The Theranos Conspiracy

Nathan Allen
6 min readOct 1, 2021


Was Theranos a CIA front?

Theranos was a med-tech start-up that raised more than $700M at a peak $10B valuation (2014). It supposedly developed a technology that could run multiple blood tests rapidly using a very small amount of blood. Theranos had labs, hired expensive scientists, and burned through hundreds of millions of dollars. The company imploded in 2016 when it was publicly revealed that the company’s technology didn’t actually exist. On the surface, Theranos was a total fraud.

Or was it? There are certainly facts about Theranos that seem so odd that one must wonder whether it was an exercise in mass delusion or mass illusion.

CIA Shenanigans

The dirtiest of the CIA’s dirty work is not conducted by the Company itself or by those who have CIA business cards or CIA pay stubs. That work is conducted through front companies, which, at least in part, are real companies. These companies permit the CIA to move assets (money, people, arms) while anyone investigating the company would find an operation that seems legit. It’s much the same as the mafia owning a restaurant. The pasta fazool is fantastic, and there’s always sketchy guys at a table in the back talking about murdering someone.

A few proof points:

In the 1950s-60s, the CIA funded a wide array of fronts and influence mechanisms, from magazines (Paris Review, National Review, Ms.) to global art and jazz tours.

In the early 1950s, Crypto AG was a widely respected cryptographic company that provided encryption services to governments (and their embassies) around the world. The CIA secretly purchased Crypto AG in 1970 and operated it as a front until 2018. So the CIA could read the world’s encrypted messages from 1970 up until a few years ago. Crypto AG was a legit company and a CIA asset. (The public only discovered the CIA’s involvement in Crypto AG in 2020.)

The public also only recently learned that Sheldon Adelson’s Las Vegas Sands Casino has been serving as a front for the CIA’s espionage on Julian Assange and other journalists, including U.S. journalists. (Apparently, the Sands operation was also plotting Assange’s assassination.) Did the CIA reimburse the Sands for this activity? Probably not. Worth noting.

There are entire books dedicated to the CIA’s fronts, which include both shell companies designed to generate and move money and other assets to partially legitimate companies. Possibly the largest front company was actually the KGB’s Aeroflot, the USSR’s national airline. Needless the say, the CIA was jealous that the KGB had an entire national airline to move people, money, arms, drugs, and anything else they wanted to. The CIA actually had to buy their own planes and build their own airports in order to run money/drugs/arms.

The second key component to CIA shenanigans is funding. While the CIA has a ‘black box’ budget, like any insatiable bureaucracy, it’s always looking for more funding. Much of the CIA’s activities are privately funded. For example, the CIA’s Congress for Cultural Freedom, which was launched in 1950 and funded everything from book publishers to MIT, was largely privately funded. (Book publishing deals are a fantastic way to pay bribes, right Barack?)

Of note, the Congress for Cultural Freedom wasn’t revealed as a CIA front until 1966, and its funding came in large part from oligarch Julius Fleischmann, Theranos founder Elizabeth Holmes’ grandfather. (And Holmes’ father worked for CIA front USAID. Coincidence?) If you really want to go down the rabbit hole, then you’d probably like to consider that the Congress for Cultural Freedom was also funded by the Ford Foundation, a long-time CIA front and currently at the fore of various vaccine efforts. (Let’s just say that if the CIA wants to track you, they’ll probably do it through the Ford Foundation.)

Theranos Oddities

You’d think you’d have to scratch the surface to find the conspiracy, but Theranos’s oddities are right in plain view. Theranos simply does not look like a med-tech start-up. Consider these Board members:

· George Shultz, former U.S. Secretary of State and Secretary of the Treasury

· William Perry, former U.S. Secretary of Defense and Under Secretary of Defense for Research and Engineering (the Pentagon’s lab for space lasers and killer robots)

· Henry Kissinger, former U.S. Secretary of State and National Security Advisor

· Sam Nunn, former U.S. Senator, Chair of the Senate Armed Services Committee, co-chairman of the Nuclear Threat Initiative, which planned counteractions to potential attacks with nuclear, biological, and chemical weapons

· Gary Roughead, U.S. Navy Admiral, Chief of Naval Operations

· Jim Mattis, U.S. Marine Corps General, Supreme Commander NATO

· Bill Frist, former U.S. Senate majority leader

· Richard Kovacevich, Wells Fargo Chairman/CEO

· Riley P. Bechtel, Chairman/CEO Bechtel Group, America’s largest private company by revenue and general contractor for many international government projects (Kuwait oil fields, Chernobyl containment building, Jubail/Saudi Arabia, which is the largest project in the world)

That list would be a good start if you were assembling a who’s who of the oligarchy/deep state’s command and control. But a Silicon Valley med-tech start-up? Does anyone suspect that maybe Theranos was up to something else?

And now consider a significant part of its funding:

· Betsy DeVos (Amway): funded $100 million

· Walton family (Walmart): funded $150 million

· Rupert Murdoch (News Corp): funded $125 million

Cordial reminder: Betsy Devos’ brother is the founder of Blackwater, the CIA’s go-to private contractor for assassinations and other “security work.”

These were all personal “investments,” not corporate investments. As far as I know, not one of these “investors” has sued or otherwise demanded their money back. (The “investor lawsuits” that the news reports refer to either the SEC suit or the suit from the one legit VC fund that invested; it’s not these oligarchs.) And sure, all of these people are billionaires, but you’d think even a billionaire would be a tad annoyed at being defrauded for nine digits. You’d think, right?

Those board members and those “investors” sure seem like an invite list for a deep state dinner party. Were those investors really making investments? Or were they just paying their oligarchy dues?

The obvious question isn’t “what evidence is there that Theranos was a deep state front for a CIA bio-weapons operation?” There was no evidence in 1980 that Crypto AG was a CIA front (and had been for a decade). There was no evidence that the Sands Casino was fronting a CIA espionage plot before a Spanish court rather randomly stumbled upon it. (There are emails from Sands corporate accounts plotting Assange’s assassination in the Ecuadorian embassy. Sloppy work, CIA.) If in the mid-1960s you had suggested that Paris Review was a CIA front, some doctor would make a note and you would have been carted away to a remote institution for having lost your mind. George Plimpton can’t even comb his hair; he surely isn’t fronting bribes to crooked European politicians.

These sorts of things are occasionally revealed rather randomly, or someone writes a book in thirty years. Or a Spanish court arrests one of its citizens for plotting Assange’s assassination and finds all these emails from a handler with a Sands casino email address. Evidence is rarely produced in a rational, timely manner.

And the answer to the obvious question: the real side of Theranos was probably researching something mission-adjacent such as bio-weapons and not something totally random like the CIA’s support of a 1950s Thelonious Monk European tour. Theranos gave the CIA cover to spend hundreds of millions on hematologists and adjacent scientists and their labs.

The dots are all there, and they won’t connect themselves.

(The other burning question is: how’s Jeff Bezos involved in all this? Well, I suspect he’s busy at another CIA front, Thorn.)

Some notes/sources

Barack Obama’s $65 million “book deal” and totally not a deep state pay-off (let’s ignore that the CIA does this all the time, ok?).

Ford Foundation and the CIA. (These two go way back.)

Betsy DeVos’s brother/private assassin.

Crypto AG. and

The CIA and Las Vegas Sands Casino.