Epstein's Role in Funding MIT's Digital Currency Initiative

Newly released emails from the Jeffrey Epstein estate have revealed that he played a direct role in helping fund Massachusetts Institute of Technology’s (MIT) Digital Currency Initiative (DCI). This is a program that was supporting several early Bitcoin Core developers.

The emails, obtained by the House Oversight Committee, offer a clearer look at how Epstein’s money flowed into MIT’s Media Lab and, indirectly, into the Bitcoin development ecosystem.

In one of the clearest examples, former MIT Media Lab director Joichi Ito wrote to Epstein shortly after the Digital Currency Initiative was formed in 2015. In the email, Ito thanked Epstein directly for making the quick launch possible, saying, "Used gift funds to underwrite this, which allowed us to move quickly and win this round. Thanks."

Ito had described to Epstein how the collapse of the Bitcoin Foundation created a vacuum in funding for key developers. MIT stepped in to hire them, and Ito framed it as a strategic victory for the Lab. Epstein responded briefly, commenting on one of the developers, writing, "Gavin is clever."

Leon Black’s Role and Controversial Donations

Leon Black, a former private equity CEO, was suspected of making an anonymous $5 million donation to the MIT Media Lab and was at the center of a controversy that eventually led to Joi Ito’s resignation.

While Black had confirmed donating to charities linked to Jeffrey Epstein, it was not clear whether he had directly contributed to MIT or if Epstein had coordinated any gifts.

One 2019 email from Ito to Epstein reads, "We were able to keep the Leon Black money, but the $25K from your foundation is getting bounced by MIT back to ASU." Epstein replied, "No problem- Trying to get more black for you."

Black later stepped back from his position at Apollo Capital following reports that he had paid Epstein millions for financial advice. MIT, concerned about reputational risks from anonymous donations, clarified in 2017 that gifts should be small enough that the recipients could maintain independent judgment.

MIT's Transparency Regarding Donations

MIT had previously faced criticism for accepting donations from Epstein despite his criminal record. The newly surfaced emails raise questions about whether the Media Lab deliberately kept his involvement quiet, especially as it coincided with critical Bitcoin development work.

Internal MIT messages from 2017 show administrators debating limits on anonymous donations, recognizing that large secret gifts posed a "reputational risk."

MIT carefully considered these risks. Greg Morgan, Senior Vice President, explained that the main concern was whether a gift would be so large that the recipient could no longer act independently. He added that anonymous gifts could help, but no part of the Lab should be "unreasonably beholden" to a donor.

The emails do not suggest that Epstein influenced Bitcoin’s technical decisions. However, they show that his money helped MIT support key developers at a crucial moment, when Bitcoin’s main funding source had collapsed. For many in the crypto community, the bigger concern is how little of this funding story was publicly known at the time.