Beware of TeraWulf: We Believe the Company is a Charade to Enrich Insiders at the Cost of Investors and Backed by Notorious Pump and Dump Artists – Grizzly Research LLC

This investigative report by Grizzly Research examines TeraWulf (WULF), a Bitcoin mining company operating large-scale computing facilities in Western New York and Central Pennsylvania, alleging that insiders have siphoned over $100 million through related-party transactions with CEO-controlled entities. The report details connections between TeraWulf's largest shareholders and individuals charged by the SEC in pump-and-dump schemes, alongside evidence of missed financial projections, excessive shareholder dilution, and outsourced operations. For communities hosting crypto mining and data center facilities, this resource illustrates how corporate financial structures and insider dealings can undermine accountability and transparency.