It's also the easiest one to prove - as all the facts in it have already been admitted by usagi (basically ALL my evidence is usagi's own posts - plus the presence on blockchain of premiums but no insurance payout). And the (now deleted) posts right before GLBSE shut down (like same day) had reached the point where usagi was admitting liability but arguing against BMF enforcing it as it would hurt CPA.
Where are the victims of this fraud?
It's all the shareholders of BMF (at that time) whose shares should have been worth a lot more had the insurance policy been claimed on. When I first pointed it out I think BMF shares had a NAV each around 0.7ish. The insurance policy was to guarantee a NAV per share of 1.0.
Put simply, they were paying premiums so that if the value of their shares dropped below 1 it would get topped back up to 1 by CPA basically. Then pirate happened, CPA ran out of cash (not necessarily assets, liquid cash) so usagi just didn't bother claiming for BMF - and the shareholders had stolen from them the value they'd agreed a contract for (or, more accurately, usagi had agreed a contract on their behalf with the other party being usagi acting on CPA's behalf) and paid premiums for.
When asked about it usagi just ignored all questions for a month or two - calling anyone who asked a troll and claiming it had all been answered before (it hadn't). Then finally the explanation came out - that it was somehow a test of a new contract: which is plainly bullshit given BMF investors were told they had insurance cover (NOT "here's what a contract would like like IF we had such cover") and paid some premiums.
It's not hard to understand.