{
  "schema": "gah.source-manifest.v1",
  "slug": "kyara-spv-wearality-blockstream-oh2",
  "title": "Three Kyara SPVs: Wearality, Blockstream, and OH2",
  "published": "2026-09-30",
  "scope": "Bank-first reconstruction of three Southern Financial LLC subscriptions through Kyara II, III and IV into Wearality, Blockstream and OH2 Laboratories.",
  "evidence_package": "/Volumes/homes/admin/GAH_US_RUN12_ALL_BANKS_TECH_MASTER.md",
  "sources": [
    {
      "id": "WEARALITY-BANK",
      "class": "PRIMARY_BANK_STATEMENT",
      "record": "EFTA01285003",
      "url": "/pdf-lite?id=EFTA01285003",
      "supports": "July 2, 2014 Southern Financial $250,000 outgoing debit used in the Kyara II transaction reconstruction.",
      "limit": "Statement OCR does not by itself print the full Wearality look-through."
    },
    {
      "id": "WEARALITY-ACK",
      "class": "PRIMARY_EMAIL",
      "record": "EFTA01855432",
      "url": "/pdf-lite?id=EFTA01855432",
      "supports": "Wearality principal explicitly thanks Epstein for the Wearality investment.",
      "limit": "Acknowledgement does not by itself identify the paying bank account/SPV."
    },
    {
      "id": "BLOCKSTREAM-AUTH",
      "class": "PRIMARY_BANK_AUTHORIZATION",
      "record": "EFTA01401059",
      "url": "/pdf-lite?id=EFTA01401059",
      "supports": "$500,001 Southern Financial wire authorization; subscription to Kyara Investment III to fund Blockstream investment.",
      "limit": "Indirect SPV route, not direct operating-company wire."
    },
    {
      "id": "BLOCKSTREAM-STMT",
      "class": "PRIMARY_BANK_STATEMENT",
      "record": "EFTA01285099",
      "url": "/pdf-lite?id=EFTA01285099",
      "supports": "Posted Southern Financial banking evidence for the September 2014 Kyara III transaction.",
      "limit": "Statement OCR alone is less descriptive than the signed authorization."
    },
    {
      "id": "OH2-BANK-CHART",
      "class": "PRIMARY_BANK_INVESTIGATIVE_CHART",
      "record": "EFTA00080260",
      "url": "/pdf-lite?id=EFTA00080260",
      "supports": "Deutsche transaction chart ties Kyara Investment IV subscription to OH2 Laboratories.",
      "limit": "Bank/investigative exhibit is not a substitute for every underlying raw statement field."
    },
    {
      "id": "OH2-DEAL",
      "class": "PRIMARY_EMAIL_CHAIN",
      "record": "EFTA02338495",
      "url": "/pdf-lite?id=EFTA02338495",
      "supports": "Joi Ito identifies the electronic-nose project and discusses anti-dilution / MIT conflict controls around the investment.",
      "limit": "Deal correspondence; does not by itself prove settlement."
    },
    {
      "id": "OH2-INVEST",
      "class": "PRIMARY_EMAIL",
      "record": "EFTA02595658",
      "url": "/pdf-lite?id=EFTA02595658",
      "supports": "Joi Ito forwards OH2 update and says he thinks they should invest.",
      "limit": "Intent/diligence evidence, not bank execution."
    },
    {
      "id": "RUN12",
      "class": "GAH_RECONSTRUCTION",
      "record": "GAH_US_RUN12_ALL_BANKS_TECH_MASTER.md",
      "supports": "Transaction-group deduplication, SPV look-through joins and BANK-4 classifications for Kyara II/III/IV.",
      "limit": "Archive-created synthesis; controlling factual claims remain tied to primary records."
    }
  ],
  "open_questions": [
    "The exact source instrument/cap table for Southern Financial's economic interest in each Kyara vehicle.",
    "The unresolved operating-company identity behind Kyara I.",
    "Additional distributions or exits from Kyara II/III/IV not captured in the available banking periods.",
    "The exact corporate suffix/legal-entity resolution for OH2 Laboratories."
  ],
  "not_established": [
    "Direct Southern Financial share ownership in Wearality, Blockstream or OH2 without the SPV layer.",
    "Wrongdoing arising from any of the three investments.",
    "That later company customers, technology deployments or public-sector relationships were caused by these investments."
  ]
}