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 were to become insolvent, what would the practical consequences be for the wider Bitcoin ecosystem?

For anyone who wants to monitor this, here’s a bankruptcy alert link: https://www.phrasealert.com/a/e3203400ac414ca5bba46f9fb09d8943