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Who are the biggest Bitcoin whales? 25 stats on the most powerful Bitcoin investors

Urban dictionary defines “whale” as “in sales terms, a whale is a prospect that is significantly larger than an organisation’s average customer”….

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Urban dictionary defines “whale” as “in sales terms, a whale is a prospect that is significantly larger than an organisation’s average customer”.

In cryptocurrency, a “whale” has come to mean a large holder of a particular coin. 

While Bitcoin is often marketed as the most decentralised form of money out there, there also exist a few investors which hold vast amounts. In this piece, we look at some statistics around the individual investors, governments and institutions that control significant amounts of Bitcoin. 

Top Bitcoin whale stats – Editor’s picks

  • Satoshi Nakamoto was world’s 14th richest person at Bitcoin’s all-time high
  • The top 10,000 individual investors control about one third of Bitcoin’s supply
  • Every citizen of Norway owns about $3.80 of Bitcoin through the Norwegian Government Pension fund
  • The US government is thought to own 214,000 Bitcoin, over 1% of the total supply
  • Less than 2% of addresses contain more than one Bitcoin 
  • The Chinese government owns 194,000 Bitcoin, equal to 0.92% of the total supply.

25 Bitcoin whale stats

1., Satoshi Nakamoto possesses 5.2% of the total Bitcoin supply

Perhaps the biggest whale of them all, Satoshi Nakamoto is the creator of Bitcoin and, in a lot of ways, the cryptocurrency industry. In the early days post launch in 2009 and 2010, Nakamoto was one of very few users of the network, allowing him/her/them to mine an estimated 1.1 million bitcoins, equivalent to 5.2% of the total supply. 

2. Satoshi Nakamoto was the world’s 14th richest person at Bitcoin’s all-time high

Bitcoin hit an all-time high of $68,789 in November 2021. This put Satoshi Nakamoto’s wealth at 75.7 billion. Looking at the Forbes rich list, this would place Nakamoto as the 14th richest person in the world. Of course, not only is the 1.1 million bitcoins an estimate, but we don’t even know if Nakamoto is one person (source: Forbes). 

3. Satoshi Nakamoto would become the world’s richest person if Bitcoin were to hit a price of $165,000

At time of writing, the world’s richest person is French business magnate Bernard Arnault, who recently overtook Elon Musk. According to Forbes, he is worth $181.8 billion. Were Bitcoin’s price to rise to $165,000, Satoshi Nakamoto would overtake him. 

4. The top 10,000 individual investors control about one third of Bitcoin’s supply

Bitcoin is known for its decentralisation, but there are a collection of investors who own a massive chunk of the supply. The top 10,000 own over one third of all Bitcoins (source: NBER). 

5. Approximately fifty miners control half the mining capacity of Bitcoin

Critics often point towards the heavy concentration of miners as concerning, given it has security implications for the network. 0.1% of miners, meaning approximately fifty miners, control half the mining capacity of the entire Bitcoin network. Theoretically, these miners could collude to launch a 51% attack on the network – although in reality, the economic incentives mean that this remains unlikely (source: NBER). 

6. Top 10% of Bitcoin miners control 90% of the mining capacity

Building on the aforementioned stat, the top 10% of miners control a staggering 90% of the mining capacity on the network. 

  1. The top 5 mining pools control 95% of the mining capacity of Bitcoin

7. The top 5 mining pools control 95% of the mining capacity of Bitcoin

Miners get paid in Bitcoin if they win the right to validate a block. Due to the variance of revenue that this causes, many miners prefer to join pools and split the awards pro rata. I put together the below graph to show the growth in power of these big mining pools (source: IntoTheBlock).

8. MicroStrategy owns 0.68% of the Bitcoin supply

Microstrategy, the software company co-founded by Bitcoin lover Michael Saylor, owns a staggering 130,000 bitcoins – good for 0.68% of the total circulating supply. (Source: Michael Saylor). 

9. MicroStrategy has an average purchase price of $30,369 on its Bitcoin

Michael Saylor has continued to purchase Bitcoin. The most recent purchase at time of writing was for 301 bitcoins at an average price of $19,851.(Source: Michael Saylor).  

10. MicroStrategy is down about $1.81 billion on their Bitcoin purchases

MicroStrategy’s 130,000 Bitcoin cost $3.98 billion at an average price of $30,369. As of today’s prices, the Bitcoin is worth $2.17 billion, meaning a loss of $1.81 billion. 

11. Block (formerly Square) own 8,027 bitcoins, 0.04% of the total circulating supply

Block, the technology conglomerate founded by former Twitter CEO Jack Dorsey, owns 8,027 Bitcoin. The company is listed on the New York Stock Exchange, its 8,027 bitcoins worth $134 million at time of writing. (Source: buybitcoinworldwide.com).

12. Every citizen of Norway owns $3.80 of Bitcoin

The Norwegian Government Pension Fund invests oil profits on behalf of the nation’s 5.4 million citizens. Through its 0.92% stake in MicroStrategy and its 0.44% stake in Block, the fund indirectly owns 1,231 bitcoins. This means each citizen of Norway technically owns $3.80 of Bitcoin (0.00022762573 Bitcoin). (Source: nbim.no)

13. Tesla owns 10,725 Bitcoin

Elon Musk’s electric vehicle company owns 10,725 Bitcoin. This is after selling 75% of its stake over concerns about the environmental impact of mining. (Source: Tesla earnings report). 

14. The Luna Foundation Guard spent 80,000 Bitcoin on May 16th, 2022 – the biggest spend of bitcoins by any single entity or individual in one day.

The Luna Foundation Guard, set up to defend the peg of the UST stablecoin, which was paired to fellow top-10 coin LUNA, spent 80,000 Bitcoin in an ill-fated last-ditch attempt to save the peg as the Terra ecosystem collapsed

15. The US government is thought to own 214,000 Bitcoin, over 1% of the total supply 

The latest seizure of Bitcoin came last month, when the US government scooped 50,000 Bitcoin in relation to the illegal marketplace Silk Road. Not much is known about the government’s stash, but it is thought to sell the Bitcoin off intermittently in public auctions.  (Source: cryptonews)

16. 110 addresses hold more than 10,000 Bitcoin

These 10,000 Bitcoins are 12% of the total supply. (Source: bitinfocharts.com)

17. Less than 2% of addresses hold one Bitcoin or greater

One Bitcoin is a massive hurdle for most these days, despite it being worth pennies little more than a decade ago. Today, less than 2% of the addresses have reached this mark. (Source: bitinfocharts.com)

18. Over 24,000 Bitcoin addresses contain over one million dollars

In terms of Bitcoin millionaires, there are over 24,000 addresses containing at least one million dollars worth of Bitcoin. Of course, individuals could own more than one address (and certain addresses could be split between many, such as exchange addresses). (Source: bitinfocharts.com)

19. The biggest wallet in the world holds 250,000 Bitcoin, worth over $4 billion, and belongs to Binance

This wallet contains 1.3% of the total supply, worth over $4 billion. It is a cold wallet belonging to the exchange Binance. 

20. Galaxy Digital own 40,000 Bitcoin, the second biggest stash of Bitcoin of any public company 

Galaxy Digital, the financial services company focusing on digital assets, is second to only MicroStrategy. (Source: buybitcoinworldwide.com)

21. Coinbase holds 9,000 Bitcoins

Coinbase, the cryptocurrency exchange that went public during the pandemic, holds 9,000 Bitcoin on its balance sheet, the eighth largest holdings out of public companies. (Source: buybitcoinworldwide.com)

22. Chinese company Block.one own 140,000 Bitcoin, the biggest holding of any company in the world

While MicroStrategy own the most out of any public company, Block.one, who are a private company from China that developed the cryptocurrency EOS, owns 140,000 Bitcoin (compared to MicroStrategy’s 130,000), making them the company (known, at least) to own the most Bitcoin. (Source: ByBit). 

23. El Salvador owns 2,381 Bitcoin, 0.01% of the total supply

The El Salvadoran government currently owns 2,381 Bitcoins bought at an average price of $43,357. That means the Salvadoran taxpayer has lost over $63 million. (I visited there this summer, if you’re interest in reading about my experience!). (Source: buybitcoinworldwide.com)

24. The Chinese government owns 194,000 Bitcoin, equal to 0.92% of the total supply.

The Chinese government owns 194,000 Bitcoin, following a seizure related to a PlusToken scam in 2020. (Source: CoinDesk)

25. Finland sold 1,889 Bitcoin this year and donated the proceeds to Ukraine

The Finnish government sold 1,889 Bitcoin this year for $47.4 million at an average price of $25,000 per coin. The stash was built up via narcotic seizures and was donated to the humanitarian effort in Ukraine. (Source: Arabnews.com)

Closing thoughts

Bitcoin may be the closest thing out there to a decentralised asset, but it is important to note that there does remain a lot of coins locked up by top wallets. 

Some of the biggest owners above – the Chinese government, Satoshi Nakamoto, MicroStrategy, Block.one – own enough Bitcoin to cause significant market impact were they ever to sell in one go. Elsewhere, the consolidation of mining is also worth keeping an eye on. 

These factors do present a layer of risk for Bitcoin, as the liquidity is not enough to absorb selling pressure of this scale without a substantial drop in price, should anything happen to these parties. 

Yet despite this, Satoshi Nakamoto’s Bitcoin whitepaper, published back in 2008, remains an incredible technological breakthrough, and the father of the concept of decentralisation in the monetary sphere. It’s just important to see that like everything in life, Bitcoin is not perfect. 

The post Who are the biggest Bitcoin whales? 25 stats on the most powerful Bitcoin investors appeared first on Invezz.

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Women’s basketball is gaining ground, but is March Madness ready to rival the men’s game?

The hype around Caitlin Clark, NCAA Women’s Basketball is unprecedented — but can its March Madness finally rival the Men’s?

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In March 2021, the world was struggling to find its legs amid the ongoing Covid-19 pandemic. Sports leagues were trying their best to keep going.

It started with the NBA creating a bubble in Orlando in late 2020, playing a full postseason in the confines of Disney World in arenas that were converted into gyms devoid of fans. Other leagues eventually allowed for limited capacity seating in stadiums, including the NCAA for its Men’s and Women’s Basketball tournaments.

The two tournaments were confined to two cities that year — instead of games normally played in different regions around the country: Indianapolis for the men and San Antonio for the women.

But a glaring difference between the men’s and women’s facilities was exposed by Oregon’s Sedona Prince on social media. The workout and practice area for the men was significantly larger than the women, whose weight room was just a single stack of dumbbells.

The video drew significant attention to the equity gaps between the Men’s and Women’s divisions, leading to a 114-page report by a civil rights law firm that detailed the inequities between the two and suggested ways to improve the NCAA’s efforts for the Women’s side. One of these suggestions was simply to give the Women’s Tournament the same March Madness moniker as the men, which it finally got in 2022.

But underneath the surface of these institutional changes, women’s basketball’s single-biggest success driver was already emerging out of the shadows.

During the same COVID-marred season, a rookie from Iowa led the league in scoring with 26.6 points per game.

Her name: Caitlin Clark.

Caitlin Clark has scored the most points and made the most threes in college basketball.

Matthew Holst/Getty Images

As it stands today, Clark is the leading scorer in the history of college basketball — Men’s or Women’s. Her jaw-dropping shooting ability has fueled record viewership and ticket sales for Women’s collegiate games, carrying momentum to the March Madness tournament that has NBA legends like Kevin Garnett and Paul Pierce more excited for the Women’s March Madness than the Men’s this year.

Related: Ticket prices for Caitlin Clark's final college home game are insanely high

But as the NCAA tries to bridge the opportunities given to the two sides, can the hype around Clark be enough for the Women’s March Madness to bring in the same fandom as the Men for the 2024 tournaments?

TheStreet spoke with Jon Lewis of Sports Media Watch, who has been following sports viewership trends for the last two decades; Melissa Isaacson, a veteran sports journalist and longtime advocate of women’s basketball; and Pete Giorgio, Deloitte’s leader for Global and US Sports to dissect the rise Caitlin Clark and women’s collegiate hoops ahead of March Madness.

“Nobody is moving the needle like Caitlin Clark,” Lewis told TheStreet. “Nobody else in sports, period, right now, is fueling record numbers on all these different networks, driving viewership beyond what the norm has been for 20 years."

The Caitlin Clark Effect is real — but there are other reasons for the success of women's basketball

The game in which Clark broke the all-time college scoring record against Ohio State on Sunday, Mar. 3 was seen by an average of 3.4 million viewers on Fox, marking the first time a women’s game broke the two million viewership barrier since 2010. Viewership for that game came in just behind the men’s game between Michigan State vs Arizona game on Thanksgiving, which Lewis said was driven by NFL viewership on the same day.

A week later, Iowa’s Big Ten Championship win over Nebraska breached the three million viewers mark as well, and the team has also seen viewership numbers crack over 1.5 million viewers multiple times throughout the regular season.

The success on television has also translated to higher ticket prices, as tickets to watch Clark at home and on the road have breached hundreds of dollars and drawn long lines outside stadiums. Isaacson, who is a professor at Northwestern, said she went to the game between the Hawkeyes and Northwestern Wildcats — which was the first sellout in school history for the team — and witnessed the effect of Clark in person.

“Standing in line interviewing people at the Northwestern game, seeing men who've never been to a women's game with their little girls watching and so excited, and seeing Caitlin and her engaging with little girls, it’s just been really fun,” Isaacson said.

But while Clark is certainly the biggest success driver, her game isn’t the only thing pulling up the women’s side. The three-point revolution, which started in the NBA with the introduction of deeper analytics as well as the rise of stars like Steph Curry, has been a positive for the Women’s game.

“They backed up to the three-point line and it’s opening up the game,” Isaacson said.

One of the major criticisms from a lot of women’s hoops detractors has been how the game does not compare in terms of quality to the men. However, shooting has become a great equalizer, displayed recently during the 2024 NBA All-Star Weekend last month when the WNBA’s Sabrina Ionescu nearly defeated Curry — who is widely considered the greatest shooter ever — in a three-point contest.

Clark has become the embodiment of the three-point revolution for the women. Her shooting displays have demanded the respect of anyone who has doubted women’s basketball in the past because being a man simply doesn’t grant someone the ability to shoot long-distance bombs the way she can.

Basketball pundit Bill Simmons admitted on a Feb. 28 episode of “The Bill Simmons Podcast” that he used to not want to watch women’s basketball because he didn’t enjoy watching the product, but finds himself following the women’s game this year more than the men’s side in large part due to Clark.

“I think she has the chance to be the most fun basketball player, male or female, when she gets to the pros,” Simmons said. “If she’s going to make the same 30-footers, routinely. It’s basically all the same Curry stuff just with a female … I would like watching her play in any format.”

But while Clark is driving up the numbers at the top, she’s not the only one carrying the greatness of the product. Lewis, Isaacson, Giorgio — and even Simmons, on his podcast — agreed that there are several other names and collegiate programs pulling in fans.

“It’s not just Iowa, it’s not just Caitlin Clark, it’s all of these teams,” Giorgio said. “Part of it is Angel Reese … coaches like Dawn Staley in South Carolina … You’ve got great stories left and right.”

LSU's Angel Reese (right) and her head coach Kim Mulkey are two of the biggest names in Women's college hoops. 

Eakin Howard/Getty Images

The viewership showed that as well because the SEC Championship game between the LSU Tigers and University of South Carolina Gamecocks on Sunday, Mar. 10 averaged two million viewers.

Bridging the gap between the Men’s and Women’s March Madness viewership

The first reason women are catching up to the men is really star power. While the Women’s division has names like Clark and Reese, there just aren’t any names on the Men’s side this year that carry the same weight.

Garnett said on his show that he can’t name any men’s college basketball players, while on the women’s side, he could easily throw out the likes of Clark, Reese, UConn’s Paige Bueckers, and USC’s JuJu Watkins. Lewis felt the same.

“The stars in the men's game, with one and done, I genuinely couldn't give you a single name of a single men’s player,” Lewis said.

A major reason for this is that the Women’s side has the continuity that the Men’s side does not. The rules of the NBA allow for players to play just one year in college — or even play a year professionally elsewhere — before entering the draft, while the WNBA requires players to be 22-years-old during the year of the draft to be eligible.

“You know the stars in the women's game because they stay longer,” Lewis said. “[In the men’s game], the programs are the stars … In the women's game, it's a lot more like the NBA where the players are the stars.”

Parity is also a massive factor on both sides. The women’s game used to be dominated by a few schools like UConn and Notre Dame. Nowadays, between LSU, Iowa, University of South Carolina, Stanford, and UConn, there are a handful of schools that have a shot to win the entire tournament. While this is more exciting for fans, the talent in the women's game isn’t deep enough, so too many upsets are unlikely. Many of the biggest draws are still expected to make deep runs.

But on the men’s side, there is a bigger shot that the smaller programs make it to the end — which is what was seen last year. UConn eventually won the whole thing, but schools without as big of a national fanbase in San Diego State, Florida Atlantic University, and the University Miami rounded out the Final Four.

“People want to see one Cinderella,” Lewis said. “They don't want to see two and three, they want one team that isn't supposed to be there.”

Is Women's March Madness ready to overtake the Men?

Social media might feel like it’s giving more traction to the Women’s game, but experts don’t necessarily expect that to show up in the viewership numbers just yet.

“There’s certainly a lot more buzz than there used to be,” Giorgio said. “It’s been growing every year for not just the past few years but for 10 years, but it’s hard to compare it versus Men’s.”

But the gap continues to get smaller and smaller between the two sides, and this year's tournament could bridge that gap even further.

One indicator is ticket prices. For the NCAA Tournament Final Four in April, “get-in” ticket prices are currently more expensive for the Women’s game than the Men’s game, according to TickPick. The ticketing site also projects that the Women’s Final Four and Championship game ticket prices will smash any previous records for the Women’s side should Clark and the Hawkeyes make a run to the end.

NCAA "get-in" price comparison.

Getty Images/TheStreet

The caveat is that the Women’s Final Four is played in a stadium that has less than a third of the seating capacity of the Men’s Final Four. That’s why the average ticket prices are still more expensive for the men, although the gap is a lot smaller this year than in previous years.

The gap between the average ticket prices of the Final Four tournaments is getting smaller.

But that caveat pretty much sums up where the women’s game currently stands versus the men’s: There is still a significant gap between the distribution and availability of the former.

While Iowa’s regular season games have garnered millions of viewers, the majority of the most-viewed games are still Men’s contests.

To illustrate the gap between the men’s and women’s game — last year’s Women’s Championship game that saw the LSU Tigers defeat the Hawkeyes was a record-breaking one for the women, drawing an average of 9.9 million viewers, more than double the viewership from the previous year.

One of the main reasons for that increase, as Lewis pointed out, is that last year’s Championship game was on ABC, which was the first time since 1995 that the Women’s Championship game was on broadcast television. The 1995 contest between UConn and Tennessee drew 7.4 million viewers.

The Men’s Championship actually had a record low in viewership last year garnering only 14.7 million viewers, driven in-part due to a lack of hype surrounding the schools that made it to the Final Four and Championship game. Viewership for the Men’s title game has been trending down in recent years — partly due to the effect the pandemic had on collective sports viewership — but the Men’s side had been easily breaching 20 million viewers for the game as recently as 2017.

The 2023 Women's National Championship was the most-viewed game ever, while the Men's Championship was the division's least watched. 

Iowa's Big Ten Championship win on Sunday actually only averaged 6,000 fewer viewers than the iconic rivalry game between Duke and University of North Carolina Men’s Basketball the day prior. However, there is also the case that the Iowa game was played on broadcast TV (CBS) versus the Duke-UNC game airing on cable channel (ESPN).

So historical precedence makes it unlikely that we’ll see the women’s game match the men’s in terms of viewership as early as this year barring another massive viewership jump for the women and a lack of recovery for the Men’s side.

But ultimately, this shouldn’t be looked at as a down point for Women’s Basketball, according to Lewis. The Men’s side has built its viewership base for years, and the Women’s side is still growing. Even keeping pace with the Men’s viewership is already a great sign.

“The fact that these games have Caitlin Clark are even in the conversation with men's games, in terms of viewership is a huge deal,” Lewis said.

Related: Angel Reese makes bold statement for avoiding late game scuffle in championship game

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One city held a mass passport-getting event

A New Orleans congressman organized a way for people to apply for their passports en masse.

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While the number of Americans who do not have a passport has dropped steadily from more than 80% in 1990 to just over 50% now, a lack of knowledge around passport requirements still keeps a significant portion of the population away from international travel.

Over the four years that passed since the start of covid-19, passport offices have also been dealing with significant backlog due to the high numbers of people who were looking to get a passport post-pandemic. 

Related: Here is why it is (still) taking forever to get a passport

To deal with these concurrent issues, the U.S. State Department recently held a mass passport-getting event in the city of New Orleans. Called the "Passport Acceptance Event," the gathering was held at a local auditorium and invited residents of Louisiana’s 2nd Congressional District to complete a passport application on-site with the help of staff and government workers.

A passport case shows the seal featured on American passports.

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'Come apply for your passport, no appointment is required'

"Hey #LA02," Rep. Troy A. Carter Sr. (D-LA), whose office co-hosted the event alongside the city of New Orleans, wrote to his followers on Instagram  (META) . "My office is providing passport services at our #PassportAcceptance event. Come apply for your passport, no appointment is required."

More Travel:

The event was held on March 14 from 10 a.m. to 1 p.m. While it was designed for those who are already eligible for U.S. citizenship rather than as a way to help non-citizens with immigration questions, it helped those completing the application for the first time fill out forms and make sure they have the photographs and identity documents they need. The passport offices in New Orleans where one would normally have to bring already-completed forms have also been dealing with lines and would require one to book spots weeks in advance.

These are the countries with the highest-ranking passports in 2024

According to Carter Sr.'s communications team, those who submitted their passport application at the event also received expedited processing of two to three weeks (according to the State Department's website, times for regular processing are currently six to eight weeks).

While Carter Sr.'s office has not released the numbers of people who applied for a passport on March 14, photos from the event show that many took advantage of the opportunity to apply for a passport in a group setting and get expedited processing.

Every couple of months, a new ranking agency puts together a list of the most and least powerful passports in the world based on factors such as visa-free travel and opportunities for cross-border business.

In January, global citizenship and financial advisory firm Arton Capital identified United Arab Emirates as having the most powerful passport in 2024. While the United States topped the list of one such ranking in 2014, worsening relations with a number of countries as well as stricter immigration rules even as other countries have taken strides to create opportunities for investors and digital nomads caused the American passport to slip in recent years.

A UAE passport grants holders visa-free or visa-on-arrival access to 180 of the world’s 198 countries (this calculation includes disputed territories such as Kosovo and Western Sahara) while Americans currently have the same access to 151 countries.

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Fast-food chain closes restaurants after Chapter 11 bankruptcy

Several major fast-food chains recently have struggled to keep restaurants open.

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Competition in the fast-food space has been brutal as operators deal with inflation, consumers who are worried about the economy and their jobs and, in recent months, the falling cost of eating at home. 

Add in that many fast-food chains took on more debt during the covid pandemic and that labor costs are rising, and you have a perfect storm of problems. 

It's a situation where Restaurant Brands International (QSR) has suffered as much as any company.  

Related: Wendy's menu drops a fan favorite item, adds something new

Three major Burger King franchise operators filed for bankruptcy in 2023, and the chain saw hundreds of stores close. It also saw multiple Popeyes franchisees move into bankruptcy, with dozens of locations closing.

RBI also stepped in and purchased one of its key franchisees.

"Carrols is the largest Burger King franchisee in the United States today, operating 1,022 Burger King restaurants in 23 states that generated approximately $1.8 billion of system sales during the 12 months ended Sept. 30, 2023," RBI said in a news release. Carrols also owns and operates 60 Popeyes restaurants in six states." 

The multichain company made the move after two of its large franchisees, Premier Kings and Meridian, saw multiple locations not purchased when they reached auction after Chapter 11 bankruptcy filings. In that case, RBI bought select locations but allowed others to close.

Burger King lost hundreds of restaurants in 2023.

Image source: Chen Jianli/Xinhua via Getty

Another fast-food chain faces bankruptcy problems

Bojangles may not be as big a name as Burger King or Popeye's, but it's a popular chain with more than 800 restaurants in eight states.

"Bojangles is a Carolina-born restaurant chain specializing in craveable Southern chicken, biscuits and tea made fresh daily from real recipes, and with a friendly smile," the chain says on its website. "Founded in 1977 as a single location in Charlotte, our beloved brand continues to grow nationwide."

Like RBI, Bojangles uses a franchise model, which makes it dependent on the financial health of its operators. The company ultimately saw all its Maryland locations close due to the financial situation of one of its franchisees.

Unlike. RBI, Bojangles is not public — it was taken private by Durational Capital Management LP and Jordan Co. in 2018 — which means the company does not disclose its financial information to the public. 

That makes it hard to know whether overall softness for the brand contributed to the chain seeing its five Maryland locations after a Chapter 11 bankruptcy filing.

Bojangles has a messy bankruptcy situation

Even though the locations still appear on the Bojangles website, they have been shuttered since late 2023. The locations were operated by Salim Kakakhail and Yavir Akbar Durranni. The partners operated under a variety of LLCs, including ABS Network, according to local news channel WUSA9

The station reported that the owners face a state investigation over complaints of wage theft and fraudulent W2s. In November Durranni and ABS Network filed for bankruptcy in New Jersey, WUSA9 reported.

"Not only do former employees say these men owe them money, WUSA9 learned the former owners owe the state, too, and have over $69,000 in back property taxes."

Former employees also say that the restaurant would regularly purchase fried chicken from Popeyes and Safeway when it ran out in their stores, the station reported. 

Bojangles sent the station a comment on the situation.

"The franchisee is no longer in the Bojangles system," the company said. "However, it is important to note in your coverage that franchisees are independent business owners who are licensed to operate a brand but have autonomy over many aspects of their business, including hiring employees and payroll responsibilities."

Kakakhail and Durranni did not respond to multiple requests for comment from WUSA9.

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