Paddle8

Summary

Paddle8 is an online auction house based in New York City. The company was acquired by Good Cause Capital AG, a Swiss-based holding company, in February 2022. Following bankruptcy and insolvency of its prior owner (P8H Inc), Paddle8 Holdings LLC resumed operations in December 2021. The project involved updating the homepage to a non-functional NFT/Real World Asset bidding site, with the apparent goal of making the company look good for a potential sale rather than creating a functional product.

Personal Involvement

Timeline

• Period: Post-February 2022 acquisition by Good Cause Capital AG
• Role: Developer (via Winterthur Medien AG / Jakota Capital AG)
• Project: Homepage update to NFT/Real World Asset bidding site

Corporate Timeline (2021-2022)

Project Details

The project involved updating the Paddle8 homepage to a non-functional NFT/Real World Asset bidding interface. The primary goal appeared to be making the company look presentable for a potential sale rather than creating a genuinely functional platform.

Suspicious Aspects

1. Non-functional deliverable - The updated site was not intended to actually function
2. Sale preparation - The work was done to make the company appear more valuable
3. Timing - This was the last client before termination

Company Background

Founding

• Founded: May 2011
• Founders:
  • Alexander Gilkes (former LVMH executive, Phillips auction house)
  • Aditya Julka (Harvard Business School Baker Scholar)
  • Osman Khan (Goldman Sachs, Perella Weinberg Partners)

Business Model

• Online auction house for fine art
• Focus on pieces priced $1,000-$100,000
• Post-war and contemporary art, prints, photography, street art, collectibles
• Offices in New York, Los Angeles, London, Hong Kong

Corporate History

Good Cause Capital AG Acquisition (2022)

About Good Cause Capital AG

• Type: Swiss-based holding company
• Purpose: Own and operate for-profit businesses that enable sustainable philanthropic and charitable activities
• Acquisition Date: February 15, 2022
• Acquisition Terms: 100% ownership of Paddle8 Holdings LLC from prior owners

Post-Acquisition Strategy

1. European Expansion: Establishment of a fully owned subsidiary in Europe
2. Primary Office: Remains in New York
3. Investment Focus: Cryptocurrency donors and charitable organizations
4. Core Business: Matching cryptocurrency donations with philanthropic initiatives

Alti Exchange Integration (March 1, 2022)

Good Cause Capital acquired Alti Exchange, a European tokenization platform specialized in collectible wines:

• Integration: Contributed to a newly created 100% owned European subsidiary of Paddle8 Holdings LLC
• Functionality: Allows cryptocurrency owners to purchase collectible wines on the Alti platform
• Combined Offering: Full integration with Paddle8's existing infrastructure

News Archive (from Repository)

Paddle8 Resumes Operations

Date: December 1, 2021 | Location: New York (USA)

Following completion of the insolvency process of P8H Inc (the Paddle8 brand prior owner) earlier in 2021, Paddle8 Holdings LLC resumed operations by entering several separate agreements in the USA, People's Republic of China, and Switzerland to manage philanthropic activities of family office clients. The new portfolio involves:

• Designing cultural events programming
• Virtual reality auctions for high value collectibles and NFTs
• Financial guarantees from client philanthropic organizations
• First benefit events scheduled for Q3 2022

Paddle8 Launches Crypto-for-Good Donation Platform

Date: December 15, 2021 | Location: New York (USA)

Paddle8 Holdings LLC launched a cryptocurrency donation platform allowing cryptocurrency holders to transfer donations to pre-selected and vetted charities and philanthropic organizations.

Key Features:

• Turnkey KYC and compliance processes
• Cash equivalent clearing into charity bank accounts
• Full regulatory compliance
• Elimination of price volatility and liquidity risks

Swiss Holding Group Good Cause Capital AG Acquires Paddle8 Holdings LLC

Date: February 15, 2022 | Location: Geneva (Switzerland) / New York (USA)

Good Cause Capital AG acquired 100% of Paddle8 Holdings LLC from its prior owners.

Strategic Rationale:

• Paddle8's cryptocurrency donation capabilities match financial needs of philanthropic organizations
• Helps eliminate reputational, compliance, and financial risks for charities handling crypto donations
• European subsidiary planned to serve continental donors and organizations

Paddle8's Parent (Good Cause Capital) Acquires Alti Exchange

Date: March 1, 2022 | Location: Basel (Switzerland)

Good Cause Capital AG acquired 100% of assets of Alti Exchange, an European tokenization platform for alternative investments specialized on collectible wines ("Alti").

Integration Plan:

• Full integration with Paddle8 platform
• Cryptocurrency owners can purchase collectible wines
• Contributed to newly created European subsidiary

Investment Network

Series A Funding ($4 million)

• Founder Collective (lead)
• Mousse Partners (lead)

Series B Funding ($6 million, June 2013)

• Damien Hirst (artist)
• Prince Alexander von Fürstenberg
• Vladimir Yevtushenkov (Russian mogul)
• Matthew Mellon
• Jay Jopling (White Cube gallery owner)

Series C Funding ($34 million, October 2015)

New investors:

• David Zwirner (art dealer, board member)
• Rolf Sachs (German collector)
• Eric Fellner (Working Title Films co-chairman)
• Edgar Berger (Sony Music Entertainment CEO International)

Existing investors participating:

• Mousse Partners
• Damien Hirst
• Jay Jopling (White Cube)
• Stavros Niarchos (collector, entrepreneur)

Key Connections to Gangstalking Network

Mousse Partners Connection

Mousse Partners is the family office of the Wertheimer family (owners of Chanel). Key details:

• Headquartered in Solow Building, NYC; offices in Beijing and Hong Kong
• 36+ employees with backgrounds from:
  • The Carlyle Group
  • GIC (Singapore sovereign wealth fund)
  • Soros Fund Management
• February 2023: Participated in taking Rothschild & Co private

The Carlyle Group Connection

The Carlyle Group is a major private equity firm with significant connections to:

• David Rubenstein (co-founder, co-chairman) - key figure in gangstalking hierarchy
• Defense industry investments
• Bin Laden family investments (pre-9/11)
• Intelligence community connections
• $441 billion assets under management (2024)

Bankruptcy Context

Chapter 11 Filing (March 2020)

Paddle8 filed for bankruptcy protection one week after being sued by the New American Cinema Group for allegedly misappropriating funds from a charity auction.

Creditors Included

• Justin Bieber and Hailey Baldwin (~$73,000 owed)
• Jay-Z's Shawn Carter Foundation (~$65,000 owed)
• Rema Hort Mann Foundation
• Various artists: Tom Otterness, Kiki Smith, Jim Jarmusch, Jonas Mekas

Intelligence Connections

The investment network of Paddle8 connects to:

1. Carlyle Group - Intelligence/defense industry private equity
2. Mousse Partners - Staffed by former Carlyle, GIC, Soros Fund Management employees
3. Rothschild & Co - Mousse Partners invested in taking private (Feb 2023)
4. Russian oligarchs - Vladimir Yevtushenkov as investor

Current Ownership Structure

Good Cause Capital AG (Swiss Holding Company)
              |
              v
    Paddle8 Holdings LLC (New York)
              |
              +-- Paddle8 Operations (USA)
              +-- European Subsidiary (EU operations)
              +-- Alti Exchange (wine tokenization platform)

Timeline Relevance

This was the last client project before:

1. Fristlose Kündigung (termination without notice)
2. Apartment eviction from Bruderholz
3. Escalation of V2K and DEW attacks
4. Phase 3-4 of gangstalking campaign

The timing coincides with the post-acquisition period (2022) when Good Cause Capital AG was restructuring Paddle8 for its new cryptocurrency/philanthropy focus.

Questions Raised

1. Why was a non-functional NFT site being developed post-February 2022 acquisition?
2. Was the project a cover for other activities?
3. How does the Paddle8 investment network connect to the targeting operation?
4. Was there awareness of the Swiss holding company (Good Cause Capital AG) connections?
5. What is the relationship between Good Cause Capital AG, Jakota Capital AG, and Winterthur Medien AG?
6. Why was a philanthropy-focused company pivoting to non-functional NFT/Real World Asset bidding?
7. Does the cryptocurrency donation platform have connections to money laundering operations?