Shell shifts

Operators quietly moving their legal entity or jurisdiction — same brand, new corporate vehicle behind it. Each entry below is verified in the operator's own current Terms of Service. Different from /incidents (live hacks + exploits + fund freezes) and /audit (our own mechanical change log). Reverse chronological.

Why we track them. An unexplained legal-entity change matters for users who have open disputes, refund claims, or held-funds incidents against the pre-shift entity — the updated ToS rarely spells out whether the new entity inherits the old one's obligations. It also matters for jurisdictional exposure: MI/BVI/Seychelles shells buy insulation from FATF/MLAT cooperation that real-country entities don't. We demote listed operators to Grade C for a quiet shell shift (matching the "acceptable with reservations" tier); the demotion is not about the destination jurisdiction — it's about the operator making the shift without a public transition statement. See /methodology for the full rubric.