Someone in the eCash telegram channel was recently asking about the address that currently holds over 4.6T XEC, representing roughly 23% of the total circulating supply, so I thought I’d write an article sharing what I know.
The address in question, ecash:qrdraf6aja5hcwxecj9ecc4tgzljfxxnage4ekwd74, was initially funded a little more than 2 years ago on January 9, 2023, when it received a little more than 3.4T XEC in 3 separate transactions all sent within 20 minutes of each other.
If you’re wondering where that 3.4T XEC came from, it came from a single address that was itself initially funded 10 days after the BCH/XEC fork on November 25, 2020, with a single transaction worth 657B XEC. (If you’ve never used a blockchain explorer before, I highly recommend clicking on the links above and trying to understand what a transaction entails.)
While I have no idea who this XEC originally belonged to, it looks like whoever controlled this address intentionally split their BCH and XEC coins as you can see the corresponding BCH being subsequently moved to a new address before being distributed even further, much like you might see from an exchange address.
Meanwhile, the XEC wallet mostly sees large inflows as the address’s balance grows from that initial 657B to more than 3.4T over the course of the next couple of years until all of it eventually gets moved to the current address holding more than 4.6T XEC.
So the question is, who controls that address, and is it the same entity that controlled the address from November 2020 where most of the XEC originated from?
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