Back's Bitcoin Empire Cracks Under Pressure

Adam Back's reputation as a pioneering cryptographer and possible creator of Bitcoin has been tarnished by recent events. A public-market deal for a Bitcoin Treasury firm he promoted collapsed, while legal disputes are dogging a Bitcoin mining business he helped found.

A $320 million hack of a Bitcoin-linked blockchain has also roiled Blockstream Corp., one of the oldest infrastructure companies in the crypto ecosystem.

Back's association with these struggling businesses raises questions about his influence and involvement. As the crypto industry undergoes another major shakeout, Back's empire is showing signs of increasing strain.