Morning Minute: Epstein Was an Early Coinbase Investor
Newly released Department of Justice emails show Jeffrey Epstein invested $3 million in Coinbase in December 2014, arranged by Tether co-founder Brock Pierce through Blockchain Capital at a $400 million valuation. Coinbase co-founder Fred Ehrsam appeared aware of Epstein’s involvement, communicating about meeting him and sharing wire details after the investment was confirmed. This occurred over six years after Epstein’s 2008 conviction for procuring a child for prostitution. Epstein cashed out half his stake in 2018 for nearly $15 million and reportedly held the rest until his 2019 death. Neither Coinbase, Ehrsam, Pierce, nor Blockchain Capital have commented. While accepting investments from convicted felons isn’t illegal, the revelation highlights the limited due diligence and Wild West environment of early crypto funding, raising questions about the ethics and history of the industry’s major backers.
