Datavault AI Says Its Bitcoin Has Been Stuck at Biconomy Since June
Datavault AI says it can't withdraw its BTC from Biconomy and will restate four financial reports tied to a $150 million Scilex deal.
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Key takeaways
- Datavault AI says it has been unable to withdraw its Bitcoin from Biconomy since June.
- The company will restate four financial reports.
- The restatements are tied to a $150 million deal involving Scilex.
- The stock tanked after the disclosure, per Decrypt.
Datavault AI says it can't get its Bitcoin back. The company hasn't been able to withdraw BTC held at Biconomy since June, and its stock dropped sharply once the news landed, according to Decrypt.
What we know
There's a second piece. The firm plans to restate four financial reports, and those filings are tied to a $150 million deal with Scilex. The source material doesn't lay out which accounting changes are coming, how large the stuck holdings are, or why the withdrawals have failed. I won't fill those gaps with guesses.
The timeline is what stands out. June to late October is roughly four months of locked coins before the problem went public. That's a long time.
What we don't know
- How much Bitcoin is stuck at Biconomy.
- Why withdrawals have been blocked.
- How the restatements change the reported numbers.
- Whether Datavault expects to recover the coins.
Why it matters
A corporate Bitcoin treasury is only as sound as the custody behind it. Park coins on a third-party platform and you take on counterparty risk. A line item reading "BTC" on a balance sheet doesn't prove the company can actually move it. So if you hold shares in a firm that pitches itself as a Bitcoin treasury, ask where the coins sit and who controls the keys.
The restatements add a second worry. Limited access to assets, paired with revised financials, is a combination investors rarely shrug off. What remains unanswered is why disclosure took this long.
Source: Decrypt
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Daniel Okoro
Daniel tracks crypto regulation and policy across the US, EU and Asia, with a decade in financial journalism.
