furthermore I will publish voice recordings and other relevant material proving everything that is said in the report and more are completely accurate and true.

So what do we have here? These are the highlights of this explosive material gathered by nChain’s ex-CEO Christen Ager-Hanssen.

Calvin Ayre and Marco Bianchi with the assistance of Calvin’s Family Office have perpetrated a criminal conspiracy against HEH Holding, nChain Group and their stakeholders for the sole benefit of Indigo/Calvin Ayre. The sophisticated interlinking of the three Agreements constituting the 17 July Transaction and inclusion of the covenants and the guarantee in the Licence Agreements by deceiving the Board and Management and by omitting to inform the Board through a detailed narrative and explanation in the Written Board Resolutions are evidence of a clear conspiracy by Calvin’s Family Office to put in place mechanisms whereby it may force a transfer of nChain’s IP to Indigo at significant undervalue.

This conspiracy constitutes a clear fraud on nChain Group and the other shareholders of HEH Holding and is clear criminal behaviour punishable by prison sentences if found guilty by a court of law. [emphasis mine]

This strategy of being at the mercy of following Calvin’s instructions and decisions and the proposed solution of minor amendments to agreements which I firmly believe are put in place as part of a criminal conspiracy is not acceptable to either nChain, myself or the core management team.

Then there’s the witness tampering. Quite shocking too, if you ask me.

This sort of attitude shows a clear disdain and lack of respect for governance and compliance and the rule of laws, rules and regulations. It is further evidenced by various emails I have received from Calvin Ayre in my role as CEO of nChain Group in connection with Craig Wright’s upcoming court cases. Craig Wright’s ex-wife Lynn is a key witness in these cases. The emails from Calvin Ayre to me show that he is perfectly willing to unlawfully pressure Lynn into giving a favourable witness statement in court in order to achieve what Calvin Ayre wants. This of course I do not accept as such behaviour is not only very obviously wrong, but if subsequently discovered, would also have a very negative impact on nChain.

I was meant to meet with Lynn during my US trip in August, but chose not to do so after having received those emails from Calvin Ayre, as I wished to have no part to play in Calvin Ayre’s attempts at witness tampering. (See attachment 1) for a summary of the agreement between Calvin Ayre and Lynn Wright. Below you can see email examples of emails from Calvin Ayre explaining his position and ability to influence one of the key witnesses in Craig Wright’s upcoming COPA case.

Image taken from The Fairway Brief

In Part 1 we learned that media outlet ‘What The Finance’ provided daily updates while the leaks and revelations of Christen Ager-Hanssen were happening on the go on Twitter. Well, they didn’t pause so far. Let’s take a few quotes from their latest — the digital ink is not even dry yet — piece called “The Fairway Brief: Conspiracy Against Stakeholders (Part 1)”.

Correspondence & Disclosures

The correspondence and disclosures reveal a complex web of business relationships, agreements, and purported breaches of corporate governance. In a formal assessment of the situation based on the information provided:

  1. Documentation & Chronology: The allegations center around agreements and transactions dated 17th July, collectively referred to as the “17 July Transaction.” These agreements appear to be between various entities, most notably nChain Group and Indigo, but also involve HEH Holding and other related parties.
  2. Alleged Shadow Directors: The ongoing involvement and influence of Calvin and Calvin’s Family Office in the affairs of nChain Group are highlighted, suggesting they function as ‘Shadow Directors’ of the organization.
  3. Questionable Corporate Governance: Various allegations are raised against Calvin’s Family Office representatives, especially Marco Bianchi, for failing in their fiduciary responsibilities as directors. These include turning a blind eye to conflicts of interest, not acting in the best interests of nChain Group, and engaging in potentially fraudulent transactions.
  4. The 17 July Transaction: This transaction consists of three separate agreements which, when read together, allegedly reveal a sinister objective — to undervalue and potentially extract nChain Group’s IP assets, severely undermining the group’s value and survival.
  5. Board Manipulation: The article suggests that the board’s approval of the 17 July Transaction was possibly achieved through deception and manipulation. The implication is that Calvin Ayre and Marco Bianchi might have deceived other board members or that the entire board was compromised.
  6. Credit Facility Agreement: An unexpected CHF 100m credit facility from Indigo to HEH Holding is highlighted. The secrecy surrounding this agreement and the lack of involvement of key nChain Group executives in its formulation are major points of contention.
  7. Licence Agreement: The terms of the License Agreement are of particular concern. The agreement allegedly contains covenants and guarantees that would allow Indigo to acquire nChain’s intellectual property under certain conditions. The drafting and approval process of this agreement, especially the deviations from the original draft, raise questions about intent and corporate governance.
  8. Implicated Parties: Multiple individuals and entities are implicated in the purported misconduct, including Calvin Ayre, Marco Bianchi, Stefan Matthews, and Robert Alizon. There are suggestions of intentional obfuscation, backdating of documents, and other unethical practices.
  9. Summary & Implications: The article paints a picture of a deliberate conspiracy to undermine nChain Group’s value and transfer its core intellectual property assets to Indigo at a significant undervalue. If these allegations are accurate, they could have severe legal, financial, and reputational repercussions for the involved parties.

In drawing conclusions from this material, a rigorous due diligence process is paramount. This involves verifying the authenticity of the information provided, seeking independent legal counsel, and possibly commissioning an external audit or investigation to assess the veracity of the claims and determine the appropriate course of action. The gravity of the allegations suggests that stakeholders should act with urgency, transparency, and in accordance with the highest standards of corporate governance.

Service Agreement Overview

The nChain Group’s Service Agreement, dated 17th July, appears to be causing considerable disruption and concern within the group’s corporate structure.

  1. Procedural Bypass: The manner in which the agreement has been presented to the Board — without prior discussions or negotiations with the Group’s senior management — is unconventional, possibly bypassing the typical checks and balances expected in corporate decision-making.
  2. Operational Changes: Notably, the Service Agreement dictates that all heads of departments within the nChain Group will now be accountable to their counterparts at Calvin’s Family Office. Such a directive alters established protocols, upsetting the corporate hierarchy, and can introduce confusion in reporting lines.
  3. Governance and Compliance Concerns: The arrangement seems to starkly breach standard corporate governance protocols. A company allowing its top-level executives to be overseen by an external entity, especially a family office of a minority shareholder, can create multiple conflicts of interest. Such an arrangement risks undermining the authority of the CEO and Board, potentially diminishing managerial efficiency. There’s a valid concern that Calvin’s Family Office may be viewed as shadow directors, which further complicates matters from a governance perspective.
  4. Interference and Conflicts: The added layer of management, as depicted by Calvin’s Family Office’s involvement, seems intrusive. There are allegations of unauthorized interference, from setting up reporting structures to direct interactions with the nChain Group’s management team. Furthermore, the stipulations of the agreement could compel members of the management team to disclose sensitive information to external parties, causing apprehension within the team.
  5. Transparency and Ethical Concerns: The opaque manner in which the agreement was drafted and presented raises doubts about the intentions behind it. The fact that nChain’s management was sidelined during the agreement’s conception hints at possible malfeasance. Concerns are compounded by the Board Resolution’s alleged failure to address potential conflicts of interest.
  6. Ulterior Motives: There’s an insinuation that the agreement serves an underlying motive — by making the nChain Group’s Management subordinate to Calvin’s Family Office, it could potentially facilitate strategic moves to disadvantage the nChain Group. Specifically, there’s a suggestion that this setup may be exploited to intentionally breach certain terms in the Licence Agreement, enabling an undervalued acquisition of nChain Group’s intellectual property.
  7. Validity and Legal Implications: Given the above, the current form of the Services Agreement is heavily contested and deemed unacceptable. Any future collaboration or assistance should be established through transparent, fair, and arm’s length negotiations, ensuring all stakeholders’ interests are represented.
  8. Compelled Agreement: The personal note of compliance, despite reservations, emphasizes the undue pressure or circumstances under which decisions are being made, indicating potential breaches of fiduciary duties.
  9. Alleged Conspiracy: There are serious allegations of a conspiracy involving Calvin Ayre and Marco Bianchi, facilitated by Calvin’s Family Office, targeting HEH Holding for the exclusive advantage of Indigo/Calvin Ayre.

In essence, this addition provides a comprehensive critique of the 17th July Service Agreement, highlighting potential procedural flaws, ethical concerns, and ulterior motives, all of which emphasize the need for rigorous corporate governance and transparency in such matters.

The future of HEH Holding AG and the nChain Group hangs in the balance as this revelation comes to light. With corporate governance and the company’s very assets at stake, this whistleblowing report serves as a critical turning point, emphasizing the need for accountability, transparency, and adherence to the principles that protect stakeholders and the very essence of business integrity.

Artwork credit: What The Finance media

And they are nailing it again at ‘What The Finance’, this is indeed what Christen Ager-Hanssen revealed about the internal nChain fraud.

Other noteworthy recent articles on ‘What The Finance’:
The Ripple Effect: BSV, nChain, Whistleblowing & Token Stability
Fake Satoshi Exposed? Scandalous Allegations Behind nChain’s Shakeup
Cryptocurrency Company Under Fire: Former CEO Blows the Whistle on Billion-Dollar Lies!
$100M Challenge: Szabo Dares Billionaire Calvin Ayre on the Identity of Bitcoin’s Creator

Now let’s return to a quote from The Fairway Brief.

“This conspiracy constitutes a clear fraud on nChain Group and the other shareholders of HEH Holding and is clear criminal behaviour punishable by prison sentences if found guilty by a court of law.”

And keep in mind that, with the witness tampering related to the COPA case, there’s enough material to expect that the diverse governmental bodies, and counsels representing the opponents of Craig Wright in several court cases, might not like very much what they are seeing. Can we expect fireworks to the likes of raids on the nChain offices in London, Switzerland and Slovenia? Will Christen Ager-Hanssen be a witness in one of the court cases, something he would be ‘happily’ willing to do:

I will happily be a witness for COPA in the case against Craig Wright. Stefan Matthews and me fired Craig Wright 24th September because of the reputation risk he caused to nChain based on fraudulent documents he made up.

Source: COPA website

The least I can say at the moment is that the first court case where Christen Ager-Hanssen his material is appearing, is a completely different case: the Tulip Trading Ltd v Bitcoin Developers lawsuit about 110,000 BTC that Craig Wright claims were stolen from him in 2020, and where he expects the Bitcoin Developers to have fiduciary duties to help him recover these stolen digital assets one way or the other. This case is often called “The Pineapple Hack lawsuit”.

Let’s have a look at an October 3, 2023 filing in that case. For the number crunchers: this filing, on behalf of the Bitcoin Developers, contains the word “fraud” no less than 53 times.


The filing continues with:

The developments are set out in Elliss 4 and relevant documents are exhibited thereto. In short, an associate (or former associate) of Dr Wright has announced his departure from nChain, a company closely connected with Dr Wright and in which Dr Wright was also recently employed. The associate, Mr Ager-Hanssen, has made a number of statements on X (formerly known as Twitter), both in Tweets and during the course of live video feeds on a part of the platform called ‘Spaces’, which support the Enyo Defendants’ case that Dr Wright has consistently fabricated documentation for use in these (and other related) proceedings.

This is clearly important evidence which further corroborates the Enyo Defendants’ case that there is a very serious issue to be addressed as to whether these proceedings are being advanced fraudulently and/or in reliance on deliberately fabricated evidence. As this evidence has been served after the deadline specified in the Court’s order of 15 August 2023 {A/1/4}, the Enyo Defendants have formally applied for permission to rely on it.

It is submitted that the evidence is clearly highly relevant to the application if, as the Enyo Defendants will argue at the hearing, the prima facie evidence of fraud is a relevant factor in the Court’s decision on whether to order a preliminary issue. The Court is therefore invited to grant permission to rely on the evidence at this hearing, so that TTL can, if so advised, serve any responsive evidence at the same time as it serves any other evidence on the merits of the case advanced by the Enyo Defendants.

The evidence in Elliss 4 also contains a second important point, which is the evidence that the individual who has (directly or indirectly) funded TTL’s litigation, Mr Ayre, has indicated that he will no longer be providing Dr Wright with funding to allow him to contest this litigation.

As Elliss 4 notes at paragraphs 31 to 32, this significantly increases the exposure of the Enyo Defendants to incurring costs which will be irrecoverable if the security for costs application is not resolved until the CMC in mid-November. Given the significant amount of work which will need to be done to prepare for the CMC, the sum involved will be considerable, and there is now a significant risk that TTL will not pursue this litigation beyond the CMC, pay any security for costs ordered at the CMC, or meet an order for the Enyo Defendants’ costs made at or after the CMC. TTL has already agreed to give security for costs up to and including disclosure, with the only remaining issue between the parties being the sum to be paid as security.

By their application of 1 October 2023, the Enyo Defendants seek an order from the Court in light of this significantly increased risk. There are three options identified in Elliss 4:

  1. The most efficient course would be for the Court to direct now that TTL give security for costs up to the CMC in a specified sum. This would address the new risks faced by the Enyo Defendants without any disruption to the existing procedural timetable. Whatever the Court’s ultimate decision on quantum of longer-term security is when that issue is determined at the CMC, that sum will be significantly larger than the sum required to secure the Enyo Defendants’ position during the CMC preparation phase.
  2. Alternatively, the Court could make an interim order for security for costs up to the CMC, with both parties being at liberty to argue at the CMC that the amount of the security for costs be varied (in either direction) when the main application for security for costs is determined.
  3. Finally, the Court could set directions for the separate determination of the security for costs application on an urgent basis. This would require additional hearing time to be found in the near future, but given that the main issue between the parties is only as to the quantum of security, it would not need to be a long hearing.

Let’s end this article with Christen Ager- Hanssen once more on his whistleblowing quest on Twitter, then three of Craig Wright’s closest allies over the years responding to the latest events: Ryan X. Charles, Steve Shadders and, of course, Calvin Ayre who in private is done with Craig Wright, as we’ve seen in Part 1, but in public is still supporting his cosplaying sugar baby. And Calvin has to, of course, otherwise he can instantly write off billions in potential value of his precious assets like BSV related companies (Calvin owns or has majority stakes in TAAL, nChain, BSV Association, CoinGeek, Lightning Sharks, several BSV apps without any traction), his BSV token holdings, Craig Wright patents that are patiently waiting for a Satoshi sauce that will never come, and potential copyright and licencing deals.

A substantial write-off is not something that Calvin Ayre is ready to cope with, yet, it seems. Note that Christen is posting a sound recording here.

Ryan X. Charles has been a very dedicated fan of Craig Wright for many years. That dedication has worn a little thin lately, it seems.

Source: Twitter

Now note that Steve Shadders, nChain’s CTO until somewhere in 2021, a person who has always been very humble and certainly not very outspoken about Craig Wright and the BSV project, has recently decided to let go of most of that humbleness. His current Twitter feed is full with critical notes like these:

Source: Twitter

And meanwhile, Calvin’s public stance remains that Craig Wright is Satoshi Nakamoto. Here he refers to a long debunked ‘2007 University document that Craig did’, which is relentlessly being punished again with the truth: it is plagiarized, recently backdated sloppy garbage by our cosplaying and serial lying and forging friend.

Thanks for reading, my dear followers.
See you again next week for Part 3 in this series.

Karo Szabo’s Medium link goes to Painted Frog’s article “Craig Wright’s LLM Dissertation is Full of Plagiarism