I have uncovered a massive entity that cornered most of the River Supply using bitget and managed to make a profit of more than $300 MILLION
These are 2418 addresses and the explanation on how they operated:-
This is the flow used:
A wallet that orchestrated the entire setup was initially funded from OKX with 8 BNB.
From there they used a distribution contract (Multicall3) to distribute the BNB to 362 recipients addresses, this conveniently hides the incoming TXs on most explorers.
After all 362 recipients got their BNB distributed, they used a 9 HOP chain for each for a total of 2418 Addresses
You can start checking here for the begining of the chain:
0x365b689f33f6Fe3E4aEf5057061A006A09099A54
Additionally there were 2 massive $RIVER withdraw periods on 7 total wallets from Bitget, that ended up in the final hop of the originally funded BNB addresses
On Dec 5, when $RIVER was around $4, withdraws totalling 2 Million River tokens, on 5 different wallets.
On Dec 29 on 2 different wallets (funded by the original BNB distribution chain), a total of 1 Million tokens were withdrawn, 80% of these tokens are still held on those wallets.
In total there were $22M $RIVER withdraws from Bitget at avg $4.12
And with prices at ATH yesterday (the time I made this report) this totalled $350 MILLION, for a 15.3X gain
Almost half the supply was cornered.
The River token has done a 30x since the supply was cornered, starting its move after the 2nd withdraw period .
It has been through a constant period of very negative funding rate, and naturally has been fueled by hundreds of millions in short liquidations.
The pattern is clear, supply is cornered and withdrawn from bitget and ends deposited to bitget in the end in almost all cases.
This exchange is facilitating or complicit with this (and there have been countless other token examples with this exchange)
