Over the past two weeks, a total of 274,298,012 IOTX (equivalent to $14,612,126 based on dollar value) was deposited into a specific Binance account’s IOTX wallet. Curious about the origin of this volume, I analyzed the on-chain data for further investigation.
(By clicking the URLs below, you can view the addresses. I tracked all these addresses and organized the findings.)
The IOTX total token supply is 10 billion IOTX, with 6 billion remaining after excluding staked tokens. Over the past two weeks, 300 million IOTX, equivalent to 5% of the non-staked supply, was transferred to Binance. In the Discord channel, the bald administrator claimed that this volume does not belong to the team but is instead owned by a whale, insisting that the team has no involvement or knowledge of the transfers. However, this statement seems false based on on-chain data analysis, as detailed below:
- Wallet 1: This wallet is linked to the wallet used to distribute rewards during the Upbit event from May 21 to May 27, 2024, which had a prize pool of 2,298,300 IOTX. On-chain records also show that Wallet 1 regularly pays IOTX to moderators or staff as salaries or other compensation each month.
- Wallets 3, 7, 9, and 10: These wallets received tokens directly from the primary locking wallets. They had remained dormant for years before recently transferring their holdings.
- Wallet 5: This wallet is labeled as “Delegate Nebulaguard” on-chain, indicating it is a named wallet associated with the team.
In total, 13 team wallets were involved in moving 300 million IOTX to Binance over two weeks, yet the team has provided no official announcement or communication about these transactions. The team is banning me from Discord and Telegram channels to conceal the truth, while falsely claiming it to be whale movements. To verify this accurately, I have officially reported the matter to on-chain analysis firms.
Personal Speculation:
I suspect that the team plans to continue receiving minted tokens as part of next year’s inflation schedule. (For example, it is expected that they will receive new tokens under various reasons such as ecosystem development funds or marketing funds.) To prepare for this, the team might be dumping the base tokens they currently hold. This raises concerns about the team’s lack of transparency and how such actions could affect the token’s market performance.
This is my personal opinion and not FUD.
●During the conversation with the team moderator●
Additional evidence is provided above. It is a conversation between me and a moderator. During the conversation, they admitted that the funds indeed belong to the team. However, a day later, they reversed their statement. What are they trying to hide?
Discussion with Users:
It would be interesting to hear the community’s thoughts and opinions about this situation. Many users may have concerns about the lack of transparency from the team and potential future token inflation. What are your perspectives on this matter?
| Wallet No. | Wallet Address | Time | Volume | Wallet Notes |
|---|---|---|---|---|
| 1 | 0x74a09fbf55ed0c31ba5fa3dd78f93e9f3403b1e0 | Nov 23, 14:17 | 1,000 | Address that sent 2,297,322 IOTX for an Upbit event |
| 2 | 0x54a6dd8d5fd8a3bbe0b29100359f623e958bcabe | Nov 23, 15:40 | 20,971,600 | |
| 3 | 0x6f3dd993e20e4318e417e38a808cbd6d84ad5123 | Nov 24, 09:13 | 18,800,000 | |
| 4 | 0x5bcb0ef54f31e6728e6f14b9094ef50b95fceff7 | Nov 24, 09:16 | 3,656,800 | |
| 5 (Delegate Nebulaguard) | 0xdae08bc988a66496c1d5f6485abeca0191510c8f | Nov 24, 09:22 | 7,135,300 | |
| 6 | 0xe0334a7ba53c91e08c2f34a830c7e86c15b33f8d | Nov 24, 09:23 | 4,673,560 | Funds withdrawn 4 months ago from Crypto.com |
| 7 | 0x972f6759ec49dae2d804bd43698a0a88d75b91db | Nov 24, 09:24 | 10,000,000 | |
| 3 | 0x6f3dd993e20e4318e417e38a808cbd6d84ad5123 | Nov 24, 15:00 | 40,000,000 | Received from primary locking wallet (0xe0c46c…5199a) |
| 7 | 0x972f6759ec49dae2d804bd43698a0a88d75b91db | Nov 25, 08:24 | 5,000,000 | Received from primary locking wallet (0xe0c46c…5199a) |
| 8 | 0x298245a133b6b964021d1bbba47e76d883e33adb | Nov 25, 12:02 | 4,966,600 | |
| 9 | 0xe0c46c29efb32c65dae5b115f0a111914ce5199a | Nov 25, 12:04 | 33,400 | Received from primary locking wallet |
| 10 | 0x24e7f6fd8a664c07a5b16bac45ef9a1685110677 | Nov 25, 12:43 | 5,000,000 | Received from primary locking wallet |
| 5 (Delegate Nebulaguard) | 0xdae08bc988a66496c1d5f6485abeca0191510c8f | Nov 25, 12:44 | 10,000,000 | Received from primary locking wallet |
| 10 | 0x24e7f6fd8a664c07a5b16bac45ef9a1685110677 | Nov 30, 16:05 | 3,000,000 | Received from primary locking wallet |
| 10 | 0x24e7f6fd8a664c07a5b16bac45ef9a1685110677 | Dec 2, 16:03 | 20,000,000 | Received from primary locking wallet |
| 10 | 0x24e7f6fd8a664c07a5b16bac45ef9a1685110677 | Dec 4, 08:14 | 40,000,000 | Received from primary locking wallet |
| 11 | 0xbafd452d6a7bdd48d4314db1948834ea513dedd4 | Dec 5, 06:52 | 25,839,390 | |
| 10 | 0x24e7f6fd8a664c07a5b16bac45ef9a1685110677 | Dec 5, 07:50 | 24,051,932 | Received from primary locking wallet |
| 12 | 0xc9ad22e2af2a027900cdd3229d2366e65c94f5ac | Dec 5, 15:11 | 30,168,430 | |
| 13 | 0x5ed6a60547ea42a63637a14f37fddcd4251f931a | Dec 5, 15:16 | 1,000,000 |