borrow, then deposit
where alphafi's operator wallets cashed out. 16 exchange deposit accounts at five exchanges took about $21.5M from them, net of anything the exchanges sent back. & those deposits keep landing right after the same wallet borrowed from alphalend, often for the exact same amount. who owns an exchange account only the exchange knows; what moved & when, is on chain.
the headline
230 deposits (201 of them stablecoins) by 28 wallets (the 26 operator-linked ones scanned for borrows, plus two tiny senders) into all 16 accounts, lined up against the same wallets' own alphalend borrows (1,439 of them). "by chance" asks how much of each wallet's active time sits within an hour after one of its borrows anyway, so a wallet that borrows all day gets a high baseline.
the accounts
a deposit address sweeps everything into its own exchange's hot wallet, so that's how each one was identified (suivision & coincarp labels on the hot wallets). "came back" is a withdrawal from that exchange's hot wallet straight to one of the feeding wallets.
| exchange | deposit address | sweeps into | fed by | in | came back | net one-way |
|---|---|---|---|---|---|---|
| OKX | 0xf6d17bac…eb59 | suivision "OKX Account" | P1's creator & nobody else | 11,569,688 USDC in 10 transfers, jul 22 to dec 3 2025, most big ones after a 10 or 100 USDC test (dec 3's two weren't) | nothing | $11.57M |
| Gate | 0x31cb0a16…0d9f | coincarp "Gate 1" | 13 operator wallets, every one within a hop of the operator set; the two newest deposits landed oct 15 2026, three weeks after the shutdown (w862d 119,309 USDC at 13:42, w2310 125,419 at 13:56) | 5,347,307 USDC + 57,973 SUI, 72% of it in feb & mar 2026 | 94,223 USDC to w9273, 19,936 SUI to 6a49 | ~$5.25M |
| Binance | 0x231e1a23…5b82 | coincarp "Binance 1" | P1's creator, then wb47a; nobody else ever | 2,522,610 SUI (may 22 2025, back in 67 min, a round trip); 1,928,137 USDC (apr 7 2026) | the SUI; nothing of the USDC | $1.93M |
| KuCoin | 0xa5234d1f…b06f | suivision "Kucoin Account" | 6a49, w9273, w3ce6, f71e, w6e34, w9d11 (1,806 USDC) & the alphafi validator's wallet (14,178 USDC) | ~2,104,000 USDC | 243,671 USDC to 6a49 | ~$1.85M |
| Kraken | 8 addresses, biggest 0xff824063…2ffc; the eighth, 0x14efc44c…4ce4, took 158,878 USDC (157,649 of it from wd48f on may 14 2025, 978 from 0x77821428…) | suivision "Kraken Account", later 0x03b6… | a3fd (661k), the co-depositor wd48f (534k) & w9273 (9.5k) | ~1,207,000 USDC | 292,146 USDC to the co-depositor | ~$0.92M |
the fee wallet itself never deposited to an exchange. its whole outbound history, 24,179 transactions since 2024-07-01 & 128 recipients, has no exchange deposit in it. the cashing out ran through the wallets around it. two old labels in my notes were exchange deposits all along: f71e's "payroll-shaped" payouts were Gate deposits & its "payroll recipient" is the KuCoin deposit address. one Gate depositor, w862d 0x862d2bfd…, was funded from its first day by the lending admin itself, the wallet that ran ALPHA's oracle: its first inbound tx (aug 23 2025) is a token basket from the admin & the admin has since sent it ~485k USDC, ~457k SUI & ~228k USDT, among other things. Gate's 75% in feb & mar 2026 landed right after the ALPHA market's borrow window closed on feb 3.
how long after its own borrow each deposit landed
time from the depositing wallet's most recent alphalend borrow to the deposit. red bins are inside an hour. the spike is under five minutes: 41 deposits, $4.09M.
every deposit, over time
one mark per deposit, sized on a log scale. shape & shade say how tightly it followed the depositor's own borrow; the darkest circles are the same-size matches. hover or tab through for the receipts.
borrows & deposits, wallet by wallet
each row is one wallet: teal ticks are its own alphalend borrows, red dots its exchange deposits (filled = inside an hour of a borrow). 6a49 sits at the bottom as the contrast: 44 deposits, none tied to a borrow, so this isn't a pattern every wallet produces.
the 37 same-size matches
deposits within 0.5% of a borrow the same wallet made less than an hour earlier & how many minutes sat between them. Gate has 20 of them, KuCoin 13, Kraken 3, OKX 1.
the cleanest three. dec 3 2025: P1 borrows 2,674,754.95 USDC at 05:22 & at 05:25 exactly that much lands at OKX (FjgU4QTy…). P1 is then liquidated about 35 times while borrowing more & another 2,344,829.11 goes to OKX at 05:58. P4 opened that night. dec 2 2025: P2's creator borrows 69,988.94 USDC on P2 at 07:08 & sends 70,000 to Gate at 07:35 (H2AAVMYN…), the day before P4 opened. feb to aug 2026: w2310's seven same-size Gate deposits, each borrowed on 7c26's position minutes earlier (table on the borrowed money).
what stayed on each exchange
operator-linked money in, minus anything the exchange sent straight back to a feeding wallet. binance's 2.52M SUI from P1's creator was a 67-minute round trip; its bar is the 1.93M USDC wb47a sent into that same account later.
two more chains
- the binance account has had exactly two real senders in its life (plus one spam-token airdrop): P1's creator & wb47a 0xb47a889e…. wb47a got its 1,928,137 USDC fifteen minutes before depositing it, from 0x7e6890a3…, a wallet whose first ever transaction was 1 SUI of gas from the fee wallet & which pays vault fees back to it.
- one kraken account between a3fd & an ALPHA depositor: 0xac1dda97… got 69,123 ALPHA from the fee wallet & 2.66M USDC from alphafi's strategy gateway, topped wb47a up w 773k & on sep 27 2026, two days after the shutdown, deposited into the same kraken deposit address as a3fd (0xdeef3d5b…) 82 seconds after a3fd did.