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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Great sleuthing ✅
And wot a cracking idea putting the community faucet in here ✅
I really like this kind of analysis, very in depth, events involving friendship who near with the case study source, thank you Cain, this perspective further broaden my insight.
That was interesting
Thank you bro… 1000 xec done received 👏👏👏👍👍👍
Hello Cain, after reading your article, any doubts about your knowledge of Xec’s history are dispelled, and all of us who are involved in the project in some way say thank you for your dedication.
Having been following this project for 4 years now, like you, we have observed that the current price does not reflect the current capabilities of this project even though the roadmap has not yet been completed.
Looking at the behavior of the graph (pump and dump) over the years, we can’t rule out the possibility that the price is being controlled, because it seems obvious to me.
So I’ve been analyzing these big addresses and their transactions and I’ve noticed some strange things that I’d like to share with you. There’s probably a logical reason that I can’t understand, and you with your in-depth knowledge can help.
Knowing now that this large address is the Upbit cold wallet, I would like you to analyze the addresses of the seven hot wallets and the relationship with the address ecash:qq337uy8jdmgg7gdzpyjjne6a7w0k7c9m5gnpx4u which I know belongs to Binance.
I’ll send you what I’ve been observing
Thanks for your dedication, keep up the good work
ecash:qq337uy8jdmgg7gdzpyjjne6a7w0k7c9m5gnpx4u is indeed belonged to Binance