Twitter / X Update
January 28, 2025
Update Jan 28 5:00pm
Our X account was suspended for this reason
Violating our rules against inauthentic accounts.
Today we were notified by Twitter/X that our account was suspended. We have reached out to X to determine the cause, and get the account reinstated.
Coin Citadel had not posted anything on X at all that would lead to this suspension
Our initial belief is that it comes from the same bad actors, probably reporting us to X, who are driving our stock price down to (0.000001), or $0, despite real money trades at the asking price (0.0001-0.0003).
We have also reached out to Finra to see if we can prevent this or to determine who is responsible.
Lastly, our CPA Chase Bush Associates are negligent in completing our financial reports in a timely manner. Chase refuses to respond to emails and phone calls. The account is paid in full so that is not the issue. BUSH & ASSOCIATES CPA Henderson, NV 89014. Email: Inquiry@bushandassociatescpas.com. Phone: (702) 703-5979
Please feel free to call on the firm your selves.
We will be looking for a new CPA in the meanwhile and work on bringing the financials current. This may effect our quotation on OTC markets short term.
Removal of CE
A Form 211 was completed in fall of 2022, but not filed as of yet with a Market Maker as of 2025.
Even thought OTC regulations state the review is supposedly free, Coin Citadel has yet to find a MM willing to review it, and or, that doesn't charge an additional advisory fees upwards of $20K for said review.
Please reach out to Coin Citadel if someone can recommend or knows a MM that is willing to process a Form 211.
Once reviewed and forwarded to Finra, Coin Citadel stock might eventually trade again.
Please email ir@coincitadel.net
Coin Citadel - CCTL has had a CE symbol placed on its stock by OTC Markets for 4 years now, restricting trading for US markets
This came about from the extreme stock price run in Feb 2021 (BTC all time high $67K) and some external and internal factors.
Internal Factors
Historical financials filed by the old CEO Bill Schaefer, showed a Bitcoin buy back in 2016. This BTC deal was fully documented in the financial reports, but holdings were never recorded on the balance sheet, as the BTC addresses and or private keys could not be verified.
All reference to the BTC buy have since been deleted from the financial reports filed since Q3 2021as the validity of the deal cannot be factually proven.
External Factors
1)
See swatting emails, posted below, that were sent to regulatory authorities and 2CRSI that led to CE label.
2CRSI announced the server lease to buy deal,and filed a press release, December 2020.
A member of the 2CRSI board of directors, wrote a scathing email to Alain Wilmouth, the CEO of 2CRSI, with concerns about making a deal with a company who's stock had a CE skull and crossbones, in February 2021. This essentially put the deal on hold for over 2 years, and was eventually nullified.
The deal was real, and fully documented in the 2CRSI financials, audited by PWC. (for all the nay sayers out there)
2)
Fortune Magazine published an article in January 2021 with a list of 10 public companies with Bitcoin on their balance sheet, including Coin Citadel. Fortune magazine never verified the validity of said Bitcoin treasury and never contacted CCTL.
OTC Markets said CCTL was misleading investors, when in fact this was from an external source.
Forbes magazine was also doing an article on Bitcoin Treasuries, and did reach out to CCTL about our holdings. Coin Citadel could not, and did not, verify Bitcoin treasury existence without addresses and private keys as proof.
The mining division of Coin Citadel (Coin Citadel Mining) was started in January 2018 in Plattsburgh NY.
Plattsburgh has some of the cheapest electricity rates in the USA at 0.025 cents.
Once famous for its 18 month ban on Bitcoin mining, the ban has now been lifted.
2025 - Mining update
Coin Citadel has a very small mining operation with 1 Petahash of BTC mining hash rate. Current hardware includes - Bitmain S19's and Bitmain S21 Hydro miners. Our miners are hosted by Zafra in Plattsburgh NY.
CCTL also currently mines Zcash and numerous other tokens, when profitable.
Coin Citadel also runs numerous funded nodes for other blockchains, as an additional stream of income / investment.
2CRSI Deal
The structure of the deal for GPU servers to mine Ethereum from 2CRSI, was a lease to buy deal. The monthly payments on the $6 million dollar price tag would have been easily covered by the profits from ETH mining.
The below email is correct in that, CCTL did not have $6 million dollars, to purchase said servers, as it wasn't a purchase.
Demanding 2CRSI retract its press release, when the deal was factual and legitimate, is absurd.
Cascading events sadly led to the deal being unfulfilled.
Sadly a misinformed, anonymous email from a stock basher is all it takes to destroy a small public company that was in the process of becoming current and reporting, with real documented mining operations in the Crypto space.
(see articles on press page)
Coin Citadel had more articles written about its operations, albeit small, than any other public Bitcoin mining company back in 2018 - 2020
From: BFarmer <bafarmer@protonmail.com>
Subject: Coin Citadel $6 Million Purchase
Date: January 17, 2021 at 3:42:19 PM EST
To: Investors <investors@2crsi.com>
Reply-To: BFarmer <bafarmer@protonmail.com>
I am curious about the Coin Citadel purchase. CCTL filed a Form 15 and went dark in 2008 and haven't filed any financial information on the OTC Markets since 2015.
CCTL has been a pumped and dumped many times and I believe they are using your company to do another pump and dump.
Coin Citadel doesn't have $6 million and doesn't have access to $6 million.
They are on the precipice of being suspended by the SEC and wanted to alert you that the SEC might be questioning the deal.
Bob Farmer
From: BFarmer <bafarmer@protonmail.com>
Subject: Coin Citadel $6 million Payment
Date: January 24, 2021 at 4:31:36 PM EST
To: Investors <investors@2crsi.com>
Reply-To: BFarmer <bafarmer@protonmail.com>
Has Coin Citadel paid the $6 million to purchase the Bitcoin mining equipment that 2CRSI is supposed to be delivered by the end of January.
Or is 2CRSI part of the pump and dump - if you read the CCTL balance sheet your company would know that CCTL doesn't have $6 million and doesn't have access to Capital.
I will be sending a report to the SEC and Justice Department of the fraud committed against unsophisticated shareholders.
I suggest you retract the false and misleading or fraudulent press release issued by your company.
IG
Digital assets are subject to a number of risks, including price volatility and limited liquidity. Digital asset markets and exchanges are not regulated with the same controls or customer protections available with other forms of investing and are subject to an evolving regulatory environment. Digital assets do not typically have legal tender status and are not covered by deposit protection insurance. The past performance of a digital asset is not a guide to future performance, nor is it a reliable indicator of future results or performance.
Copyright © 2022 Coin Citadel - All Rights Reserved.