Buyer of Jack Dorsey’s First Tweet Reportedly Arrested in Iran

Although Iranian officials confirmed arresting members of Estavi’s company, it is unclear if the Malaysia-based businessman was one of those detained.

AccessTimeIconMay 17, 2021 at 6:54 p.m. UTC
Updated Feb 9, 2023 at 1:22 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Sina Estavi, the businessman who bought a non-fungible token (NFT) of Twitter founder Jack Dorsey’s first tweet for $2.9 million, has reportedly been arrested in Iran, according to a now-deleted message posted on his verified Twitter account.

Although Iranian officials confirmed arresting members of Estavi’s company, it is unclear if the Malaysia-based businessman was one of those detained. According to multiple local media outlets, Estavi has been detained.

Officials in Iran apparently seized Estavi’s Twitter account early on Monday, posting, “The owner of this media outlet was arrested on charges of disrupting the economic system, by order of the Special Court for Economic Crimes.”

The tweet posted on Estavi's verified Twitter account said he was arrested on charges of economic disruption.
The tweet posted on Estavi's verified Twitter account said he was arrested on charges of economic disruption.

The charges have yet to be specified, but the tweet stated that additional information was available via the website of the Organized Crime Investigation Center, an affiliate of the Cyber Defense Command of the Islamic Revolutionary Guard Corps. The tweet was posted at 08:48 a.m. UTC (4:48 a.m. ET) on Monday.

An accompanying statement posted on the Crime Investigation Center’s website Gerdab.ir said that members of blockchain firm Bridge Oracle, of which Estavi is CEO, were arrested on charges of disrupting the country's economic system as ordered by the Special Economic Crimes Court. According to the statement, the investigation into the Bridge project had started nine months ago.

The statement does not name Estavi himself but local media outlet Mehrnews reported that the statement confirms his arrest.

The tweet announcing Estavi’s arrest was deleted by the account at around 4:40 p.m. UTC (12:40 p.m ET).

Estavi is also the head of Malaysia-based cryptocurrency exchange CryptoLand. In March, Estavi won a bidding war over Tron founder Justin Sun for Dorsey’s tokenized tweet. Estavi compared Dorsey’s “Genesis Tweet” to Leonardo Da Vinci’s “Mona Lisa,” calling it a “piece of human history.”

However, unofficial allegations against Estavi had been mounting for some time. In January, Mate Tokay, co-founder of Bitcoin.com was reportedly planning to sue Estavi for allegedly failing to compensate Tokay for his services as an adviser on the Bridge project, as well as using his name to promote the project and its native token BRG. It is unclear if Tokay followed through with the suit. Tokay did not respond to requests for comment and the original articlehttps://news.bitcoin.com/bitcoin-com-co-founder-files-legal-action-against-bridge-linktoken-project-over-market-manipulation/ about the plans for a lawsuit are no longer available on Bitcoin.com.

Soon after Estavi bought the tweet, Bridge users began accusing Estavi of committing fraud and misleading investors on Twitter. The allegations escalated after Iranian crypto researcher Kave Moshtaq insinuated Estavi had sent thugs to intimidate him outside an Iranian courthouse in April. Moshtaq had gone to court in relation to a complaint against Estavi.

“After leaving the court, five motorcyclists stopped me in front of the car and hit me. Fists landed on my face,” Moshtaq wrote on Twitter, alongside a photo with blood on his face.

Two days later, the Iranian Blockchain Association put out a call for information, inviting Estavi and those complaining against him to submit documents and information to the association.

The association published the call for information after “receiving many complaints” about Bridge, Estavi and CryptoLand.

At the time of publishing, the CryptoLand website displayed an “access denied” error message. The price of BRG plunged after the tweet was published on Monday.

The statement from the Cyber Organized Crime Investigation Center hinted that the BRG project was “illegal, unreliable and unsupported” and said users in Iran are still caught in the trap of fraudulent activities associated with cryptocurrencies “due to lack of financial literacy and knowledge of investing in cyberspace."

UPDATE (Feb. 22, 17:23 UTC): Adds updated information on Mate Tokay's alleged lawsuit against Estavi.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.