How credible are the allegations about Blockstream’s mining business?

Has anyone looked into natinfosec’s articles about Blockstream? They allege that its cloud mining business operates as a Ponzi scheme and that investors have been misled. https://natinfosec.substack.com/p/adam-backs-blockstream-borrows-billions https://natinfosec.substack.com/p/adam-back-lies-greg-maxwell-chris https://natinfosec.substack.com/p/fraud-adam-back-samson-mow-chris Has Blockstream responded, or are there independent analyses that substantiate or rebut these claims? If Blockstream w

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