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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: 2026-03-29

This document tracks treasury operations through ongoing analysis of on-chain fund movements. The analysis covers ETH movements from the treasury address 0x853319C1...5145c6 (etherscan) which was the beneficiary of the SENT Token Presale.

Summary

METRIC VALUE
Coverage Period Dec 2025 - Mar 2026
Total ETH Received ~2,168.23 ETH
Total ETH Sent Out ~1,942.61 ETH
Current ETH Balance 225.58 ETH
Current USDT Balance 20 USDT
Last Activity Date 2026-03-28
Last Updated 2026-03-29

Key Observations

  1. Intermediary Wallet Acceleration: Lifetime total to the intermediary 0x151e8ad5...a97b7b (etherscan) now ~745 ETH across 28 transactions. Payment amounts escalated from 5-8 ETH (Jan) to 20-25 ETH (Mar), with transfers every 2-3 days.
  2. USDT Distribution Shift: Cycles 1 and 2 (Jan) were reversed within hours. Cycle 3 (Jan 31) converted 84 ETH to ~235K USDT and distributed it via the intermediary to downstream wallets — not reversed.
  3. Primary Inflow Source: 1,482.91 ETH from the presale contract. No new ETH inflows since Jan 2026.
  4. Steady Drawdown: Balance dropped from 550.57 ETH (Jan 24) to 225.58 ETH (Mar 29) with no new revenue.

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
0x151e8ad5...a97b7b (etherscan) 745.40 28 EOA (Intermediary) Forwards ETH + USDT to multiple wallets
0x881d4023...d300c (etherscan) 600.00 1 Metamask Swap Router ETH→USDT swap (reversed same day)
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...89895b (etherscan) 144.00 2 DEX Contract Cycle 2: 60 ETH (reversed). Cycle 3: 84 ETH → ~197K USDT (distributed)
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
0x187fe1a8...642386 (etherscan) 8.00 1 Unknown EOA Jan 31, 2026. Drained.
0x4b5f834e...0310ea (etherscan) 8.00 1 Unknown EOA Jan 31, 2026.
0xc12954a8...ae5a07 (etherscan) 13.17 1 Token Operations Wallet SENT + XCL transfers
0x88631345...4585d6 (etherscan) 4.59 1 Unknown EOA Jan 27, 2026.
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...89895b (etherscan)
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.

Cycle 3: Jan 31, 2026

STEP TX DETAIL
ETH→USDT 0xcccabd97...af11c (tx) 84 ETH → ~197,401 USDT via DEX contract (0xb685760e...89895b)
Additional USDT inflow — ~37,399 USDT received from 0xa3222357...cb59b3 (etherscan)
USDT→Intermediary Multiple txs (Jan 31 – Feb 8) ~234,780 USDT sent to intermediary in 7 transfers
Intermediary distribution Multiple txs (Jan 31 – Feb 8) USDT forwarded to 0xa5a56777...0aaef2 (etherscan), 0xf2d60a67...fe3c51 (etherscan), 0x44ccac16...8dd329 (etherscan)

Net: 84 ETH converted to USDT and distributed. Not reversed. This marks a shift from cycles 1 and 2.

Interpretation

Cycles 1 and 2 show the same pattern: convert ETH to USDT, then immediately convert back at a loss. Cycle 3 broke the pattern — the USDT was distributed downstream via the intermediary rather than reversed.

Possible explanations for cycles 1-2:

  • 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

Cycle 3 suggests operational USDT distribution — team payments, service providers, or OTC disbursements denominated in stablecoins.

2. Intermediary Wallet Analysis

The wallet 0x151e8ad5...a97b7b (etherscan) has received ~745 ETH from the treasury across 28 transactions (Dec 8, 2025 - Mar 28, 2026). It also received ~234K USDT in 7 transfers (Jan 31 - Feb 8, 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.

Phase 2: Jan 26 – Mar 28, 2026 (14 transfers, 220.40 ETH)

The intermediary continued receiving ETH from the treasury and forwarding to fresh EOAs. Payment amounts escalated from 7-8 ETH to 20-25 ETH per transfer, with cadence increasing to every 2-3 days.

DATE ETH DESTINATION NOTES
2026-01-26 7.00 0xc1908a4f...c5ba52 (etherscan) Existing destination (also received Dec 26, Dec 27, Jan 13)
2026-02-27 8.00 0x30e3ecc1...685592 (etherscan) Existing destination (also received 20 ETH directly from treasury)
2026-03-01 8.00 0x667a2316...cbd8d2 (etherscan) New destination
2026-03-03 8.00 0x246b95f4...dc625b (etherscan) New destination
2026-03-06 8.00 0x5c70a149...ed2d4a (etherscan) Existing destination (also received Dec 8)
2026-03-11 20.00 0x5e878ab6...5b4a93 (etherscan) New destination
2026-03-13 15.00 0x55da5866...8c1541 (etherscan) New destination
2026-03-16 20.00 0x69de7f2c...30ee58 (etherscan) New destination
2026-03-18 20.00 0xa3ef5ab9...6fcb37 (etherscan) New destination
2026-03-20 20.00 0x92b9ac4a...356890 (etherscan) New destination
2026-03-22 20.00 0xd057ebd0...5f990e (etherscan) New destination
2026-03-24 20.00 0x50d44fee...fd7e81 (etherscan) New destination
2026-03-27 21.40 0xd436b9d4...745852 (etherscan) New destination
2026-03-28 25.00 0x881f1c32...e85659 (etherscan) Existing destination (also received Jan 22)

Intermediary lifetime total: ~745 ETH across 28 transfers, forwarded to 25+ unique EOAs.

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 (etherscan), 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...5145c6<br/>Current: 225.58 ETH / 20 USDT]

    subgraph "USDT Cycles (Reversed)"
        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 "USDT Distribution (Not Reversed)"
        CYCLE3[Cycle 3: Jan 31<br/>84 ETH → ~235K USDT<br/>Distributed via intermediary]
    end

    subgraph Outflows
        INT[Intermediary EOA<br/>~745 ETH across 28 txs<br/>+ ~234K USDT across 7 txs]
        D1[Direct EOAs<br/>~482 ETH]
    end

    subgraph Final Destinations
        M1[25+ Unique EOAs<br/>via Intermediary<br/>Mostly Drained]
        USDT_DEST[USDT Recipients<br/>3 addresses via intermediary]
        USDT2[USDT Conversion<br/>137 ETH → USDT]
        TRADE[Trading/Liquidity<br/>Drained]
        OPS[Operational Wallets<br/>Mostly Drained]
    end

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

    B --> CYCLE1
    B --> CYCLE2
    CYCLE1 --> B
    CYCLE2 --> B
    B --> CYCLE3

    B --> INT
    B --> D1

    INT --> M1
    INT --> USDT_DEST
    CYCLE3 --> INT
    D1 --> USDT2
    D1 --> TRADE
    D1 --> OPS

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

Notable Patterns Observed

Circular Flow: Wallet 0x9f7d56ad...b34a90 (etherscan) received 48 ETH from treasury, then immediately sent it back to the intermediary wallet 0x151e8ad5...a97b7b (etherscan). This creates a circular flow pattern suggesting layered privacy operations or accounting adjustments.

USDT Conversion Strategy: Wallet 0x6bae4cce...b3eb6d (etherscan) 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.

2026-03-29

A comprehensive review was conducted covering all activity since the last update (Jan 24, 2026). Key findings:

Balance Change

Treasury ETH balance dropped from 550.57 ETH to 225.58 ETH — a drawdown of ~325 ETH over approximately 9 weeks with no new inbound ETH.

Intermediary Acceleration

14 new transfers to the intermediary wallet totaling 220.40 ETH (Jan 26 – Mar 28, 2026). Payment amounts escalated significantly:

  • Jan – Feb: 7-8 ETH per transfer
  • Mar: 15-25 ETH per transfer, every 2-3 days

The intermediary forwarded all funds to 14 unique destination EOAs — all new addresses not seen in previous phases. Intermediary lifetime total: ~745 ETH + ~234K USDT.

Cycle 3: USDT Distribution (Not Reversed)

On Jan 31, the treasury converted 84 ETH to ~197K USDT via the same DEX contract used in Cycle 2 (0xb685760e...89895b (etherscan)). An additional ~37K USDT arrived from an external address. Unlike Cycles 1 and 2, this USDT was not reversed — it was distributed via the intermediary to three downstream addresses:

DESTINATION USDT RECEIVED TX COUNT
0xa5a56777...0aaef2 (etherscan) ~118,330 USDT 4
0xf2d60a67...fe3c51 (etherscan) ~106,451 USDT 4
0x44ccac16...8dd329 (etherscan) ~10,000 USDT 1

This represents a shift from the swap-and-reverse cycles to operational USDT distribution.

Inbound Dust Transactions

835+ inbound transactions with 0 or near-0 ETH value from addresses with similar suffixes (...7b7b, ...85d6, ...eb6d). Many include 0xa9059cbb (ERC-20 transfer) calls. Likely dust attacks or automated contract interactions. No material ETH value involved.

Observations

Neutral Observations

  • ☑ All transactions are standard ETH transfers, DEX swaps, or ERC-20 transfers
  • ☑ No interaction with known mixer contracts (Tornado Cash, etc.)
  • ☑ All swaps used legitimate DEX Aggregators (Metamask, 1inch, Metaswap)
  • ☑ ~225.58 ETH remains in treasury wallet
  • ☑ Ongoing intermediary payments suggest active operations (not abandoned)
  • ☑ USDT distribution pattern (Cycle 3) is more consistent with operational payments than speculation

Points of Interest

  • △ Two ETH→USDT→ETH cycles (Jan 3, Jan 14) 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.)
  • △ Intermediary payment amounts tripled from 5-8 ETH (Jan) to 20-25 ETH (Mar) with no visible corresponding revenue
  • △ Treasury drawdown rate: ~325 ETH over ~9 weeks (~36 ETH/week). At this rate, remaining 225.58 ETH lasts ~6 weeks.
  • ◇ Circular flow pattern: One wallet (0x9f7d56ad...b34a90) 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
  • ◇ 835+ inbound 0-value transactions from addresses with similar suffixes (...7b7b, ...85d6, ...eb6d) — likely dust attacks or automated contract interactions

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 1-2 (failed OTC, price speculation, or operational testing)
  • Whether intermediary pattern is for privacy, tax, or other reasons
  • Source and purpose of the 835+ inbound dust transactions

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 (etherscan) received 28 transfers totaling ~745 ETH + ~234K USDT
  • Last payment to intermediary: Mar 28, 2026 (25 ETH)
  • Cadence: every 2-3 days, amounts at 20-25 ETH per transfer
  • Pattern suggests ongoing and increasing operational expenses

Inactive Patterns:

  • USDT swap-and-reverse activity: Ceased after Jan 14 (Cycle 2)
  • Direct EOA transfers (non-intermediary): Last on Jan 31, 2026

Next Review Triggers:

  • Significant change in intermediary payment cadence or amount
  • Treasury balance approaching zero (~6 weeks at current rate)
  • Any new inbound ETH (would indicate revenue or external funding)
  • New USDT conversion activity

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
2026-03-29 Artificial. Major update: treasury balance dropped 550→226 ETH. Intermediary payments accelerated to 20-25 ETH every 2-3 days (lifetime ~745 ETH). New Cycle 3: 84 ETH converted to ~235K USDT and distributed (not reversed). 835+ inbound dust transactions. Updated all tables, diagram, observations. Gas: 15 tok