Thread by @ASvanevik, This Plus Token ETH migration of funds is interesting.So far they've used [...]

Alex Svanevik 🧭

ASvanevik

This Plus Token ETH migration of funds is interesting.

So far they've used >5,000 addresses in order to obfuscate the transactions.

Thankfully this is blockchain, so we can track them

The funds are sent out in waves

The parent wallet sends ETH to a first "wave" of new addresses

This first wave sends to a second wave

etc

So far we've seen five waves, but we could see more - funds are still on the run.

It appears they're trying to keep the balances of the new addresses below 1,000 ETH.

This is evident from the top balances among all these new addresses:

The balance distribution is linearly dropping off (from top to bottom), but in two separate segments:

From 1,000 to 500 ETH
From 200 to 100 ETH

Here's the top balance address: https://etherscan.io/address/0x47f0e98e296efb6f4db840721336ef9f8de1e300

This is in wave 4, so just click the funding address 4 times recursively, and you hit the parent wallet.

Address 0x47f0e98e296efb6f4db840721336ef9f8de1e300 | Etherscan

The Address 0x47f0e98e296efb6f4db840721336ef9f8de1e300 page allows users to view transactions, balances, token holdings and transfers of both ERC-20 and ERC-721 (NFT) tokens, and analytics.

https://etherscan.io/address/0x47f0e98e296efb6f4db840721336ef9f8de1e300

Someone asked if funds are being moved into exchanges. So far there are no direct signs of this.

Specifically, none of the addresses used so far are tagged as exchange wallets in @nansen_ai

More than 6,000 wallets now. But still only 5 waves.

Here's a better chart that shows how addresses are mostly ending up in the 100-200 ETH balance range:

Yeah looks like they're packing all the funds into that 100-200 ETH range.

Only 4 wallets left in that top segment (above 200 ETH):

So did we successfully track all the Plus Token ETH?

Left: ETH going out of Plus Token wallet yesterday
Right: sum of all ETH in the 6,000+ wallets we now track

We should see transactions of size 100-200 ETH come out of these 4 addresses within the next few hours:

https://etherscan.io/address/0x2f9a5280b4372c3bbf1a9d4e1ddd7d849775ba9c
https://etherscan.io/address/0x4472bf725f4659df4a5c1d198094a53ad5a44e1f
https://etherscan.io/address/0xc4eed4532d0383751ab3ac73eba876010629cf2d
https://etherscan.io/address/0x2b9a710ecc4335f70183347bfa1c72389cc99b1b

Et voilà! The transactions were made and now all the new addresses have <200 ETH. Most in the 100-200 range:

Transactions per minute for the whole migration.

Some interesting gaps - network congestion perhaps?

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