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Treasury Operations

DISCLAIMER // NFA // DYOR

This analysis traces on-chain fund movements from the SENT treasury wallet. It does not constitute financial advice or an accusation of wrongdoing. Funds may have legitimate purposes (team salaries, development costs, exchange listings, liquidity provision, etc.) that are not visible on-chain. Always verify information independently.

⊙ generated by robots | curated by humans

Analysis Date: 2026-01-24

This document tracks treasury operations through ongoing analysis of on-chain fund movements. The analysis covers ETH movements from the treasury address 0x853319C1...255145c6 (etherscan) which was the beneficiary of the SENT Token Presale.

Summary

METRIC VALUE
Coverage Period Dec 2025 - Jan 2026
Total ETH Received 2,168.23 ETH
Total ETH Sent Out 1,617.62 ETH
Current ETH Balance 550.57 ETH
Current USDT Balance 0 USDT
Last Activity Date 2026-01-22
Last Updated 2026-01-24

Key Observations

  1. USDT Swapped Back to ETH: 1.84M USDT received Jan 3 was swapped back to ETH by the treasury wallet within hours. A second ETH→USDT→ETH cycle on Jan 14 (1.044M USDT) was also immediately reversed. Net result: 0 USDT held.
  2. Intermediary Wallet Pattern: 525 ETH sent to an EOA (0x151e8ad5...a97b7b) that immediately forwards funds to multiple other wallets
  3. Primary Inflow Source: 1,482.91 ETH from the presale contract
  4. Active Treasury Management: Ongoing small outflows to intermediary wallet and operational wallets through Jan 2026

Inbound Transactions

Where Funds Came From

SOURCE ETH TX COUNT NOTES
SENT Presale Contract 1,482.91 4,216 Primary source - presale purchases
USDT→ETH Swap Returns ~900.33 4 ETH returned from reversed USDT swaps (Cycles 1 & 2)
0xeb62684e...450decf (etherscan) 47.99 1 Operational/distribution wallet
0x43017fde...463827 (etherscan) 30.00 1 Unknown EOA
0x30e3ecc1...685592 (etherscan) 20.00 1 Unknown EOA

The USDT swap returns are from the two ETH→USDT→ETH cycles documented below. The ~900 ETH figure represents ETH received back from Metaswap Spender and 1inch after the wallet reversed its USDT positions (587 ETH from Cycle 1 on Jan 3, 313 ETH from Cycle 2 on Jan 14).

Outbound Transactions

Where Funds Went

DESTINATION ETH TX COUNT LABEL NOTES
0x881d4023...08d300c (etherscan) 600.00 1 Metamask Swap Router ETH→USDT swap (reversed same day)
0x151e8ad5...a97b7b (etherscan) 525.00 14 EOA (Intermediary) Forwards to multiple wallets
0x11111112...960582 (etherscan) 260.00 2 1inch Router ETH→USDT swaps (reversed same day)
0xe4569111...1dac2d (etherscan) 182.15 4 EOA Forwarded to other EOAs
0x6bae4cce...b3eb6d (etherscan) 137.00 3 USDT Conversion Wallet Holds 137 ETH as USDT (50+ transfers)
0xb685760e...289895b (etherscan) 60.00 1 DEX Contract ETH→USDT swap (part of Jan 14 cycle)
0x9af041db...65e2f9 (etherscan) 51.25 2 Trading/Liquidity Wallet Drained (242 txs, SENT+WETH activity)
0xff6dc160...6e6628 (etherscan) 49.47 5 Operational Wallet Mostly drained (27 txs)
0x9f7d56ad...b34a90 (etherscan) 48.00 2 Pass-Through Wallet Circular flow to intermediary
0xc12954a8...ae5a07 (etherscan) 13.17 1 Token Operations Wallet SENT + XCL transfers
0xb7bfd5d9...908510 (etherscan) 3.18 1 Unknown EOA Jan 9, 2026
0x33865b7d...231af8 (etherscan) 1.34 1 Unknown EOA Jan 15, 2026
Other 0.69 1 Various Small amounts

Detailed Analysis

1. USDT Swap Cycles

The treasury wallet executed two ETH→USDT→ETH cycles, both reversed within hours. The wallet currently holds 0 USDT.

Cycle 1: Jan 3, 2026

STEP TX DETAIL
ETH→USDT 0x73e432bd...d08a89 (tx) 600 ETH → 1,842,354 USDT via Metamask Swap Router
USDT→ETH 0x3837a273...91e9e (tx) 940,000 USDT → ~300 ETH via Metaswap (12 min later)
USDT→ETH 0x894e596e...51fca (tx) 902,354 USDT → ~287 ETH via Metaswap (5.5 hrs later)

Net: 600 ETH out, ~587 ETH back. Loss of ~13 ETH in fees/slippage.

Cycle 2: Jan 14, 2026

STEP TX DETAIL
ETH→USDT 0x940c4151...b22c0 (tx) 200 ETH → 653,251 USDT via 1inch
ETH→USDT 0x8e4b8903...2db28 (tx) 60 ETH → 195,127 USDT via contract (0xb685760e...289895b)
ETH→USDT 0xfad18574...b7f4 (tx) 60 ETH → 195,647 USDT via 1inch
USDT→ETH 0xa09b6ac7...2a57 (tx) 1,044,025 USDT → ~313 ETH via 1inch (2.3 hrs later)

Net: 320 ETH out, ~313 ETH back. Loss of ~7 ETH in fees/slippage.

Interpretation

Both cycles show the same pattern: convert ETH to USDT, then almost immediately convert back to ETH at a loss. Possible explanations:

  • Failed OTC deals (converted to USDT for a buyer who didn't complete)
  • Price speculation (attempted to sell high and rebuy lower, but market didn't cooperate)
  • Liquidity testing or wallet setup for exchange deposits
  • Accidental or mistaken transactions reversed at a cost

2. Intermediary Wallet Analysis

The wallet 0x151e8ad5...a97b7b (etherscan) received 525 ETH from the treasury across 14 transactions (Dec 8, 2025 - Jan 22, 2026). Analysis shows it acts as a pass-through, immediately forwarding funds to other EOA addresses.

Treasury → Intermediary → Destination Flow

DATE IN (ETH) INBOUND TX DESTINATION OUT (ETH) OUTBOUND TX
2025-12-08 48.00 0x8cd8e9be...f7783c 0x5c70a149...ed2d4a (etherscan) 48.00 0xcfb779b0...fcc092
2025-12-26 11.00 0x6b4e49d3...c98763 0xbc83ddcf...d28ada (etherscan) 11.00 0xf67eb004...184c3c
2025-12-26 50.00 0xa067924e...adf5bc 0x8dd01197...90a060 (etherscan) 50.00 0x3f5dbf43...23091e
2025-12-26 50.00 0xfaa14f01...403af1 0xc1908a4f...c5ba52 (etherscan) 50.00 0xc5d607bb...73e156
2025-12-27 48.00 0x2ce7ee14...2ecd6c 0xc1908a4f...c5ba52 (etherscan) 48.00 0x5b0afc33...7ad104
2025-12-27 52.00 0xc70cbdf5...41d418 0x8d084cd7...4a522a (etherscan) 52.00 0x9c7b60c1...09775f
2025-12-27 48.00 0x6a51866a...675dee 0x4c71ddd2...5993d9 (etherscan) 48.00 0x97968d6e...cc1693
2025-12-27 55.00 0x39aa0e5a...964765 0x214460cf...6fe6d7 (etherscan) 55.00 0x41548a92...e72767
2025-12-27 50.00 0xc6bfeffa...906c2a 0x4520e110...f1e180 (etherscan) 50.00 0x75b93f04...56291f
2025-12-27 45.00 0x96954cbc...4e4811 0x92976646...c07742 (etherscan) 45.00 0x711d67e5...82319c
2025-12-27 50.00 0x5c1b493e...1263c1 0x8dd01197...90a060 (etherscan) 50.00 0x4cc2164b...b7cffa
2026-01-13 5.00 0xca3038b2...055e38 0xc1908a4f...c5ba52 (etherscan) 5.00 0x22928ecd...f358f6
2026-01-18 5.00 0x9912020e...554679 0x21e77be3...56d717 (etherscan) 5.00 0xd8613d16...f8e47c
2026-01-22 8.00 0xda256618...6acd1b 0x881f1c32...e85659 (etherscan) 8.00 0x54a7163d...d0d229

Pattern: The intermediary wallet forwards funds within the same block or shortly after receiving them. All destination addresses are EOAs with minimal on-chain history and most have been drained to near-zero balances

This pattern is consistent with:

  • Privacy layering: Breaking transaction trails
  • Distribution operations: Splitting funds to team/investors
  • OTC trading: Peer-to-peer sales with intermediary
  • Exchange deposits: Using fresh wallets for CEX deposits

The final destination wallets have minimal on-chain history and most have been drained to near-zero balances.

3. Direct EOA Transfers

Several EOAs received ETH directly from the treasury without intermediaries:

ADDRESS ETH PATTERN
0xe4569111...1dac2d (etherscan) 182.15 Forwarded 182 ETH to 0xbd216513...5e04ec, then drained
0x6bae4cce...b3eb6d (etherscan) 137.00 Converted to USDT and holding (50+ USDT transfers, 137 ETH equivalent balance)
0x9af041db...65e2f9 (etherscan) 51.25 Active trading wallet (242 txs, 12 SENT + 12 WETH transfers, drained to 0.0086 ETH)
0xff6dc160...6e6628 (etherscan) 49.47 Operational wallet (27 txs, mostly drained to 0.067 ETH, ETH token transfers)
0x9f7d56ad...b34a90 (etherscan) 48.00 Pass-through wallet (sent funds back to intermediary 0x151e8ad5...a97b7b, drained)
0xc12954a8...ae5a07 (etherscan) 13.17 Token operations (2 SENT + 2 XCL transfers, mostly drained to 0.009 ETH)

Fund Flow Diagram

flowchart TD
    subgraph Inflows
        PC[Presale Contract<br/>1,482.91 ETH]
        SWAP_BACK[USDT Swap Returns<br/>~900 ETH]
        OTHER_IN[Other Inflows<br/>~98 ETH]
    end

    B[Treasury<br/>0x853319C1...255145c6<br/>Current: 550.57 ETH / 0 USDT]

    subgraph USDT Cycles
        CYCLE1[Cycle 1: Jan 3<br/>600 ETH → 1.84M USDT → 587 ETH<br/>Loss: ~13 ETH]
        CYCLE2[Cycle 2: Jan 14<br/>320 ETH → 1.04M USDT → 313 ETH<br/>Loss: ~7 ETH]
    end

    subgraph Outflows
        INT[Intermediary EOA<br/>525 ETH across 14 txs]
        D1[Direct EOAs<br/>~482 ETH]
    end

    subgraph Final Destinations
        M1[Multiple EOAs<br/>via Intermediary<br/>Mostly Drained]
        USDT2[USDT Conversion<br/>137 ETH → USDT]
        TRADE[Trading/Liquidity<br/>Drained]
        OPS[Operational Wallets<br/>Mostly Drained]
        CIRC[Circular Flow<br/>Back to Intermediary]
    end

    PC --> B
    SWAP_BACK --> B
    OTHER_IN --> B

    B --> CYCLE1
    B --> CYCLE2
    CYCLE1 --> B
    CYCLE2 --> B

    B --> INT
    B --> D1

    INT --> M1
    D1 --> USDT2
    D1 --> TRADE
    D1 --> OPS
    D1 --> CIRC

Research Updates

2026-01-23

A follow-up review was conducted to identify unknown addresses and verify data accuracy. Key observations:

Data Correction: Inbound Sources

The original analysis included three "unknown source" addresses totaling 97.99 ETH. On-chain verification showed these addresses have:

  • Zero transactions on-chain
  • Zero ETH balance
  • No trace in treasury's normal or internal transactions

These appear to be data errors and have been removed from the totals.

Address Identification: Outbound Destinations

Five previously unknown outbound destinations were successfully identified through transaction pattern analysis:

ADDRESS IDENTIFICATION CURRENT STATUS KEY ACTIVITY
0x6bae4cce...b3eb6d USDT Conversion Wallet Holds 137 ETH equivalent in USDT 50+ USDT transfers, no other activity
0x9af041db...65e2f9 Trading/Liquidity Wallet Drained (0.0086 ETH remaining) 242 transactions, 12 SENT + 12 WETH transfers
0xff6dc160...6e6628 Operational Wallet Mostly drained (0.067 ETH) 27 transactions, ETH token transfers
0x9f7d56ad...b34a90 Pass-Through Wallet Drained (0.0001 ETH) Circular flow back to intermediary
0xc12954a8...ae5a07 Token Operations Wallet Mostly drained (0.009 ETH) SENT + XCL token transfers

Notable Patterns Observed

Circular Flow: Wallet 0x9f7d56ad received 48 ETH from treasury, then immediately sent it back to the intermediary wallet 0x151e8ad5...a97b7b. This creates a circular flow pattern suggesting layered privacy operations or accounting adjustments.

USDT Conversion Strategy: Wallet 0x6bae4cce received 137 ETH and converted it entirely to USDT, where it remains held. This is separate from the treasury's own USDT swap cycles (which were fully reversed). This wallet's USDT position is the only stablecoin exposure that was not reversed.

Token Distribution Activity: Multiple wallets show SENT token transfers (trading wallet with 12 transfers, operations wallet with 2 transfers), indicating these funds were used for project token distribution or liquidity provision operations.

Systematic Drainage: All identified wallets except the USDT conversion wallet have been substantially or completely drained, consistent with single-purpose operational wallets used for specific fund distribution tasks.

Observations

Neutral Observations

  • ☑ All transactions are standard ETH transfers or DEX swaps
  • ☑ No interaction with known mixer contracts (Tornado Cash, etc.)
  • ☑ All swaps used legitimate DEX Aggregators (Metamask, 1inch, Metaswap)
  • ☑ ~550 ETH remains in treasury wallet
  • ☑ Ongoing intermediary payments suggest active operations (not abandoned)

Points of Interest

  • △ Two ETH→USDT→ETH cycles reversed within hours, burning ~20 ETH in fees with no apparent purpose
  • △ Intermediary wallet pattern suggests intentional obfuscation of fund destinations
  • △ Final destination EOAs have minimal history, making tracing difficult
  • △ No funds sent to identifiable exchange hot wallets (Binance, Coinbase, etc.)
  • △ No on-chain evidence of funds being used for project development (contract deployments, etc.)
  • ◇ Circular flow pattern: One wallet (0x9f7d56ad) received 48 ETH then sent it back to intermediary
  • ◇ USDT conversion focus: 137 ETH converted and held as USDT in separate wallet
  • ◇ SENT token activity in multiple wallets suggests project token distribution operations
  • ◇ Most recipient wallets have been drained, consistent with OTC sales or fund distribution
  • ◇ Continued small payments to intermediary through Jan 2026 (5-8 ETH per tx)

What We Cannot Determine

  • Whether funds were used for legitimate project expenses (salaries, development, marketing)
  • Identity of EOA recipients (could be team members, investors, service providers)
  • Purpose of the USDT swap cycles (failed OTC, price speculation, or operational testing)
  • Whether intermediary pattern is for privacy, tax, or other reasons

Methodology

This analysis was performed using:

  1. Etherscan API V2 for transaction history
  2. Foundry Cast for on-chain queries
  3. Custom Python script with local caching to avoid rate limits
  4. Manual verification of key transactions

All API responses are cached locally. The scripts used for this analysis are:

  • scripts/beneficiary_fund_trace.py - Initial fund flow analysis
  • scripts/investigate_unknown_addresses.py - Follow-up research on unknown addresses (2026-01-23)

References

RESOURCE NOTES
Treasury on Etherscan Primary address analyzed
Cycle 1: 600 ETH→USDT Metamask swap: 600 ETH → 1.84M USDT (Jan 3)
Cycle 1: 940K USDT→ETH Metaswap: 940K USDT → ~300 ETH (Jan 3)
Cycle 1: 902K USDT→ETH Metaswap: 902K USDT → ~287 ETH (Jan 3)
Cycle 2: 200 ETH→USDT 1inch: 200 ETH → 653K USDT (Jan 14)
Cycle 2: 1.04M USDT→ETH 1inch: 1.04M USDT → ~313 ETH (Jan 14)
Metaswap Spender Contract Verified swap helper contract

Monitoring Notes

Active Patterns:

  • Intermediary wallet (0x151e8ad5...a97b7b) received 14 transfers totaling 525 ETH
  • Last payment to intermediary: Jan 22, 2026 (5-8 ETH)
  • Pattern suggests ongoing operational expenses

Inactive Patterns:

  • USDT swap activity: Ceased after Jan 14 cycle
  • Direct EOA transfers: Last on Jan 15, 2026

Next Review Triggers:

  • New transfers from treasury wallet
  • Changes to intermediary payment pattern
  • Movement of the 550.57 ETH balance

Changelog

DATE AUTHOR NOTES
2026-01-07 Artificial. Generated by robots.
2026-01-22 Denizen. Reviewed, edited, and curated by humans.
2026-01-23 Artificial. Updated research: identified unknown addresses, corrected data errors. Gas: 12 tok
2026-01-24 Artificial. Major update: USDT position swapped back to ETH by treasury wallet. Observed two ETH→USDT→ETH cycles reversed within hours. Updated balances, inflow/outflow tables, observations. Gas: 15 tok