Independent investigative journalism
Money, its infrastructure and those who control it.
Every week, an investigation or an in-depth analysis you will not read anywhere else.
Editorial line
What we publish
Investigations reveal what was not public. Analyses explain what official announcements leave out. In both cases, we start from documents and cross-checked sources.
The founder
Grégory Raymond
Journalist, founder of Backdoor
A financial journalist, Grégory Raymond co-founded The Big Whale in 2022, a publication specialising in digital assets, which he led until 2026. He is the author of « Bitcoin & Cryptos, L’enjeu du siècle » (Talent Éditions, 2025). He founded Backdoor to publish independent investigations into money, its infrastructure and those who control it.
About BackdoorOp-eds
Latest expert op-eds
Claire MartinHead of Digital Assets, Banque Orsel (fictional profile) Stablecoins: custody is not a technical detail Julien MorelPartner, Morel & Associés (fictional profile) MiCA two years on: the transitional regime created blind spots Sofia BenaliChief Information Security Officer, Payvia (fictional profile) CEO fraud: strong authentication is no longer enough Thomas KellerHead of Market Structure, Valmont Gestion (fictional profile) Tokenised funds need a settlement layer, not another pilot
Investigations
Latest investigations
Crypto
Lumen Pay: how a stablecoin issuer moved its reserves out of Europe
In eighteen months, the share of reserves held with European banks fell from 78% to 31%. Attestation reports show how, without token holders being clearly told.
Cybersécurité
The network behind a wave of hacks on European platforms
Twelve months, fourteen platforms, close to 144 million euros stolen. Traces left on blockchains and in court files point to a single organisation.
Finance
Banks and digital assets: what 40 licensing files reveal
Approval takes twice as long in some countries as in others. An analysis of forty bank applications shows that the choice of jurisdiction matters more than the quality of the file.
Finance
Tokenised funds: the gap between announcements and reality
27.5 billion euros of assets announced, 5.2 billion actually subscribed. We compared launch press releases with the figures asset managers filed afterwards.
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