k4d
images · sui mainnet · times utc

the receipts

the cards i posted w the twitter threads (& the ones i didn't). each one is a list of transactions w full digests so you can paste them into suiscan or suivision & see the same thing i saw. they were built for the thread format, so the position labels on a few of them don't match this site. i say which ones. dark background cuz they were made for x, sorry light mode people.

thread 1: the night of

posted sep 27 2026 as this thread. the story is on the 68 minutes & who moved early. one correction to it is on method & corrections.

Receipts card. Sep 25 2026, sui mainnet, times UTC. 22:01:01 emergency mode on 7 pools, tx 3GCa8ndfKwnbZ9guywrM383qgsEYrtK1EWHDN8ZxVg3m. 22:16:48 ALPHA vault lock 28d to 0, tx sYHn75UhxG2erxYBqufnDyRaivJKf65LijkTnKVdUE6. 23:09:29 alphafi winding down tweet, x.com/AlphaFiSUI/status/2103622950935281787. Sender of both admin txs, the AlphaFi vault admin wallet 0xe25b5d16ca31ddfdc31a7219c90f88bdfc56b606c13df6619aef22515580e293. ALPHA vault pool object, locking_period field went 2419200000 ms to 0: 0x06a4922346ae433e9a2fff4db900d760e0cbfdef748f48385f430ef4d042a6f8.
tweet 2: the on-chain shutdown started at 22:01. emergency mode on 7 pools, the ALPHA vault lock 28d to 0, then the tweet 53 minutes later.
Receipts card. 22:30:59 settle, 249,296 ALPHA batch, tx EBpyt7DgXaxf9uyKXjzGuzZSkX2hkJgpU99Ps5QoCRku. 22:35:54 0x59fa claims 11,566 ALPHA from the vault, tx 5hsRUH5czvjYGTMmPgcJ7SfwVVsyYaev9cqEFQi3fCke. 22:46:36 sells 1,000 ALPHA, 73fvDeHNhHoRs99LcDRtQLQqU4nVa5ApYkhimnYVsmJF. 22:47:59 sells 1,000 ALPHA, CRpGKTWXjyACuw6ToLtD6fqRCXYtWjFjW37hPm1ynpzq. 23:04:11 sells 9,566 ALPHA, AuANquD5HbK9JBvAnHWbQ24LHnbcJkn1YRuSGbsmJ257. 23:09:29 alphafi tweet. 0x59fa in full: 0x59faca57f3c57f9d9cc105e041c3b0e78ba6621d21fc297e1ba1ebec7de34725. Only vault claim between 22:16 and 23:09, only seller above $500 of ALPHA in that window. Proceeds 9,026.9 SUI, about $10.8k.
tweet 3: one wallet claimed, two dozen did not. the 22:30:59 settle, a59f's 11,566 ALPHA claim at 22:35:54, & its three sales before the tweet.
Receipts card. 22:41:51 last successful borrow, tx 5VdkHPosSjNpHth5b5ZYF6NegSaKoFzx7eo7A6cYMwJe. 22:47:59 borrow cap to 0 on 36 markets, tx DY8CUkVn9Ptswt4tBQN8bxzz4Udi22T2QcFTfjfdXs1K. 23:09:26 flow limiters re-enabled, tx ApEE79Z7dCQRQSpWDH9muGWjZtDXri57xhJvDVRMq6Mq. 23:09:29 alphafi tweet. 23:13:07 slush tweet x.com/SlushWallet/status/2103623863628148848. 23:15:51 sui tweet x.com/SuiNetwork/status/2103624551553028331. Sender of the two admin txs, the AlphaLend admin wallet 0xa1eb94d1700652aa85b417b46fa6775575b8b98d3352d864fb5146eb45d335fb. Tweet timestamps from the public tweet API.
tweet 4: borrowing off, then three tweets. last borrow 22:41:51, borrow caps to 0 at 22:47:59, flow limiters back on at 23:09:26, then alphafi, slush & sui within seven minutes.
Receipts card. 2025-08-17 20:22 0x027f funds 0x59fa with 10 SUI, its first tx, BuD3d4S5Y3zDL95TGfz9jUGsCpHqQtHxWTqXhH4QGaev. Sep 25 2026: 18:02:50 0x59fa removes collateral 4.6 USDC 3QSTKYQsMqLsvKKfRrKPT9MUrN9dsSZ2mXX8L3RhJPzF; 18:03:29 316 BLUE 718SuNBiJyGerG2ZhJZFdd9xWDx7kYDmw8z45b43ZWBv; 18:03:54 8.4 stSUI DBQiECpiG9mwndMTeCEpFyZ1rgun7Ee3KUDTu8Th8Fv1; 18:04:18 5,542 SUI 3cpugTbE5VCjPsLrW2KCUbHk3tw4DmJpC9p9uBLBN286; 18:05:34 0xbef1 0.7 SUI 9Qiw8jSu2aLZwXaNkzghdxQwJS25WykePhF8CCUVtURS; 18:07:02 0xbef1 queues vault withdrawal FSGdxkiFd1uZHcNp3KJwZqZNp798EEcAFoZgLpGJDwEv; 18:10:57 0x027f 1,103 DEEP DxCWPiuZeAkob94gsKpC4LRRjxVrpiesyR38ePd5toRH; 18:11:25 0x027f 28,286 SUI DwebGDJhkAL44N2sqhkCKSx4bpy2x9Lyjd3toqN9ZR8A; 18:12:43 to 18:14:19 0x5234 removes 2,994 USDC, 1,909 USDT, 336,575 WAL, 1,068,232 DEEP, 12,534 SUI (5d6qpExMiQ4jRX6TURtTobarh4UVDmurNbxc98SKs5mP, AQ7fXQGYoWjZNyfhrjvLm1R5kPoUipbxb6wKEg918x9, 2h99zj4946yTuM6AcnGsoMzZmimToJPC9mxjeTDEW8nd, AMNq9MhDoz8NohqY3rYf2YeL3fC4ak8oY9gdPWkkCvv7, DMKswy9as4JVzjaybdydYKCNaUyGaG27TfnKMxVBnYnT); 18:18:48 0xbef1 sells 1 ALPHA for 0.80 SUI, a test, 2LAryv75psgJ2kDCk5H7WXg7DdWFj4TDicdDAdUmhzww. Addresses: 0x59fa 0x59faca57f3c57f9d9cc105e041c3b0e78ba6621d21fc297e1ba1ebec7de34725; 0x027f 0x027feedba1873a796656a39087961cc633a44b6374df32df532e1a18439d4b92; 0xbef1 0xbef197ee83f9c4962f46f271a50af25301585121e116173be25cd86286378e15 (first funded 0x027f in march 2024); 0x5234 0x52345456ce3bca1b2f5015b7721e32ea3e69dd59a11f7987620a8f9fae935dc9 (funded 0x027f with 692k SUI). Alphalend exits per hour that day stayed at 6 to 17 wallets until the 23:00 tweet.
tweet 5: the cluster, & the 18:02 exit. a027 funding a59f in aug 2025, then a59f, parent, a027 & big5234 pulling all alphalend collateral b/w 18:02 & 18:15 on sep 25.
Receipts card, 2025. Oct 27 21:41 treasury-side 0x9273 sends 0x027f 50,000 ALPHA, 99ZE7DxvJt5658ERa7W62XK8csjcWkPrZzva4Xm66dWZ. Oct 27 21:51 0x9273 sends 0x5234 100,000 USDT, 3jmo69xqs57jrAk2ozjVsuSf3icMTZhTWioTKeQhnmYc. Dec 11 07:45 treasury 0xf71e sends 0x027f 4 BTC, C2Lz3RrJHgFB8rbQBnxUbYodF8rprJpJMeJQCFYuPn6a; 08:00 0x027f sends 0xf71e 4 WBTC, 9z9zdcaU6R825rUiFbAnKxZtV8S3dPD7M4fpMGA1tvXb. Dec 11 14:11 treasury 0x1d1c sends 0x027f 18 BTC, DuB7XEDbi6UBpbEWCFBg6DvvCWuomf8Hfuom6TrDtEjq; 14:23 0x027f sends 0x7c26 18 WBTC, 4mvghiJ2jCusjhT2Fm97K3BcZpWesPEBzaPuwQ2iL4CX. Dec 16 21:17 FEE WALLET sends 0x027f 6 tBTC, AvP6QfTnYPXvVNiS1ofcq7B3YQ6St7Et6cVrxSr3uheV; Dec 17 18:21 0x027f sends 0x7c26 6 WBTC, GCwfVYSTyEq9Cst6aThBjycWqE993EhihEegD2uGXxMb. Dec 17 18:44 0xf71e sends 0x027f 10 tBTC, FvUXy2FQw4YHHxCFXQ3fU9Ps7sDmHBfP4UCw66MjUHTF; 19:05 0x027f sends 0x7c26 10 WBTC, A5PEuZ4to5G3c3EkpbiSiMssBi6oFG98CNeAs6u9WrNH. 38 BTC in, 38 WBTC out, 0 kept. Fee wallet 0xee5360c5fa13555cbf355cb5015b865d742040e42ff90c324e11f0c63e504545; 0xf71e 0xf71e0bc45d84bba3e1ab09c8ae636735da6f2b8d8bb2481fb5b437b537b0e65b; 0x1d1c 0x1d1c10469d6571d6a5b433b41a31a9b3e7fbe7b610e0b86603a7b3021f890af6; 0x7c26 0x7c26d29cd738999e76d3587ef5c39d0210ffaf46c2476b9f1dd6c9264afbe011; 0x9273 0x927363c465a04495ba8a88085ab12a3ee9902c3775601aeb8fa897b4ab564742.
tweet 6: a027 & alphafi's treasury wallets. 50k ALPHA & 100k USDT from w9273 in oct 2025; 38 BTC in, 38 WBTC out, 0 kept in dec 2025, including 6 tBTC straight from the fee wallet.
Receipts card, sep 25 2026 unless dated. 17:29:10 idear.sui removes 44,318 SUI of alphalend collateral, HR1jHSnUVn1TVd4ZTJh1VLjeiKCAzgSbE9TMNySG1s2. 17:43:31 swaps 10,000 SUI to USDC, 8qDxRf6JECJbJfM7Y8h1BPHoptAxP2WKmuEHj9kZZwdG. 17:45:28 10,000 SUI to cold wallet 0x743a, AxXejDzhXmFba9YcoeNzhc9ruLkSAPoMvGfdTLwqd7Ca. 17:52:08 24,000 SUI to cold wallet, EVmvZrMWkiSKjGfhPBQjFE9HyTjsJZLSUZEanquuAmnw. 23:19:18 queues vault withdrawal, 6r8w69AskLSsgLDAApHMP51MLpWZfBxvCFX1KYaKXiPM. 23:21:05 claims 121,044 ALPHA, B7ivSfEb8XjPTXwGsUBWT9ZiyqDv9DMJbx1iUQZPtSrB. Sells 30,000 ALPHA at 23:21:34 FCzFwrSG3VyKSNQRdxiUtiyeGDc3BVmUoUftR3JoLoCZ, 30,000 at 23:21:57 5fhA4WZMnan2kyhCfkNS5HUTyT7cZkA1Cbj8kQaAy6fN, 30,000 at 23:22:27 DPb7yppQBvFAobiVFkRtsQSsrNgDvau3wXQxEAamM1BW, 10,000 at 23:23:08 7YXVfxyTrXfFfajcf3RjJnACd19xDk2SedtnkUDtF7f7, 10,000 at 23:24:00 HAvf9xg17coq8R6KLGnCodc3PN4fZVcnC7BC69Q9dCNG, 11,044 at 23:24:24 72yKbdCrupvU4JUzStj5CYZhYXHRUgQukibUhgRJUxH9. 23:27:53 swaps 71,500 SUI to 85,729 USDC, 6CxPHEzi3wwM8cHBy1NgWTwBbrmkMxKqxJFqVxtRbbbH. Payments: 2025-11-30 18:15 treasury 0xf71e sends idear 10,000 USDC 31snuAYnAAHGvwdP5VxV9KfWURR87GDiifTBxjoFn4QY; 2026-02-13 18:39 0xf71e sends 5,404 USDC AGwhSeMNQmcVzJKRrYWaBz4wKdRaC3pjwKEaqQBvKMxT; 2026-07-21 16:23 keeper 0x5c45 sends 10,000 USDC AfcNTwpLVo54FFvAihKN8Lwxd8Qq3k9GPe3aSKy8z11Z. idear.sui 0xe35e28c2a7272e73d692259ec83890828e959561145061e6cce37b8b8172827c; cold wallet 0x743ae7fb585ddf0bb3c65da752a82599e899b428b8ed16e04a7e36d0f871b9f5. Six swaps took ALPHA from about $0.92 to $0.58, realized 71,349 SUI, about $85.5k.
tweet 7: idear.sui. the 17:29 alphalend exit, the cold wallet, the 121,044 ALPHA claim & six sales after the tweet, & the three USDC payments from alphafi wallets.

thread 2: the bad debt

the story is on the bad debt. heads up: the first three cards here label the positions the way my notes did at the time (P1 = 0x74d3, P2 = 0xd439, P3 = 0x9e9d), which is not how this site labels them (P1 = 0x9e9d, P2 = 0x74d3, P3 = 0xd439). P4 is P4 everywhere. trust the addresses, not the letters. the caps card uses the site's labels.

Receipts card for the Sep 20 2026 bailout. Transaction FK6jAgAPEK7eEKbGJDZo9YweNBFyMvw47wxnBjbQWewf at 22:50:17 UTC calls loan_bailout nine times. Position 0x74d35b4159acb6c48cb0581c4bcaeb0fe5bd347f59ec11cd6255027bca6a9a2d (labelled P1 on the card): repaid 43.6328 xBTC $3,536,518 and 4,342,663 USDC $4,342,234. Position 0xd439d8da50cc30791939a3af05e1d0723c01a8e545ed16c61a276d8408adf288 (P2 on the card): 41.0785 xBTC $3,329,486 and 1,446,940 USDC $1,446,797. Position 0x9e9d0f9c2de84c68855d753d3bfbd2afe5e6a624b23ab1c0763e0cb3e8820de0 (P3 on the card): 2,104,629 USDC $2,104,421 and 1,059,669 USDT $1,059,409. Position 0xf0a41462670462e55eaed66a76a43eeba979f27167bdd77f971e40891db25b94 (P4): 10.1509 xBTC $822,749, 4,630,460 DEEP $82,966, 405,242 USDC $405,202. Total 4 positions, 9 repayments, $17,129,783: 94.86 xBTC + 8,299,475 USDC + 1,059,669 USDT + 4,630,460 DEEP, xBTC valued at $81,053 by the oracle. Paid from 0x3c2830dc5e138e9eb15b69e5e10a187f2898ab98a9f62ae2838b545d4f787a07, created sep 14, funded sep 14 to 23.
the bailout: 9 repayments, $17,129,783, one tx, values from the protocol's own RepayEvents. card labels: P1 = 0x74d3, P2 = 0xd439, P3 = 0x9e9d.
Receipts card, 2025. May 02 12:16 position opened by 0x4dde with 819,104 SUI, CaGfwWZ247KBsbUREJiRtkwvemPQnEE87NUCfYEER4PN (labelled P3 on the card). Jun 25 08:08 FEE WALLET gasses 0xdfe2 with 2 SUI, 2xpHngAfdywiDVoyVbj28qdUA4CUzh3Vyo6U5icECzEU. Jun 25 08:36 0x9273 sends 0xdfe2 2,391,005 ALPHA, 2wkUnAxxrGZ1vMgakM5fFZz3DbN17xGsZEr7XgQFcH6X. Jun 25 08:37 position opened by 0xdfe2 52 seconds later with 2,391,005 ALPHA, 21orUQ4Q2gWqtEcvP2UagTypTJc5g2HYmpgtVCgykqDp (P1 on the card). Aug 24 17:06 position opened by 0xa66f with 1,065,807 ALPHA, F1LsEizqrp1mHMZi1NqBFv8nWsoLgCHffzVNbFh8A5Yz (P2 on the card). Dec 03 21:52 P4 opened by 0x1d1c with 2,236,291 ALPHA, 3Zghi1qLjmvc7d2MNLr8w65BYmarVb9Ms5RtdxwvxzwA. Alphalend launch tweet 2025-05-08 13:22 UTC; the first position is six days earlier. 0x4dde 0x4dde66fc52ec16d5e6c0fbd0968580cdf0d962cbb970591ec1e47617b9265617; 0xdfe2 0xdfe220ae0e20b1cfbe94800d957564ec3d6b444467a33825b790ef3e4a90a2de; 0xa66f 0xa66fea423c5fcd3453b56cdd3ac137c0d9f89bfdfa242f70e5fec34cb483fea5; 0x1d1c 0x1d1c10469d6571d6a5b433b41a31a9b3e7fbe7b610e0b86603a7b3021f890af6; 0x9273 0x927363c465a04495ba8a88085ab12a3ee9902c3775601aeb8fa897b4ab564742 (also sent 0x027f its 50k ALPHA); fee wallet 0xee5360c5fa13555cbf355cb5015b865d742040e42ff90c324e11f0c63e504545.
who opened the four positions, 2025. the fee wallet gasses 0xdfe2, w9273 sends it 2.39M ALPHA, position opened 52 seconds later. card labels: P3 = 0x4dde's position (P1 here), P1 = 0xdfe2's (P2 here), P2 = 0xa66f's (P3 here).
Receipts card. deposit_value in the DepositEvent of each creation tx, whole dollars in may 2025, cents from june on. 2025-06-25: 2,391,005 ALPHA posted, booked $6,632,011, $2.77 per ALPHA (P1 on the card, tx 21orUQ4Q2gWqtEcvP2UagTypTJc5g2HYmpgtVCgykqDp). 2025-08-24: 1,065,807 ALPHA posted, booked $3,893,418, $3.65 per ALPHA (P2 on the card, tx F1LsEizqrp1mHMZi1NqBFv8nWsoLgCHffzVNbFh8A5Yz). 2025-12-03: P4, 2,236,291 ALPHA posted, booked $31,658,871, $14.16 per ALPHA (tx 3Zghi1qLjmvc7d2MNLr8w65BYmarVb9Ms5RtdxwvxzwA). Market that day per coingecko $0.95, market cap $9,273,008, oracle 14.9x market. P4 borrowed within 2 hours about $9.3M: 2.5M SUI, 2M USDC, 6.2M WAL, 47.5M DEEP. On dec 3 one wallet's ALPHA was marked at 3.4x the token's entire market cap. June and august market prices not verified, no free price history that far back.
what alphalend said the ALPHA was worth: $2.77, $3.65, $14.16 per ALPHA in the creation txs' DepositEvents, vs $0.95 on the market the day of the $14.16 one. card labels: P1 = 0xdfe2's position (P2 here), P2 = 0xa66f's (P3 here).
Receipts card for the Nov 26 to 30 2025 loop by 0xa66fea423c5fcd3453b56cdd3ac137c0d9f89bfdfa242f70e5fec34cb483fea5. Nov 26: borrows 15 xBTC 7JKhaQPinueMmNgQz8APT6iYb3vX5oyrJmiVmoEjhxnm, sends to 0xf71e ErD94TpgCND4a2XPi92EsZdsVoTX4HqLt1hNpuoTQo9k; borrows 13 xBTC 9EUraNtNj4VPvb1EKuoqoCNWcicV8jAGqqwhwTdvRcyp; borrows 3,697,814 USDC 7j2kcmrR3Ym2Krr5xDiQbfNH9oV64aUTZrhfp4Jggtac; borrows 1,078,143 USDT 65fDbpKiRvDamBfSBxhQhBLngsBv1Sj54WaWubxvWEPk; sends to 0xf71e CRhLGxDXoLTwwuTJTW7mpLxwRM1WPqKSqAZVDvHirunZ, FjivntBWJWZnanxpgfjqhjqr6ooCLAk2wEenzdUVaykZ, AwAJv7pbY7gmJSto91uRUWAKutmUN9NsxFry8ud22eW8; borrows 500,000 USDT 3c2Ji3ykJkF1rSBwHKgU4u4VafmgU8xd1eq6WAFtXLeb, sends CcnXRc3UhhzhctDues1RS7YiqGX6syfBojoPEGZjaiQT. Nov 27: FEE WALLET sends 0xa66f 28 xBTC 5kFpr6JQqPYLsfraqFXuU3bQzbWeuHHxY79bweXEDG95, repays Cf4ZgUjuGPp6MJoJr1tEt6qyWQWc9PjhuoRfsmduiTb1; FEE WALLET sends 1,505,991 USDT FB42QD6evP1FPyppQNhrcxGKZ3g658e4tKcfSKZ3jfSA, repays 26GJRVgHKgFnBrZZCHV7w4NLLRfCHpW948sjJKFRzHSV. Nov 28: FEE WALLET sends 3,583,556 USDC AUSix2D4xsnZzfbpUHKfbirnQCvpH9KwjxA3afStnHt8, repays 3,233,556 USDC 9bMSmb3nEidPzS6ksGSLu9EKYAvRBEsZ9L3i7pPwxk5f. Nov 30: borrows again 20 xBTC F5txHr5FQiCHLvrn7Z2kjcQrdA63qRyZq6rQm9t9JMpp, 1,984,979 USDC GwSYck16EhwYKvzkw3BwFtxR3ddrAZ1ThiQE5hw8YcJg, 418,654 USDT 4oUyXt17Hg8WCpHCWKLnmvJZUz55UftP74acZzdcna62, sends all three to the FEE WALLET 5Nvh6mEesjYSRzCSLFQt1BEmJVgu5GBYGNTVHJmSJDvc, gQbr2eJhEws6biJgqQariNd2TXhHh4167aFiTP2i9J2, 4DiPXdypFJV4T84BZh1aLFhmUT8UoJrNJdPB7qH5e1Ch; borrows 22.1 xBTC DCFd3kPWgzh9RHSGFAQuaHnfy6ECpNBnX9VKncVw9xjH, sends Bw3T1pahvAabcH7UNNo6Se6XnJ6BJuN4Wot3GKCvABiJ; borrows 5 xBTC E8Q7qGhkYCFCVvuyTxZTjFVcfydmopQ9vup4Tjg9pypX, sends 26wmUy9My5XH1usR24pTkZai55vn2JqJ7zuo7dm1Ja5s. 0xf71e 0xf71e0bc45d84bba3e1ab09c8ae636735da6f2b8d8bb2481fb5b437b537b0e65b; fee wallet 0xee5360c5fa13555cbf355cb5015b865d742040e42ff90c324e11f0c63e504545.
the nov 26 to 30 2025 loop: borrow, send to hub f71e, fee wallet sends it back, repay, borrow again & send straight to the fee wallet. all 26 legs. the card calls 0xa66f's position P2; it's P3 here.
Receipts card for the position caps. Sep 7 2026 17:00:27 the fee wallet gasses fresh wallet 0x5f81363f48573dd002e09f34217ed00976afa748731bce61ea03e155f918d475 with 5 SUI, 7u9ffUXgH3PtKLXrUtqa6NqgueUY7X5MEL2fVVFei2ar. 17:03:45 sends cap of P1 (0x9e9d) DHHchyYB7x3QvkYTat6N5f7hy5duSdKmzVcxgq4qimJA; 17:05:31 cap of P3 (0xd439) 5z1FVX1xV22aiZ8GwNdY72n6usQfbtokyD5sTcMw9XaQ; 17:07:12 cap of P4 (0xf0a4) 9oNoQ79gLSHatqbkv1raCUSqnLvUwZ7YQ6dSieKMoaYc; cap of hub f71e's position 7C69rHnMsdBiVfh8u3zsrwKprsFPj8ppuhCR1eKF4ahu; 17:27:00 cap of P2 (0x74d3) 2wmrJSkXgzT6WzRQfeM6pd3qi6AQSJ8jZZbofS5BhEg5. Sep 8 16:42:21 0x5f81 repays on P4, 1,000,000 USDC, first of 8, G633FmjEpu2SPZDrmZpCpzi2PX7X1AHs1b1JXLQvQ7NB. Sep 9 02:20:09 0x5f81 repays on P2 2,544,097 USDC, 6eMyZgJn3KGcCimYpLZNBALGCnsyQGNQXue8x3pY797h. Sep 25 11:39:39 0x5f81 empties P2's collateral, 3,261,824 ALPHA, 9bExSPCjnkJyYve9cdoX7FMVxaJqCUdhp5CBujnh19ae, and sends it to the keeper 0x5c455d275a6cd3d9bb5bf91f8a47bffc07574b5df0960093e016a33c6987de9c, H6NoxsTPwXyMEJ2TQttaf13KY1QAqomfaYMqmTkEQ6hJ. Fee wallet 0xee5360c5fa13555cbf355cb5015b865d742040e42ff90c324e11f0c63e504545.
the caps: sep 7 2026 the fee wallet gasses a fresh wallet & sends it the PositionCaps of P1, P3, P4, f71e's position & P2; sep 8 to 9 that wallet repays 10.5M USDC; sep 25 it empties P2. site labels.

thread 3: september (never posted)

i built these for a third thread & then didn't post it, cuz the framing i had in mind (the team bridged the collateral away) turned out wrong once i followed the coins to kraken & friends. the transactions on the cards are still right. the story they actually tell is on september. site labels on all five.

Receipts card for the Sep 6 2026 debt shift, every transaction signed by AlphaFi's fee wallet. Seven borrows against P2, the position backed only by ALPHA, each repaid within a minute on another position whose collateral was then withdrawn. Pairs: 16:41:52 1,012,240 USDC FeM4bX5EWLEJBd3EqpCCHyTNciYv5ntQcmuJDe1hPMJx then 4gPgsv85WBGn6rDcUEHp3fJtXtS9hZEmEwE7KyAHzZ2H; 16:46:44 6.3 xBTC GAqcErjPk7M9WHKjdh3C3zqoKwWu3VViFsr539M7GojX then 8osFkky5r4WWpJTnqYPj2GhcZEuKnk8fACopH6EwRuZD; 16:59:22 3.8 xBTC BLuEqxTwR37NfnUgUJxZxzdCboEjsrw1idLH1akdbx3o then Gm6L41vXTFnJAwrbG6ihK5LLmmGev4LKnqqVNDb9UX5D; 17:00:32 3,551,828 USDC AUHp6aWyN5dCpumZttoty3CkgEZPLFT44czTtmbq5UTJ then HcfjZuuwFm6vcYAPZCvG55HAgnE969y1ygMH2pkyfs8e; 17:02:36 1,131,506 USDC Ho75AfHe4JE9fpqFweBvdd59wgxvHcNVnTeALUAALxnN then Eeen79amBbc6o4Hh24ZEVkADHhXnqMFsdPFHaF8bc7yu; 17:10:56 8.5 xBTC 9FZ7sbAESmNKcH7qwnx6ay5tpeFpkprVEG6AW8zsKKkc then 5iYMAKYD1ANFgqpVgvCQ5QEnzJMMgnhTPQ3HdX56cx2N; 17:12:01 5.2 xBTC 6bAJNaiZDm4N9k28YEz1fW96L7Ro7ZgBb4V7eUhn9uEj then AUMWC3Pb9NuyAK2XU6xRbQA3nJfSyjpx3ed6kSicXhzW. Net effect: 5,695,574 USDC + 23.8 xBTC of debt moved onto P2. P2 held 3.26M ALPHA that day, marked $7.63 each by the oracle. P2 0x74d35b4159acb6c48cb0581c4bcaeb0fe5bd347f59ec11cd6255027bca6a9a2d.
sep 6 2026, the debt shift. seven borrows against P2 (ALPHA-only), each repaid within a minute on another position, whose collateral was then withdrawn. every row signed by the fee wallet.
Receipts card for the caps and the 10.5M USDC. Sep 7 2026: hot wallet 0x03b61aa716ed743fe9c0a58b8e7cc9e1b8d8b4f63bb955d19fe28e7b7d5de72e gasses fresh wallet 0xf2f17b9b6d9e0c27ad8ab7eeffa7eb16a99710882b9b7fa331853bef0aad4dad; the fee wallet gasses fresh wallet 0x5f81363f48573dd002e09f34217ed00976afa748731bce61ea03e155f918d475 (7u9ffUXgH3PtKLXrUtqa6NqgueUY7X5MEL2fVVFei2ar) and sends it the PositionCaps of P1, P3, P4, hub f71e's position and P2. 0xe6c9fae4e4c39d561261484d3d1b1fce6a79e27a8ee5fc6718b3f922f9227dac sends 0xf2f1 4,000,000 and 6,544,043 USDC (5aCBV77ikNuABqKu4n8hbKcz37Cr29wXZ92qkrrbQv3j, Cwi16VMXgRu5z3EEDVjnUsjmzAar3KaLALnK9JManF6E). Sep 8: 0x5f81 passes the f71e cap to 0xf2f1 (Gw5C9BJQ644aHgaCBcjPpHYbTgXL5Um4FStNWzDsoQ3q); 0xf2f1 feeds 0x5f81 10,544,097 USDC; 0x5f81 repays 8,000,000 USDC on P4 (first G633FmjEpu2SPZDrmZpCpzi2PX7X1AHs1b1JXLQvQ7NB) and 2,544,097 on P2 (6eMyZgJn3KGcCimYpLZNBALGCnsyQGNQXue8x3pY797h). Sep 14 17:27:20 the hot wallet gasses the bailout wallet with 5 SUI (6S3XXqzYoxh5bHafVbv26W8xqVT2RZ6d6GmXHGn4y4Pn); Sep 23 18:33:39 sends it 1,500,000 SUI (HNp6jAnwvDCv6ukybgJoEtLo16Ew7FFooX2tPzv7NSk2). Bailout wallet 0x3c2830dc5e138e9eb15b69e5e10a187f2898ab98a9f62ae2838b545d4f787a07. Whose money the 10.5M USDC was is not visible on-chain.
the caps & the 10.5M USDC. sep 7 to 9 2026: two fresh wallets, five PositionCaps, 10,544,043 USDC in, 8M repaid on P4 & 2.54M on P2. the same hot wallet gassed 0xf2f1 & funded the bailout wallet.
Receipts card for the emptying of hub f71e's AlphaLend position 0x16d704ccb41946c6f6fd5840ba90509965fb839189c8b11876026d9b6b90c31f by 0xf2f17b9b6d9e0c27ad8ab7eeffa7eb16a99710882b9b7fa331853bef0aad4dad, Sep 20 23:36 to Sep 22 12:53 2026, after the Sep 20 bailout (FK6jAgAPEK7eEKbGJDZo9YweNBFyMvw47wxnBjbQWewf) paid P2, the position this one's debt had been moved onto. 30 pulls: first 0.001 tBTC as a test 7wvDbSwX6EPF9c6T51LJAQ6SSXDmipD1MKmKYcr9aMku; 2.0 WBTC 9fDQPBJHyakSuSy3DqnWm94epmroncdbCZDAUTuFdnYd; 15.0 tBTC GgEeKNFeHaMuYiPacsj88LJ1hmWuYhePy4Zot8e8H28r; 1,500,000 stSUI CsLyYF9ZPY1GqgDLnxMyAiFNNTCu7VZAfPEKkWkpZg82 redeemed to 1,556,835 SUI 6wKzRajsDosUgryDfHqsrSJsRvRPHhC9P4iFd4FWkpwV; 1.5 WBTC 8qyKSknNYEc55cdCdCmCgnSPm2qzs5EdbupqLtd2RPpU; 1,174,777 stSUI 9Yo23MxpuhgGxN9ZfD6NJWqvE4jRKWTueWw5QkX8Uk15 redeemed to 1,219,325 SUI 58JYyPnGdY7y2CsLCtb9boHwgSeFLVYt6VwNTLuSeatk; 111.3 ETH 71Uy4dBmnu9DLq78bf4S194QzxHMEgbGokX11562KDz1; 2.0 WBTC 5XLgtxm368L8auAex7bp7To7kHMy36sZtX3HXVb63o4H; 42,815 USDT ETYyTgEjLwcdMUBjupJNwWKjSN5rkvwkU4ULbSuAUicg; 30.3 XAUM Bm6cNbBgJ3RkXv6Jevj34wgkwcvtu13DCDeY3ki2E5K; 9.5 tBTC 5WVGfRazEyjpF5JAxJbqaGFF9nAEAZfidCzqjiGab9e9; 2.0 WBTC 64vmVp8ZzXaUZypm8CSMLH8EfGCHkMKasf13ktA6LNKx; 2.5 WBTC FSVpj2A1MsSvTEfa6wAurHkwTQYZEdG9QHCQPJP5muNZ; 7.5 ETH FBFkCyL8MJGYu5fmSfWiJjzosXpcsgUUG3jta49y6d86; 253.2 wormhole SOL B6k5m18BFYLScwMGuigTBb1SxNNXNG8roXBeBUroF23X; 2.9 WBTC 3pLA3oKxMp5KK5F4xBKbGEN1Rb9au5ffyx3Q14pGJH1j; 23,678,167 IKA G7NUNSeEUJUQT6XkpFrZzTV5YRdsA7VNq782XJ92BLqT; 918,321 BLUE 4StSC27Eq7AzKt2wMSxDCkv67M2xZyxLfHgvoBigqBrJ; 359,593 WAL FNLtaXjRvHdv9iGrJXicD3yxJNEYYiZppTyoVep7eCh4; WBTC 9.5 9T4GQ6Ufv9fJVq4UCn3DCxQMUotdoKZLDGbJC7fmXZ6G, 3.0 971VC5wgUVvb5GyAAUhaQKdLfpJszUCa6pz4dWNDxAvD, 4.0 6FuTq5X8dudYeomtzCLhNfjaAtbTsyG11anoQVGgtHUt, 7.0 EK4EZNXh3HpE5e8KWYxiJMHymErFj9DkRVJDSqp3kNfz, 5.0 39uTCQFUierLMHEuuQB7XotDnGCZRnJ5QkjjL8Vc3BMM, 8.0 Ftin8YnLKPMCwNuScw2rLJBhpyYRKntbgBtwf6HscmDc, 9.9 3Djug191XjC2x4WxiFSd8sJGAsviqwHprKHimcxXgXmT, 9.3 GAA6YkCqN8k49wPwmnrHFUwfx2z81uuQtQP76kKQYfwL. Totals out: 2,776,160 SUI, 68.6 WBTC, 24.5 tBTC, 118.8 ETH, 253 SOL, 23.7M IKA, 918k BLUE, 360k WAL, 42.8k USDT, 30 XAUM.
sep 20 to 22 2026: after the bailout, hub f71e's position is emptied by 0xf2f1 in 30 pulls. 2.78M SUI (via stSUI), 68.6 WBTC, 24.5 tBTC, 118.8 ETH, 253 SOL, 23.7M IKA, 918k BLUE, 360k WAL, 42.8k USDT, 30 XAUM.
Receipts card for the exit from Sui by 0xf2f17b9b6d9e0c27ad8ab7eeffa7eb16a99710882b9b7fa331853bef0aad4dad, Sep 21 to 25 2026. Sep 21 02:10:51 1,555,000 SUI to fresh wallet 0x5684663dca75244ef3173aace5fef2a1f0ae927e926f07b5abc6c471bd8ec552 (AdXgHiJzM9WmwPtGt7GbDLF92F56czsWMKKXeTc8frsy). Sui bridge tests 0.05 and 0.06 ETH (DN2qGSAZRRrfaeqD7KJgYVUEuqWYd9yCfQuDaiWiBQqV, Cv9NyMDPE3jxtRfixp25GDwm1LqXVHyQc5EG2VDGwtyV), then 18:31:51 118.66 ETH (3J8zgo8YYPhwDp9pYmqBp47PNuf86d5GKLHt7WrDBMvT). Threshold gateway: 0.0015 tBTC test 8SKXJ4a33Xz399Jbe77kQtcUE2RTX3nkvQZMg1Awijev, 0.1 HaTn7xjagML7Ge8pLi347DWK3H1nZ85PVJcR9UvPDwBo, 1.0 ERv2oWsMiFo1fAirjDppPBvxZhUsbJGkdkVS7hFWUrbQ, 10.0 BQ5DY3uT5NZ3KPaiYzL1yqJq45ymBq7AUDff443o17qA, 13.5 DcH2BHvMkSemZGxwTTiRjUfCGdfgJZhMUrQjjTxrLmri, 0.048 E7sCMpstPLZSsH5FUePBaJwjusQAPtJxJfGWLHsaDeh. Sep 23 18:31:11 1,228,990 SUI to fresh wallet 0x4a994ad2ee15379f50493bfcc17b83762499e26c5e528e43b64bed4e733f3f6b (GgQbspc2yAofaEMpQdZToadMnPboM8SL3EyQigRiK2n1). LayerZero WBTC: 0.0002 test CojT3UdoKeiXUZjR91EJxDaXQD77fZNvKnzdSLwR8DuF, 0.00125 GgoC3wQUGqwkJgb8ZRQucLgefqjGaF43x5A2m1kdTfY2, 0.1 1uEEPEKz8hkB8UGUok4cXPnG6MoAN2PRmPodhEWJiRH, 1.0 5uYxewMAZr2TQv6nUPNTLY9PtfpttomGt6kXG26UC4Ca, 7.5 2ShgRTCUttwn5CgVAKn3nRDHTwUNSZAyu5Tvvi3KcqeQ, 20 HzsjxNTqaY7oK4JTVEc5dLHKSttjSfB2mxKqP1dj1Qpw, 20 DMNDcaNfjbqZkaCoS75fwEFt74Jz4R6g9KGTsWumcteu, 20 9RPLpUH3d5B3DhWvJNW9TibD9Y1bRH1Qmd1iii6H8hby, 0.045 7GtLtRmKYcesJyRaQWwvBqdbFQ7E774a3hRRiQa4XJJx. Sep 25 04:30:15 360,861 WAL to 0x921fa16226314e0d3145eafd18b6a9f6349fd1b2328cc1b2aeb74a72cbee4af3 (E8F5hRsuK97LhP85aStztHdK1ArPGoZezrgZy26FGWXo). Off sui: 118.77 ETH, 24.65 tBTC, 68.65 WBTC. Parked on sui: 2,783,990 SUI in two fresh wallets, 360,861 WAL in a third.
sep 21 to 25 2026: off sui. 118.77 ETH by the sui bridge, 24.65 tBTC by threshold, 68.65 WBTC by layerzero, 2,783,990 SUI & 360,861 WAL to three fresh wallets (which turned out to be exchange deposit addresses).
Receipts card for P2's ALPHA paying the vault queue. Sep 25 2026 11:39:39: 0x5f81363f48573dd002e09f34217ed00976afa748731bce61ea03e155f918d475 withdraws all 3,261,824 ALPHA from P2 0x74d35b4159acb6c48cb0581c4bcaeb0fe5bd347f59ec11cd6255027bca6a9a2d (9bExSPCjnkJyYve9cdoX7FMVxaJqCUdhp5CBujnh19ae) and at 11:43:01 sends it to the keeper 0x5c455d275a6cd3d9bb5bf91f8a47bffc07574b5df0960093e016a33c6987de9c (H6NoxsTPwXyMEJ2TQttaf13KY1QAqomfaYMqmTkEQ6hJ). 22:16:48 the vault lock goes to 0 (sYHn75UhxG2erxYBqufnDyRaivJKf65LijkTnKVdUE6). The keeper funds the vault's claim pot from that balance: 81,145 ALPHA at 22:36:58 (7qsYCjs3TAqhhAUz4r9FY4GyLZ3vE9W52CwmwmUuUwE1), 249,296 at 23:20:29 (9erosDEaDNWgz74wWi5nynVX7kknFDcwq6zFqPBa9uuF), 126,244 at 23:20:40 (GV6d3DqxRz4yWo4dxg5gCAbEXKdjNLdrBHsTKty41C2v), 120,689 at 23:39:53 (9BJc7AsXCRWLFyL6Kf6ytkSr4FyuDTPNb25kajHYTFDS), 333,262 at 00:48:04 (Bsnd4YTLZSNUaTLFKQvFBJs1nNPaQz8M3QaqUBXuDNMX); 1,347,016 ALPHA across 33 calls through Sep 26 13:05, 2,111,550 still held. 23:21:04 0x027f claims 214,001 ALPHA from the pot (7pEzxkWr9qY1NuyfVPM17dw1gSCrB44StNfXhET2c42a), 23:21:05 idear.sui claims 121,044 (B7ivSfEb8XjPTXwGsUBWT9ZiyqDv9DMJbx1iUQZPtSrB). The pot that paid the 214k claim was topped up 35 seconds earlier from the ALPHA pulled out of P2 that morning.
sep 25 to 26 2026: the ALPHA the bailout freed pays the vault queue. 0x5f81 empties P2 (3,261,824 ALPHA) & gives it to the keeper; the keeper funds the claim pot from it all night. the 214k claim drew on a top-up 35 seconds earlier.

the cards are 3300px wide on purpose; open one in a new tab & zoom. green rows are money coming in, yellow is going out, red/bold is the fee wallet, blue is an admin wallet. digests are base58 & need all 44 characters, so copy from the image or grab them off the pages here, where every one is a link.