Former Silk Road 2.0 Operator Blake Benthall Launches Blockchain Analysis and Risk Management Startup Fathom(x)
Fathom(x) democratizes access to the same blockchain monitoring methodology used by global governments
HOUSTON, Aug. 6, 2024 /PRNewswire-PRWeb/ — Blake Benthall, the former operator of the infamous dark web narcotics marketplace Silk Road 2.0, today announced the launch of his new company Fathom(x).
My current objective is to enhance the safety and compliance of the cryptocurrency industry.
Fathom(x) emerged from Benthall’s desire to democratize access to compliance tools in the cryptocurrency industry and to drive global adoption of Bitcoin and other cryptocurrencies. Inspired by his experiences with Silk Road 2.0, he sought to provide a solution that helps cryptocurrency and blockchain companies balance the need for privacy while navigating regulatory complexities, fostering trust in the industry, and making compliance data accessible and affordable.
“I want to de-risk cryptocurrency for everyone,” said Fathom(x) CEO and Founder Blake Benthall. “I launched the Silk Road 2.0 darknet market and scaled it to 1.7 million users as a solo developer. That was a terrible, and profoundly illegal, idea. I knowingly violated the law, a choice I will always regret. But now my case is over, and I have paid the price for my crimes. My current objective is to enhance the safety and compliance of the cryptocurrency industry. I see tons of blockchain developers inadvertently violating regulations, and I am determined to prevent others from encountering similar issues. This is why at Fathom(x) we uniquely certify that a business is indeed following the rules by using the same methodology that governments are using to find violators. Our goal is to simplify and make affordable the attainment of the same level of compliance offered by existing enterprise solutions — without shelling out the ransom-level costs associated with those providers. Fathom(x) helps companies follow complex laws, avoid fraud, and maintain clear explanations for every transaction.”
Businesses have thousands of crypto wallets, often one for every customer payment, yet knowing they are all compliant is practically impossible today. The Fathom(x) platform allows individuals and businesses to know exactly where their cryptocurrency is located, providing proof that they can access it. It also simplifies the legal mandate to screen customer assets for sanctions, proving that a business followed the law and presenting confusing blockchain data as a simple ledger that finance professionals can quickly understand.
Benthall has been a computer programmer since the age of 9. He started his first company, a game hosting service, at the age of 14 and was a freelance software engineer for various startups through middle and high school. He dropped out of college at age 20 to pursue the Silicon Valley startup scene of the 2010s and was a Flight Software Engineer at SpaceX prior to his arrest in November 2014.
Benthall pleaded guilty to conspiracy charges related to Silk Road 2.0 and spent eight months in a federal detention center, including time in solitary confinement. He lived in hiding in New York City from 2015 – 2021, during which period he cooperated with the Federal Bureau of Investigation’s (FBI) Cyber Division on high profile criminal cases related to cybersecurity, the dark web, and nefarious cryptocurrency schemes.
Since its inception in May 2022, Fathom(x) has raised an angel round from investors such as Vincent D’Agostino, the former FBI agent who arrested him in San Francisco in 2014. Fathom(x) is currently raising a pre-seed funding round.
“Admittedly, Blake’s story is an unusual one that I don’t take lightly,” said former FBI special agent and current Fathom(x) investor Vincent D’Agostino. “Blake is an immensely talented person who made bad decisions that carried serious consequences. In my experience, unlike most others who found themselves in similar situations, he immediately took full responsibility and has been working hard for the past 10 years to one day get a second chance. I think he’s earned that opportunity, and I’m happy to have played a role in his journey towards redemption.”
Vincent is no stranger to Bitcoin, having led several high-profile Bitcoin-based FBI investigations from 2012 – 2014. “It’s still too easy to go wrong in crypto,” continued D’Agostino. “The collapse of FTX, as well as the more recent SEC approval of several large spot Bitcoin ETFs, showcase the growing need for the market to have access to user-friendly tools that answer simple questions like: Does my Bitcoin exist? Where is it? Is it clean? And how is it being accessed? Blake’s company answers these questions.”
Fathom(x) is in beta and has a waitlist. To join the waitlist, visit: www.fathomx.com.
“Most crypto users have no privacy,” continued Benthall. “Public blockchains by default are shared with all banks and governments. It’s time for everyone to see this information. With Fathom(x), you can now use our data to follow the rules, maintain required levels of transparency, and responsibly grow your business.”
About Fathom(x)
Fathom(x) is a blockchain analysis and risk mitigation company dedicated to supporting both companies and individuals in managing cryptocurrency transactions and wallets. Fathom(x) empowers anyone to navigate the digital currency landscape confidently by democratizing access to blockchain insights and streamlining compliance with federal sanctions and regulations. For more information, visit www.fathomx.com
Media Contact
Jon Amar, Fathom(x), 1 9252706511, press@fathomx.com, www.fathomx.com
SOURCE Fathom(x)
