the wallets that left before the tweet
two groups pulled out of alphalend b/w 17:29 & 18:15 on sep 25, five hours before the announcement, & then sold most of the ALPHA that came out of the vault that night. here's who they are as far as the chain can say, & how they connect to alphafi's own wallets. what they are (early investors, market makers, an OTC desk, team members' personal wallets) isn't on chain. i have opinions. they're not on chain either.
cluster A: the a027 group
i call it a cluster cuz the wallets fund each other, sweep whole balances into each other, & move together. "one owner" would be a guess. "linked by funding & synchronized behavior" is what the chain shows.
| label | address | role |
|---|---|---|
| a027 | 0x027feedb…4b92 | main wallet. 728 sent txs since 2024-03-06. held 214,001 ALPHA in the vault. relay for the treasury's BTC conversions (below). |
| a59f | 0x59faca57…4725 | created 2025-08-17 by a027. held 11,566 ALPHA. the pre-tweet claimer & seller. |
| parent | 0xbef197ee…8e15 | active since 2024-02-22 (first funded by 0xd5ccdf77…bb01). funded a027 in march 2024. got a027's leftover 152,897 ALPHA after the crash. |
| big5234 | 0x52345456…5dc9 | funded a027 w 692,070 SUI, 1.8M IKA, ~190M DMC, 30,003 SUI, 15,001 SUI, 20,001 WAL, 2,608,000 DEEP. 50 txs in 8 months, so not an exchange. exited alphalend 18:12 to 18:15. |
| stash | 0x1a1cfbf5…ea43 | got 110,892 ALPHA from parent at 00:10:09 on sep 26; held 100,182 the next morning, selling 100 at a time. |
| w7bff | 0x7bff92a7…25b1 | swept into a027 on 2025-08-24 & 2025-11-14 (45,360 & 37,041 ALPHA among many assets). bought ALPHA OTC from w9273. |
| w9c47 | 0x9c472ff0…6913 | swept into a027 2025-08-07 & 2025-11-14 (15,398 ALPHA). sent parent 2 ALPHA in june 2024. |
| w5bcc | 0x5bccc89f…b4e7 | bought ~50k ALPHA on dexes nov 1 to 3 2025, sent 50,403 to a027. |
| wf847 | 0xf84747ef…033b | swept 11,566 ALPHA plus USDC/BLUE/stSUI into a59f on 2025-11-14. yes, the exact 11,566. |
| w61f1 | 0x61f15a3a…b4cd | funded a027 on 2025-07-05 (6,326 SUI, 192 USDC, etc). |
how i know they're linked
- a59f's first ever inbound tx is 10 SUI from a027 on 2025-08-17 20:22:07 (BuD3d4S5…), then an object from a027 at 21:27:03 (FBkrgiZo…) & one from big5234 at 22:15:20 (9Z1YWkM4…).
- a027's first inbound is 1.286 SUI from parent on 2024-03-06 (2guhdhnR…), more from parent on 2024-04-01. a027 sent its leftover 152,897 ALPHA back to parent at 23:35:48 on sep 25 (8KP4w2aJ…).
- whole-wallet sweeps into a027, every token in one sitting: w7bff on 2025-08-24 & 2025-11-14, w9c47 on 2025-08-07 & 2025-11-14, & wf847 into a59f on 2025-11-14. three wallets consolidating on the same morning is a person tidying up, not a coincidence.
- a59f, parent, a027 & big5234 all exited alphalend b/w 18:02 & 18:15 on sep 25.
- a027 & a59f both queued vault withdrawals on sep 21 (17:16:27 & 12:29:42), the day after the bailout, & both claimed within minutes of the pot being able to pay them.
where a027's ALPHA came from
| date | from | ALPHA | tx |
|---|---|---|---|
| 2025-07-28 | w7bff | 15,000 | D5kjGULN… |
| 2025-08-24 | w7bff | 45,359.68 | EFKvPn2t… |
| 2025-10-27 21:41:49 | w9273 (treasury-side) | 50,000 | 99ZE7Dxv… |
| 2025-11-02 | w5bcc | 34,304.87 | 7zJ5Sndg… |
| 2025-11-02 | big5234 | 533.51 | 9At6Xrm3… |
| 2025-11-03 | w5bcc | 16,098.26 | 2f4MHZtS… |
| 2025-11-14 | w9c47 | 15,398.35 | EHabCYao… |
| 2025-11-14 | w7bff | 37,041.43 | F43pmuHq… |
a027 put 213,990.22 ALPHA into the vault on 2025-12-09 via the receipt migration (DBcJxE9z…) & 10.01 more on 2025-12-18.
what the cluster got for it
| wallet | ALPHA sold | got | usd (SUI at $1.199) |
|---|---|---|---|
| a59f | 11,566 | 9,026.92 SUI | ~10,800 |
| a027 | 61,104 | 23,776.51 USDC + 2,723.16 SUI | ~27,000 |
| parent | ~42,000 | 823.29 USDC + 633.85 SUI | ~1,600 |
| stash | ~10,710 (so far) | ~180 SUI | ~200 |
| total | ~125,400 | ~39,600 |
225,567 ALPHA claimed, worth about $207,000 at the $0.92 pre-crash price. realized about $39,600. 100,182 ALPHA still sitting in the stash, worth $2,000 to $3,000. whoever ran this had information & no execution. i find that weirdly comforting.
the cluster's ties to alphafi's treasury
this is the part that stops it being a story about a lucky degen. the cluster & the treasury circle have transacted since nov 2024.
the BTC conversion relay, december 2025
a027 received BTC-variant coins from treasury wallets, bridged them out through the sui bridge or the threshold tBTC gateway, received WBTC back on sui via layerzero (executor 0xf99b445a…d630), & handed the WBTC to treasury wallets. net retained by a027: zero. 38 BTC in, 38 WBTC out. that is a job, not a customer relationship.
| utc | direction | asset | counterparty | tx |
|---|---|---|---|---|
| 2025-12-11 07:45:57 | in | 4.0 BTC | f71e | C2Lz3RrJ… |
| 2025-12-11 07:48:23 | bridge out | 4.0 BTC | sui bridge | 9nodKg7S… |
| 2025-12-11 07:58:04 | in (layerzero) | 4.0 WBTC | 9zqsPQEC… | |
| 2025-12-11 08:00:00 | out | 4.0 WBTC | f71e | 9z9zdcaU… |
| 2025-12-11 14:11:37 | in | 18.0 BTC | 1d1c | DuB7XEDb… |
| 2025-12-11 14:14:41 | bridge out | 18.0 BTC | sui bridge | 4AcHZrHJ… |
| 2025-12-11 14:22:10 | in (layerzero) | 18.0 WBTC | H49Yk9Xn… | |
| 2025-12-11 14:23:55 | out | 18.0 WBTC | 7c26 | 4mvghiJ2… |
| 2025-12-16 21:17:21 | in | 6.0 tBTC | fee wallet (plain transfer) | AvP6QfTn… |
| 2025-12-16 21:27:43 | out | 6.0 tBTC | 7c26 | EVdCDFZj… |
| 2025-12-16 21:43:02 | in | 6.0 tBTC | 7c26 | FVWZyExz… |
| 2025-12-17 11:47:12 | alphalend add_collateral | 6.0 tBTC | 5FeT8H5b… | |
| 2025-12-17 17:48:47 | alphalend remove_collateral | 6.0 tBTC | 65ZwGtMi… | |
| 2025-12-17 17:52:48 | gateway out | 6.0 tBTC | threshold gateway | 2jXk4AHL… |
| 2025-12-17 18:09:11 | in (layerzero) | 6.0 WBTC | FLC2MD6Q… | |
| 2025-12-17 18:21:56 | out | 6.0 WBTC | 7c26 | GCwfVYST… |
| 2025-12-17 18:44:09 | in | 10.0 tBTC | f71e | FvUXy2FQ… |
| 2025-12-17 18:54:07 | gateway out | 10.0 tBTC | threshold gateway | ZYyxygi2… |
| 2025-12-17 19:03:19 | in (layerzero) | 10.0 WBTC | 4wYSweZu… | |
| 2025-12-17 19:05:32 | out | 10.0 WBTC | 7c26 | A5PEuZ4t… |
this wasn't a027 collecting protocol fees. fees flow into the fee wallet inside users' own txs, & a027's own fee payments are visible: 47 of them b/w aug & dec 2025, all b/w 0.03 & 6.89 ALPHA. a027 holds no partner or admin capability object (its owned objects: one alphalend PositionCap, one AlphaFiReceipt, a few NFTs). the 6 tBTC was treasury inventory passing through for conversion.
OTC & payments w treasury-side wallets
| utc | flow | tx |
|---|---|---|
| 2024-11-14 06:29 | 6a49 pays w7bff 10,000 USDC | 99eyoiEx… |
| 2025-03-19 07:17 | w9c47 pays 6a49 1,370 USDC | ChStw3RA… |
| 2025-04-21 08:19 | w7bff pays w9273 10,000 USDC | Dbqd7yjM… |
| 2025-04-21 08:20 | w9273 sends w7bff 10,526.30 ALPHA (an OTC buy at ~$0.95) | HMFb9svy… |
| 2025-05-16 14:32 | w9273 sends w7bff 8,213 ALPHA (no on-chain payment found) | AHHzCKC8… |
| 2025-07-27 16:03 | w9273 sends w7bff 15,000 ALPHA (no on-chain payment found) | ExB6pGAY… |
| 2025-10-27 21:41 | w9273 sends a027 50,000 ALPHA (no on-chain payment found) | 99ZE7Dxv… |
| 2025-10-27 21:51 | w9273 sends big5234 100,000 USDT | 3jmo69xq… |
50,000 ALPHA to one cluster wallet & 100,000 USDT to another, ten minutes apart, from the same treasury-side wallet, on a random monday evening in october. w9273 is also the wallet that handed the P2 creator its 2.39M ALPHA (the bad debt). i'm sure there's a normal explanation. i'd love to hear it.
idear.sui & friends
| address | role |
|---|---|
| idear.sui (0xe35e28c2…) | 2,000+ txs since at least 2025-10-16; heavy alphalend, slush strategy & dex user. legacy vault stake migrated 2025-11-30 22:59:33 (6ssXnHy6…) plus deposits of 2,810, 1,561, 1,600, 1,874, 369 & 127 ALPHA through feb 2026. |
| 0x743ae7fb…b9f5 | cold wallet. two outgoing txs ever. receives from idear (five times, incl 34,100 SUI on sep 25) & from the two siblings below. |
| 0xa3a4f368…c99e | exited alphalend 18:29:49; queued a vault withdrawal at 23:16:28 (+7m). |
| 0x26079121…de76 | exited alphalend 18:39:39; queued at 23:25:17; claimed 16,163 ALPHA at 23:34:36. |
payments from alphafi-operated wallets to idear.sui
- 10,000 USDC from f71e on 2025-11-30 18:15 (31snuAYn…)
- 5,404 USDC from f71e on 2026-02-13 18:39 (AGwhSeMN…)
- 10,000 USDC from the keeper wallet on 2026-07-21 16:23 (AfcNTwpL…)
all plain transfers, purpose unknown. 25,404 USDC over eight months looks like someone getting paid for something. what, i don't know.
idear's sep 25
removed 44,317.6 SUI of collateral at 17:29:10, swapped 10,000 SUI to USDC at 17:43, parked 34,100 SUI in the cold wallet by 17:52, did nothing for five hours, queued the ALPHA withdrawal at 23:19:18 (fifth wallet to react after the tweet), claimed 121,044 at 23:21:05, sold everything by 23:24:24 for 71,349.47 SUI (~$85,500), converted to 85,729 USDC at 23:27:53. its six fills went $0.85, $0.75, $0.66, $0.61, $0.57, $0.55 per ALPHA. all the digests are on the 68 minutes.
alphafi's treasury & ops wallets, & why i call them that
i say "treasury" a lot. here's the evidence these are protocol-operated wallets & not customers. it's behavioral, not a label anyone signed.
- f71e 0xf71e0bc4…e65b (1,500+ txs since 2025-08-30). sends IKA to the lending admin as reward funding (428,571 twice, 857,142, then 357,143 daily, 1,428,572, sep 2025), 760,000 DEEP & 93,633 stSUI to the lending admin (2026-04-26), 11,900 & 11,621 SUI to the keeper (jan 2026). receives strategy withdrawal batches from the gateway contract: 946,932 SUI, 508,832, 826,734, 509,194, 510,909, 3,583,250 USDC, tBTC 9.6, 10.2, 25.7, 9.9. sends the fee wallet 28 xBTC & 1,505,929 USDT (2025-11-27), 3,583,284 USDC (11-28), 350,000 USDC (12-11). receives from the fee wallet 43,811 / 76,787 / 266,747 ALPHA (dec 2025), 5,000,000 BLUE twice, 24.6 EBTC & 174,934 ESUI, 870,718 SUI (2026-01-16), 924,448 BLUE (2026-08-05). makes payroll-shaped USDC payouts: 5,000 to 30,000 to one wallet roughly monthly, 10,000 to 200,450 to another. sent a027 4 BTC & 10 tBTC. paid idear.sui twice.
- 1d1c 0x1d1c1046…0af6 (active 2025-11-30 to 2026-01-20). sent the fee wallet 337,592 ALPHA (EfXYsHwL…) & 248,565 ALPHA (9SxLg1b4…). sent 1,161,495 & 196,502 ALPHA to the P3 creator, 1,215,257 ALPHA to w9273, 500,000 USDC twice to 6a49. moved 500,000 SUI, 3.6M WAL, 1.48M ESUI, 2.51M EWAL, 1.29M USDT, 554,550 USDC & more to 7c26. received 3,978,629 USDC from 7c26 & 1,321,899 SUI from the gateway. sent a027 18 BTC. about 3.2M ALPHA, 32% of supply, passed through this wallet in six weeks. it also opened position P4.
- 7c26 0x7c26d29c…e011. hub for 1d1c's transfers, receives the WBTC output of the a027 conversions (34 WBTC), sent 10 WBTC on to f71e. also uses suilend & alphalend.
- w9273 0x927363c4…4742. the fee wallet's most frequent recipient since aug 3 2026 (7 transfers). receives 500,000 USDC blocks from f71e (five times plus 225,768 & 250,000), sends f71e xBTC, WBTC, EBTC, WAL (1.48M & 634k), 250,000 SUI, 27,696 ALPHA. received 1.22M ALPHA from 1d1c. counterparty of the cluster, above.
- 6a49 0x6a498c57…72f5. received 500,000 USDC from f71e (2025-12-22) & 500,000 USDC twice from 1d1c, 10M DMC, 1,251 SUI. paid w7bff 10,000 USDC in nov 2024. queued a vault withdrawal at 22:21:16 on sep 25, 4.5 minutes after the lock change.
- the fee wallet 0xee5360c5…4545. the vault's fee_address, set by the admin. its 2,000 most recent txs (since 2026-08-03) are 170 MergeCoins, a handful of TransferObjects, holder store/extract calls, & some alphalend deposits & a borrow. outbound coin recipients in that window: w9273 (7), 0x5f81 (2), 0xbdaee7c8…28e8 (22,568.88 ALPHA on sep 5), the keeper (151,457.22 ALPHA on sep 5), f71e (924,448 BLUE). what it did in september is its own page.