# Altilly Files

> Altilly Files publishes the internal Telegram group of the management team of Altilly, a small cryptocurrency exchange that lost its servers and funds in December 2020. The chat runs from July 2019 to October 2021, with a few later notes added in 2025-2026 and marked as such. It is a redacted, single-party export published by Nayiem Willems, Altilly's former CEO, who also wrote this site. The site also has his own account, a chronological chronicle, an evidence page on the developer known as "Mike", a timeline, a refunds summary, an AI-assisted assessment that he requested, and answers to community questions. Chat messages are cited as [#1234] and can be opened at https://altillyfiles.com/chat#1234. Chat times are UTC-8.

Nothing on this site is a finding by any court or authority. Nayiem Willems is an interested party. The site marks the difference between what the chat or public records document and what he believes. The facts below are summarised from the site's pages, with the page each one comes from.

## Key facts

Documented in the chat or in public registers:

- The management group had three members: Chuck, Nayiem, and the developer the team called Mike (@MrMike_O), whose account now shows as "Deleted Account". The chat shows Mike as a different person from Nayiem ([assessment](https://altillyfiles.com/content/assessment.md), §1; [mike](https://altillyfiles.com/content/mike.md)).
- The incident took place on 23-25 December 2020. Mike reported an attack on 23 December [#1033]-[#1034], and on 25 December he said the hosting provider, Cherry Servers, had deleted all the servers and that the backups were gone [#1103]-[#1132]. Nayiem's February 2025 write-up dated it 12 December 2020, and he now says that date was wrong ([story](https://altillyfiles.com/content/story.md)).
- According to the chat, Mike ran the servers, backups, wallet keys and database. At the time Nayiem wrote "I never had access to those servers" [#1492]-[#1493]. The chat also shows he had some other, limited access ([assessment](https://altillyfiles.com/content/assessment.md), §2).
- Loss figures. The team estimated the loss at the time at about USD 1 million [#1677], including about 31 BTC [#1600]. Nayiem says $2.4M was the team's final total of all refund claims (saved and non-saved assets together) and not the loss. That claims sheet is not published, so the figure cannot be checked. Nayiem also says he paid about $900K in refunds from late 2021 onward, mainly from his share of the 2022 sale of his mining businesses after the investors were paid; he says all of that share went to refunds except about $25,000 for personal debt. The chat ends before that, so it cannot confirm the payments. In 2021 he wrote that he had "no money at all" [#2805] and "zero cash" [#5602], and no ledger has been published ([refunds](https://altillyfiles.com/content/refunds.md), [faq](https://altillyfiles.com/content/faq.md)).
- Qredit Ltd (UK Companies House no. 13077371) was incorporated on 11 December 2020, with Nayiem Willems as sole director and sole person with significant control. Mike does not appear on it. It never filed accounts and was struck off on 17 May 2022. The chat does not mention it ([mike](https://altillyfiles.com/content/mike.md), [faq](https://altillyfiles.com/content/faq.md)).
- On 26 December 2020 Mike named the old hosting login "paul@satotechlt.com" and wrote "history on that domain probably has my name" [#1326]-[#1328]. In February 2021 a Revolut card that Mike had ordered arrived at Nayiem's address in an envelope addressed to "PAUL Vernon" [#3833] ([mike](https://altillyfiles.com/content/mike.md)).
- Refund status. Most saved assets were paid back in kind in 2021. Mike sent most of them (about 60 coins on 1-3 April 2021 [#4613]-[#4903]), and some were handed to the coins' developers to distribute. Several saved wallets held less than was owed. When the refund work in the chat stops in September 2021, coins that were not saved had not been refunded and some saved-asset payments were still pending. Nayiem says he stopped processing refunds around 2022/2023, with a handful after that, and estimates the unpaid claims at around $50,000–60,000. He has not published anything that shows this estimate ([refunds](https://altillyfiles.com/content/refunds.md)).
- 663 message numbers are missing from the export. Nayiem removed some before publication to take out customer and third-party data. Others may have been deleted earlier: until 28 September 2026 Chuck owned the group and could delete any message, and every member, Nayiem included, could delete their own. Telegram does not record who deleted a message. Some of the gaps fall at sensitive points ([transparency](https://altillyfiles.com/transparency), [story](https://altillyfiles.com/content/story.md)).

Not established:

- No court or authority has confirmed that Mike is Paul Vernon (the Cryptsy founder, who is under US indictment; the charges are allegations, and he has not been convicted). None has confirmed that Mike took the Altilly funds. Both are Nayiem's beliefs, formed from late 2022 onward. In 2020-21 he backed Altilly's public line that it was not an inside job. The site's assessment calls it highly likely that Mike used the name Paul Vernon and probable, but unconfirmed, that he is the Cryptsy founder. The Who was Mike? page is more cautious: it calls the first point likely but not confirmed, and the second possible but unproven. The assessment calls it not established that Mike orchestrated the "hack" ([mike](https://altillyfiles.com/content/mike.md), [assessment](https://altillyfiles.com/content/assessment.md), §4 and §10).
- The chat does not show who deleted the servers, where the 31 BTC went, or whether any funds reached Nayiem. It does not show Nayiem moving customer funds. It is one chat curated by him, so it cannot rule that out ([assessment](https://altillyfiles.com/content/assessment.md), §7 and §9).

The author's admissions and critical findings published on the site:

- As his own failures, Nayiem lists these ([story](https://altillyfiles.com/content/story.md), "What I got wrong" and "What I got wrong in 2025"):
  - as CEO he let one person hold all technical control, with no audit and no real cold storage;
  - he kept working with a partner he knew used an assumed name, which he calls "wilful blindness";
  - his refund handling, including replying "Go for it" to a proposal to "drag it out forever" [#5017]-[#5020], pricing claims at the value "most beneficial for us" [#6842], loose claim checks [#3564], and an off-record refund with an instruction to "remove all traces" [#4029];
  - several factual errors in his 2025 write-up;
  - publishing a private person's details in 2025;
  - offering in November 2022, by his own account, to stay silent if Mike returned funds taken from Solar, while Xeggex users went unwarned. By his account Mike repaid the full 1,878,477 SXP in 12 payments between 1 December 2022 and 19 March 2024; the transaction IDs of the final payments are published in his ledger and can be checked on the Solar blockchain ([story](https://altillyfiles.com/content/story.md), "After Altilly"). He says the business relationship ended in late 2022, and that after that his only contact with Mike was about getting money back: the Solar funds, and later a promise Mike made to fund the remaining Altilly refunds for non-saved assets and to pay Chuck, which Mike never answered about.
- The community Q&A answers 79 questions. Seven are marked "The critic is right": no police report or legal action over the hack; the write-up's false statement that Vernon was "never criminally charged"; no proof of the $900K; non-saved assets not refunded; approved refunds left unpaid; whether public messaging during the incident was shaped to mislead; and errors in the 2025 write-up. Another 41 are marked "The critic is partly right" ([community-faq](https://altillyfiles.com/content/community-faq.md)).

## Pages

- [Introduction](https://altillyfiles.com/content/intro.md): Nayiem's reasons for publishing, and eight public claims about him, each with a source and his response (home page: https://altillyfiles.com/)
- [My story](https://altillyfiles.com/content/story.md): Nayiem's own account, including what he got wrong in 2025, what he got wrong as CEO, and what he knows versus what he believes
- [Chronicle](https://altillyfiles.com/content/chronicle.md): chronological account of the whole chat, 2019-2021: before the incident, the incident, and the aftermath (AI-assisted, with quotes checked against the chat)
- [Who was Mike?](https://altillyfiles.com/content/mike.md): evidence cards graded strong, moderate or weak, plus cards that point the other way, on whether Mike was Paul Vernon of Cryptsy; no verdict
- [Timeline](https://altillyfiles.com/content/timeline.md): dated events from Cryptsy (2013 onward) through the incident, the refunds and Xeggex to the publication of the chat in September 2026, each with its source
- [Refunds](https://altillyfiles.com/content/refunds.md): editorial summary of how claims were taken, checked and paid, the shortfalls, the messages that reflect badly on the team, and where refunds stand today
- [Independent assessment](https://altillyfiles.com/content/assessment.md): AI-assisted review of the unredacted chat and public records, requested and published by the author, which looks for evidence against him as well as for him
- [Frequently asked questions](https://altillyfiles.com/content/faq.md): short answers to the questions a sceptical reader would ask, in Nayiem's voice
- [Transparency](https://altillyfiles.com/transparency): redaction policy, deletion log and the list of missing message numbers (HTML page)

## Data

- [chat.txt](https://altillyfiles.com/chat.txt): the published chat as plain text, one message per line, with redactions, withheld media and gaps marked
- [day-notes.txt](https://altillyfiles.com/day-notes.txt): AI-assisted one-paragraph summaries of each day in the chat, with key message numbers
- [messages.json](https://altillyfiles.com/data/messages.json): the published chat as structured data (id, date, sender, text, reply, media, redactions, and whether a message is a later note)
- [deletion-log.json](https://altillyfiles.com/data/deletion-log.json): every text redaction, withheld media file and gap in the message numbers, with its category
- [day-notes.json](https://altillyfiles.com/data/day-notes.json): the day notes as structured data
- [Solar statement, 30 November 2022](https://altillyfiles.com/evidence/solar-statement-2022-11-30.png): evidence image cited on several pages. Each image from the chat is linked by its own URL in chat.txt

## Optional

- [llms-full.txt](https://altillyfiles.com/llms-full.txt): all the pages above in one file, in reading order, with every [#id] citation linked to the chat
- [Community questions](https://altillyfiles.com/content/community-faq.md): 79 questions collected from Reddit, Bitcointalk, news reports and forwarded user complaints, each marked with a verdict and with separate "Nayiem's note" sections for the author's own view