I promised. You waited. Here it is. The official ownership and financial records tying the core team to wallets, developers, and accelerators
Listen to episode 5
Read a small summary courtesy of ChatGPT
We’ve gone through the financial and other records for the Finixio team’s web of crypto, gambling, and parasite SEO assets. On that journey, you must have noticed that ownership tends to have two things in common:
1: It’s never one company owning another, it’s always the same people owning a bunch of different companies, often with rotating roles — so that the owner of one is the director of another and CXO in a third. They own the companies that employ them, employ the companies they own, but the ultimate owners are the same handful of people
2: Official ownership records are hard to find, in a way that is just… difficult to square with normal business practices. Every asset is proximally owned by an entity in the British Virgin Islands or the Caymans, the Marshall Islands or Bulgaria or somewhere — anywhere where opacity and local taxation are conspicuous by their absence is a part of the value prop
All of which makes their actual organizational structure quite difficult to investigate. It’s less like reading a corporate org chart, more like trying to figure out just what, exactly, Michael Corleone actually owns.
But it’s not impossible.
After all, wherever your money’s been and however you got it, if it doesn’t wind up in a bank account with your name on it, it’s really not that much use.
That’s why we spent a lot of time and effort tracking down the business entities where the money actually leaves these networks.
And after four episodes it’s finally time to see what I promised you when you started reading: the official, government-issued receipts showing which individuals actually own the core assets of the Finixio/Clickout team’s operation.
We’ll start with Web3, the company that owns Best Wallet.
Best Wallet is the wallet that pretty much always gets recommended by Finixio-team controlled crypto projects, and it was developed by a company that we can be pretty sure is owned by the Finixio team.
As a side note, the British FCA has warned against using it and it was recently banned in Spain:
We have a pretty clear idea that it’s a Finixio/Clickout team operation, but… wouldn’t it be better if we had the official, state-issued ownership records?
The Bulgarian Connection
Best Web3, the owner of Best Wallet, proved quite tough to track down; in the end we were able to find them on a third-party, Bulgarian-language database of companies in Eastern Europe, where they’re registered to:
(Translated by Google.)
That address in the original is:
g.k. Yavorov, Boulevard “Tsarigradsko shose” 9
At first, Mr. Todorov seemed like a dead end. I thought perhaps he was a professional ‘official owner’ of companies wishing to obfuscate their true ownership. That would be par for the course.
In fact, he’s a lawyer and professional liquidator who presided over the dissolution of Best Web3 in the first six months of 2024:
(That dissolution was cancelled before completion.)
That’s doubly interesting because he owned the company until 2023, when he sold it to Mihail Nedelchev.
While he’s held board and managerial positions before, this seems to be a big part of what he does. His LinkedIn lists him as General Counsel at Doverie:
Doverie is a holding company which holds over 50 companies, according to the Financial Times.
Put a pin in the name Block Law on his LinkedIn, too, because that’s also a Finixio team asset.
https://www.linkedin.com/company/blockllaw/
The mailing address for Best Web3, represented by Tihomir Todorov, was interesting, though.
Remember they’re at g.k. Yavorov, Boulevard “Tsarigradsko shose” 9.
And Block Labs (remember, we know the Finixio/Clickout Media team own this company) is registered to… this address:
That’s the same address.
(Interestingly, Block Labs’ LinkedIn says they’re based in London, or they did before they changed it.
At first, I thought that it might be a placeholder registration location, the way accountants or lawyers sometimes are. It’s right next door to Ivan Dehterov, a notary public.
But the plot thickens, because this location is actually the offices of Galin Kostov, a branch of the Bulgarian prosecutor’s office. (When I called them, they’d never heard of Best Web3.)
I emailed them to ask them for more information, way back in March, but I still haven’t heard back.
That avenue might seem like a bit of a dead end, but there’s no need to give up. We can still obtain the official ownership records for key Finixio team assets another way.
Meet the team
It’s time to meet a new cast member or two.
If you’ve read the other stuff I’ve published on Finixio, you know that we keep meeting Adam Grunwerg and Samuel Miranda over and over again. They’re directors here and heads of this or that there. When a project actually publishes its personnel, they’re usually in the mix somewhere. Lucky Block looks like the exception, but hold that thought.
We’ve met James Fenell too. Let’s meet him again, a bit more formally.
(If you’d like to meet him informally, it looks like this is his Reddit account:
and it seems he’s JamesFennell on Telegram.)
JEF Holdings
James Edward Fennell is director of a company called JEF Holdings, incorporated in the UK in 2021 with £100 in capital.
These are screenshots of the filing:
LinkWhat does JEF Holdings do?
That’s been difficult to find out. Holdings companies normally buy, control, and sell other companies. But because JEF has claimed exemption from audited accounts and submitted only a bare-bones financial statement, we don’t know much about what companies they’re buying or selling.
We know a couple of the companies JEF Holdings owns. They own JEF Trading, where they took over from James Edward Fennell as a listed person with significant control in October 2023. The same year, they filed profits of £2.6 million.
The name on this isn’t JEF because the company changed its name to Stockd Ltd in 2023:
There’s also ARG Media (for Adam Robert Grunwerg):
And SBM Holding Group (for Samuel Broadbent Miranda):
These are all shell companies for the core Finixio team members.
But to find out what all these holding companies really hold, we had to look to Bulgaria.
Business registration documents for the core Finixio team businesses
Maybe you’re wondering: Why Bulgaria?
Well, one reason might be that to access the UK business registry all you need is a web browser. You can go there yourself right now and look up any company you want, or anyone who holds a directorship:
https://www.gov.uk/get-information-about-a-company
But to access the Bulgarian business registry, you need special permissions. Foreigners can create an account easily enough, but to view documents, you need to have a Bulgarian citizenship or other official reasons.
Initially that made it difficult to know for sure what the rest of this might say:
Fortunately, though, you can hire a Bulgarian lawyer.
Which I did. (Thanks guys, great work. I really appreciate it.)
They were able to access the good stuff and send it to me.
Best Web3, Best Wallet, and Tamadoge
Let’s start with Best Web3. Remember, these guys are listed as the owner of Best Wallet.
So there are no financials and the company recently changed hands. It was previously owned by Tihomir Todorov.
Yes, that Tihomir Todorov.
Who owns…
Tamadoge is a memecoin project that also includes online gaming and other functionality. We’ve touched on other aspects of their business operations in the earlier parts of this series. Tamadoge also fell of a cliff value wise.
Todorov transferred ownership of Best Web3 to Mihail Nedelchev. Who also owns…
…Best Wallet.
The development company and the wallet app are owned by the same person, registered to the same address as the crypto project which was until recently owned by the same person as the development company.
Again, this is the same handful of people owning and operating multiple assets.
Incidentally, we don’t just have the names of the owners.
We have the names of the operators too.
Here’s a screenshot (don’t ask me where I got it, this source wanted to remain anonymous) of BestWallet’s administrators in the company’s WordPress account:
You’d want to zoom in to see individual names. Zoom in to the URL at the top too: It’s:
https://bestwallet.com/wp-admin/users.php?role=administrator
Are those clickoutmedia.com emails? I even see finixiofreelancer.com and techalchemy.com, how interesting.
There are folks like Alan Draper, head of Cryptonews… and onetime senior editor at Clickout Media:
Alvaro Ortega, who also does SEO at Clickout…
And Amanda Wong, Clickout’s Regional Manager for Chinese markets:
This pattern is identical to other Clickout/Finixio team-owned businesses.
The same people own it. Employees of the same company operate it. Above a certain level — a level above Evan, our source who once wrote content for Clickout/Finixio-owned brands through a content agency, to be sure — they’re sockpuppets.
To paraphrase Lars Lofgren:
It’s the same fucking business.
But while it’s nice to have the screenshots as well as the receipts, we kind of already knew all that.
And that’s not the good stuff.
Block Labs: directly owned by the core Finixio team
This…
… this is the good stuff.
JEF Holdings (now Stockd Ltd) isn’t just a shareholder.
This document, required by Bulgarian anti-money laundering laws, demonstrates that JEF Holdings (now Stockd Ltd) exercises direct control over Block Media Ltd:
They’re not passive investors. They’re running the show.
JEF Holdings is a shell company owned by James Edward Fennell, longtime Finixio employee and associate, 50/50 with Jane Lucas Neale. She isn’t a company officer, just a person with significant control.
One of the weaknesses in the UK’s Companies House database is that it isn’t searchable by persons with significant control, so we can’t easily tell if she occupies that position in other companies.
We do know that up until it was dissolved this year for being dormant, she was an officer in FKN Properties Ltd. The name looks like an attempt to be edgy but our guess is that it could stand for Fennell, as in James Edward Fennell and Benjamin Fennell; Kenyon, as in Josephine Kenyon; and Neale, as in Jane Lucas Neale.
This company submitted one set of unaudited accounts in its existence. That’s a bit of a pattern with Finixio-associated companies, and so is them only existing for one or two years. There’s often a one- or two-year grace period for new businesses where they don’t have to submit full, audited accounts, which we know is a problem for Finixio the company (remember, their auditor quit in 2023 citing lack of transparency and apparent financial irregularities).
The other two shareholders in Block Labs are ARG Media and SBM Holdings, shell companies for Adam Grunwerg and Samuel Miranda.
The owners of…
Finixio’s owners also owned Block Labs until December 2024.
One of the company’s longest-term associates still owns it.
All through shell companies based in the UK.
Block Media was incorporated on June 15, 2022:
Petrov sold part of the company to JEF Holdings Ltd (Now Stockd Ltd) on September 8 the same year:
And dealt in ARG…
And SBM:
Each at 25%.
Later, ARG and SBM would sell out and leave JEF holding the bag.
The name would be changed on January 15 this year:
At the same time, the scope of business activity was established:
That sounds pretty full-service.
Block Law: Yet another Finixio team asset
It’s not the only one they’re running.
Remember Tihomir Lyubomirov Todorov, from way up towards the start? He works for Block Law. 12.5% of that company is owned by…
… him.
Another 12.5% is owned by the person who was until November 2024 the sole owner, Danail Petrov. He’s also Director of Block Labs and was until recently also its sole owner.
And the rest of Block Law’s shares?
JEF Holdings. The company owns 70% of Block Law.
These guys have their own lawyer, who also co-owns the law firm, while also co-owning their other core businesses.
It very much looks like the last couple of people who have real significant control and a major stake in Finixio’s operations are Petrov and Todorov. The core Finixio team — Grunwerg, Fennell, Miranda, Petrov and Todorov— have been passing their central assets around between them. Guys like Ryder are more peripheral.
The Finixio/Clickout team, millions
But wait, there’s more.
Because in 2023, ARG Media made £8 million in earnings:
In 2022, the company made £287,397.
The following year, to January 2024, ARG Media made just under £25 million — around triple the previous year.
SBM Holdings Group’s accounts for the year to June 2023 showed the company had just under £13 million on hand:
By 2024 that was £34 million — nearly triple the amount of the previous year. SBM Holdings seems to have some highly remunerative businesses somewhere.
That means the company made about £22 million in 2023–24 (this is cash on hand, not yearly earnings).
There are no SBM financials for 2022 beyond a statement of capital at incorporation with £100 in shares.
JEF (now Stockd) made £78,137 in 2022 and £13 million the year to September 2023:
… and hasn’t filed financials since. JEF is still submitting unaudited accounts, as is SBM; ARG’s 2023–24 accounts were audited.
All of this sounds like a lot of money til you add it up and realize:
if between them these three people took £33 million from their various business activities in 2023, including Block Labs, which we now know is wholly owned by them…
…where’s the rest?
Because our Bulgarian lawyers were able to access Block Labs’ financials.
This image shows the 2024 audit of Block Labs.
After taxes and expenses, the total profit for 2023 is 128 million Bulgarian Lev (€65 million).
The total profit after taxes and expenses for 2022 is 46 million Lev (€23 million; Euro conversions are given at the current exchange rate).
You can see those sums in the image above on line 7, bolded and expressed in thousands of Lev.
In addition, our Bulgarian lawyers tell us that Block Labs holds approximately €26.7 million in crypto assets.
Here’s what the core UK-resident Finixio team have taken in to the businesses they have registered in the UK that are essentially shell companies, in total, compared to the amount declared by Block Labs:
| Year | UK companies (JEF Holdings, SBM Holdings, ARG Media) in total | Block Labs profit | Remainder unaccounted in BlockLabs |
| 2022 | £365,534 (€432,397) | лв46,070,000 (€23,555,922) | €23,123,525 |
| 2023 | £34,424,757 (€40,721,733) | Лв128,834,000 (€65,873,751) | €25,152,018 |
| 2024 | £59,682,553 | Undeclared | Unknown |
When I first collected this material, the 2024 financials from ARG and SBM weren’t out yet, and it looked like a hundred million Euros had just Kaiser Soze’d into the ether (or, you know, the Ether).
Over two years, between them, the UK-resident core Finixio team members have drawn £81 million into their UK shell companies. Whether all that came from Block Labs, I couldn’t say, but the money was there. (Some of the Bulgarian companies haven’t filed financials yet, and we don’t have any insight into the financials of the Caymans, British Virgin Islands, Marshalls or other overseas, low-oversight domiciled companies.)
There’s about €25 million Euros unaccounted for in Block Labs’ declared profits (after expenses and taxes, remember) every year. I have no idea what that’s for or where it went, so I won’t speculate, except to observe that there are two other partners involved — Petrov and Todorov — whose financials we haven’t seen. (And the €26 million in crypto too…)
I’m not a finance guy but I have run, bought, and sold businesses.
And financially, this all looks completely screwy to me.
When it came time to buy out ARG and SBM over at Block Labs, it was done with a share valuation that seems… a little off.
(Todorov is the proxy for both parties, ARG and JEF.)
375 Bulgarian Levs is about €191, for 37.5% of a company that made over €65 million in profit the previous year. You can sell your shares in a company for what you want, of course, but there’s no way this was a normal profit-making business deal. If you owned a company that made that kind of money, would you sell your stake in it for €191?
The same deal was done with SBM:
And for the same price:
This looks more like the transfer of legal ownership between friends or family members than the kind of deal you’d strike if you wanted to make money.
And bear in mind, we’re talking about a company that made €25 million one year and €65 million the next. So I don’t think they’re uninterested in making money.
Stay tuned for part 6 where we’ll explore some more on-chain activities that may be related to yet another layer of the onion…
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Previous episodes
Part 1: Under the surface: A first look at the murky world of online gambling, crypto casinos, and memecoins
Part 2: How the crypto, gambling, and marketing networks interweave: the case of 99Bitcoins