Our last investigative article uncovered Best Wallet’s registered address in Sofia, Bulgaria. In that investigation, we also found publicly available information suggesting Best Wallet may operate from the UK, similar to many other crypto presale companies.
In this article, we reveal additional companies registered at the same Bulgarian address, examine why these companies might be linked, and explore how an alleged Finixio employee with an ownership stake in a web3 development company could be connected.
All the information presented here is based on publicly available sources. Unfortunately, such records tend to diminish over time as entities in the crypto presale sector delete or alter information, making it more difficult to establish clear links to past activities. We are not here to dictate the meaning of the information; instead, we present it so that readers can analyze crypto presale risks for themselves and make informed crypto presale investments.
Shared Bulgarian Address: Overlapping Address for Block Labs, Tamadoge, and Best Wallet
As previously reported, Best Wallet, a crypto wallet and early-stage crypto presale project, is registered at 9 Tsarigradsko Shose, Sofia, Bulgaria. We now uncover that two additional projects, Tamadoge and Block Labs (also known as Block Media Labs), are registered at this exact address.
Tamadoge is a meme coin project that launched its crypto presale in July 2022. It revolves around the Tamaverse, a digital realm where players engage in a play-to-earn (P2E) game, own doges through Non-Fungible Tokens (NFTs), breed, train, and battle to conquer the leaderboard. The project raised approximately $19 million in its crypto presale, launching the $TAMA digital token and a game. However, activity has since dwindled, with the $TAMA token dropping by over 99% since its launch. Given this sharp decline, some crypto investors have wondered if Tamadoge is a scam.
Block Labs is a Web3 accelerator focused on blockchain development, marketing, and investment. It provides blockchain solutions, strategic marketing, and funding for crypto projects. Publicly available information, including LinkedIn profiles, indicates that while Block Labs is registered in Bulgaria, its operations and primary workforce appear to be based in the UK. The company has 55 employees on LinkedIn, with 22 in the UK—the largest group by country. Additionally, the company's LinkedIn profile states London, UK, as its official location.
Tamadoge and Block Labs sharing the same Bulgarian address could be merely a coincidence, perhaps because both companies engaged the same attorney or received a referral from a mutual acquaintance. While this could be true, we have found further public information.
Public LinkedIn profiles previously listed individuals who worked at both companies during overlapping periods. For example, Ozan Daldal, Director of Revenue Operations at Block Labs, previously served as Head of Gaming at Tamadoge for nearly a year before transitioning directly into his current role. Similarly, Neil Palethorpe, mentioned in sponsored content as a co-founder of Tamadoge, was a full-stack software developer at Block Labs at the time of the publication. It's important to note that these links do not prove corporate involvement and may reflect normal career movement.
Linking Block Labs, Tech Alchemy, and Finixio Through Shared Personnel
We made another interesting observation while looking at Block Labs and Tamadoge. Numerous LinkedIn profiles indicate that employees are associated with both Block Labs and a UK company called Tech Alchemy, sometimes transitioning between the two or even working for both simultaneously.
Tech Alchemy is a software development firm with 154 LinkedIn employees at the time of writing (111 from India and 31 from the UK). The company designs and develops blockchain software, applications, and web and mobile AI solutions. According to our research, the company appears to be an expert in its field.
Regarding the connection between Block Labs and Tech Alchemy, 12 employees have listed their current jobs as being with both companies. Additionally, seven employees previously worked at Tech Alchemy and are now at Block Labs. Coincidence? Probably not, given the high numbers. On the other hand, we were unable to find any employees who transitioned from Block Media to Tech Alchemy.
As far as we know, such frequent employee movement between companies of this size is uncommon, although it does not necessarily imply improper conduct. Initially, we assumed Tech Alchemy might provide software solutions to Block Labs, which could explain some personnel transfers. However, this seems less plausible given the high number of shared employees.
Our next step was to try to determine whether there is cross-ownership between Tech Alchemy and Block Labs. The UK Companies House revealed that two companies own Tech Alchemy:
- St Topco Limited.
- Jef Holdings Ltd.
We further investigated these two companies and found that Soham Amrish Trivedi owns St Topco Limited, and Ms. Jane Lucas Neale and Mr. James Edward Fennell own Jef Holdings Ltd—the latter of whom also serves as a director in the company. James Fennell’s name immediately stood out to us.
James Fennell was recently mentioned in sponsored content as a co-founder of two crypto projects, Pepe Unchained and Flockerz, though his co-founder credit was later removed. He previously served as Head of Global Marketing Operations at Finixio. According to several news articles and RocketReach, a business intelligence platform aggregating publicly available data, he has been the CEO of CryptoPR, a press release company reportedly owned by Finixio.
Official Lucky Block materials, a crypto gambling project linked to Finixio, named him an advisor in 2022, while a well-known publication identified him as the project's COO. Fennell was also the CEO of NFT Launchpad, an alleged Finixio project that facilitated NFT services for Lucky Block.
Fennell’s direct employment at Finixio, along with his roles in leadership positions within multiple Finixio-linked crypto projects, including CryptoPR, NFT Launchpad, and Lucky Block, demonstrates his ties to Finixio. His transition to Block Labs suggests a potential continuation of these connections. Strengthening this connection, we also identified a former Finixio employee who worked at both Finixio and Block Labs during overlapping timeframes. While we’ve decided not to publish this employee’s information, this repeated personnel overlap suggests that Block Labs and Finixio may be more closely linked than just through regular professional collaborations.
Connecting The Dots: Evaluating The Relationship Between Finixio, Block Labs, Tamadoge, and Best Wallet
The fact that Tamadoge and Block Labs share the same registered address is not sufficient to establish a connection between the two. LinkedIn profiles and past news articles suggest that individuals affiliated with Block Labs played a role in Tamadoge’s development at a different time. Moreover, Fennell’s extensive involvement with Finixio-linked projects reinforces the potential relationship between Block Labs and Finixio, hinting at a broader network of shared personnel and strategic interests. This connection is reinforced by the presence of at least one former employee who worked at both Block Labs and Finixio during overlapping timeframes, further blurring the lines between the two companies. While Fennell's current affiliation with Finixio is not definitively confirmed, UK Companies House records indicate he may hold a significant stake in Tech Alchemy, another company with shared personnel and operational ties to Block Labs.
These overlapping roles and connections don't prove that Finixio, Block Labs, and Tamadoge are part of a broader network. The evidence does not definitively state this, and overlaps may be coincidental. Ultimately, the reader must decide how to interpret these findings.
Could there exist a Finixio–Block Labs–Best Wallet relationship? While there are recurring overlaps of personnel and the shared Bulgarian address, it's not possible to say that these companies are linked, since alternative explanations, such as James Fennell no longer being affiliated with Finixio, cannot be ruled out.
Exploring an Additional Crypto Project Potentially Linked to Finixio
Further evidence suggests a connection between another crypto project, Battle Infinity, and Finixio. Battle Infinity is a blockchain gaming project from 2022 that combines P2E mechanics with a metaverse ecosystem, featuring NFT-based fantasy sports, staking, and a decentralized marketplace. Despite raising millions in a successful crypto presale, the Battle Infinity token plummeted by 99.9% after launch.
Several public sources indicate that Suresh Joshi co-founded the crypto project Battle Infinity. One is RocketReach, which also records his employment at Finixio from when he co-founded Tamadoge until now. Joshi’s LinkedIn profile states that he has been the Partner & Head of Performance Marketing at Clickout Media since 2019. Clickout Media and Finixio are both owned by Adam Grunwerg, who, in 2023, transferred Finixio’s marketing operations to Clickout Media, which is registered in Malta, to avoid scrutiny from UK regulators. Since Battle Infinity launched in 2022, before Clickout Media existed, it is reasonable to conclude that Joshi had been working for Finixio when he co-founded Battle Infinity, further reinforcing RocketReach's data.
If a Finixio executive co-founded a crypto project, does that imply Finixio is behind it? This connection could suggest Finixio’s involvement, although the available data does not allow for a definitive conclusion.
For reference, Scott Ryder founded Lucky Block while allegedly working with Finixio, or at least maintaining a professional relationship with the company. James Fennell has been involved with multiple Finixio-linked projects, reportedly as part of the company or its affiliated entities. This pattern may suggest that, like Battle Infinity, Finixio routinely places its trusted managers and executives in key founding roles in crypto projects. However, the full extent and frequency of this practice remain unclear.
Conclusion: What Do These Connections Mean for Crypto Investors?
The information presented here provides insights into Finixio, Block Labs, Tamadoge, and Best Wallet, raising important questions for the crypto community. Does this information suggest a deliberate strategy, or are they merely overlapping relationships in a crowded industry? The exact nature of these connections remains open to interpretation.
On the one hand, these findings could indicate efforts to obscure ownership structures, potential regulatory concerns, or conflicts of interest in the crypto presale space. On the second, it's not possible to draw any definite conclusion.
At TheHolyCoins, we aim to provide all publicly available information so readers can evaluate what these relationships might suggest. Are they simply a case of shared personnel, or do they indicate a more structured involvement in various cryptocurrency projects? In an industry often criticized for its lack of transparency, understanding these relationships and any potential hidden agendas is crucial for anyone considering cryptocurrency presales. Could these ties impact trust and transparency in the crypto presale space? What do you think, are they coincidences, or do they reveal deeper affiliations between projects?
** Note: This article is based on publicly available records and third-party sources. We do not allege any wrongdoing or illegal activity on the part of any individual or entity mentioned. This article is for informational purposes only, and readers are encouraged to conduct their own due diligence before forming conclusions.
