{
  "title": "BOS sale proceeds trace through 0x509201…AbD6",
  "researchCutoff": "2026-08-22",
  "subject": "0x5092019A3E0334586273A21a701F1BD859ECAbD6",
  "finding": "Two primary reconstructed BOS collector wallets sent 206,901.784486 USDT and 32,080.705141 USDC directly to 0x509201 on Ethereum. Balance conservation establishes that at least 226,480.572473 of those stablecoin units left the address by 30 November 2025. At least 183,441.682473 entered first-hop routes terminating at publicly labeled Gemini, Kraken, and Coinbase addresses, and the stricter minimum reaching those labeled exchange addresses after route losses and pre-existing relay funds is 183,433.939419. On BNB Chain, 7,857.87166544 stablecoin units sent directly by the same known collectors remained conserved at 0x509201 through the research cutoff.",
  "method": {
    "canonicalAssetsOnly": "Only exact canonical token contracts and non-zero transfers were counted. Zero-value poison transfers, lookalike contracts, and arbitrary labels were excluded.",
    "nonOverlap": "Participant deposits are counted once when they first enter recovered sale infrastructure. Collector succession, consolidation into 0x509201, and later exchange deposits are uses of those funds rather than additional fundraising receipts.",
    "conservationRule": "For a pooled wallet, the minimum sale-funded portion of an outflow equals the outflow minus every pre-existing and other available balance, floored at zero. The calculation does not assume FIFO or pro-rata accounting.",
    "exchangeScope": "Public transaction records identify routes terminating at publicly labeled exchange addresses. The credited customer, trades, internal transfers, withdrawals, and bank movements are held in each exchange's private ledger.",
    "designatedLotScope": "The Ethereum conservation proof deliberately designates only the FeD3 and 1160 USDT/USDC receipts as its 238,982.489627-unit lot. The later-identified 60c receipt is assigned to other available funds, which makes the resulting minimum conservative even though 60c is independently attributable to Origins collection on Ethereum.",
    "verificationScope": "The executable verifier recomputes decimal arithmetic, route totals, endpoint deductions, percentages, and source-reference integrity from this record. It does not query chain history or authenticate the underlying transaction facts; those are supplied by the cited explorer, RPC, and transaction records."
  },
  "originsCounterReconciliation": {
    "usdCollected": "4888380.29942801134947357397",
    "conservativeMatchedStablecoinReceipts": "307342.135175",
    "conservativeCoveragePercent": "6.287198",
    "expandedCanonicalStablecoinReceipts": "344344.152010",
    "expandedCoveragePercent": "7.044136",
    "conservativePublicCoverageGap": "4581038.164253",
    "expandedPublicCoverageGap": "4544036.147418",
    "coverageComponents": {
      "conservative": {
        "earlyBb55ExactStablecoins": "98674.038944",
        "middleFed3ExactStablecoins": "9769.169653",
        "postMaintenance1160ExactStablecoins": "197358.088245",
        "polygon1160CanonicalUSDT": "1334.922732",
        "associated60cExactStablecoins": "205.915601"
      },
      "expanded": {
        "earlyBb55ExactStablecoins": "98674.038944",
        "middleFed3ExactStablecoins": "9769.169653",
        "postMaintenance1160AllCanonicalStablecoins": "234260.105080",
        "polygon1160CanonicalUSDT": "1334.922732",
        "associated60cAllCanonicalStablecoins": "305.915601"
      }
    },
    "interpretation": "This subsection is the legacy EVM-and-Polygon stablecoin view. The conservative tier counts exact participant-to-deposit stablecoin matches; the expanded tier substitutes every observed canonical receipt for 1160 and 60c while retaining the exact-match totals for BB55 and FeD3. Its gap is a stablecoin-only coverage measure, not an overall sale gap. The multichainPublicBenchmark below adds non-overlapping BNB external roots and separately benchmarks the recovered Bitcoin and Cardano roots. Solana, native and volatile assets, exchange-funded orders, and other private Fireblocks deposit paths still require first-party records.",
    "sourceIds": [
      "bos-origins-ledger-one",
      "bos-origins-ledger-two",
      "origins-unique-deposit-model"
    ]
  },
  "multichainPublicBenchmark": {
    "purpose": "A non-overlapping public-chain scale benchmark against Origins' off-chain USD-valued counter. Stablecoins are counted at face value when they first enter recovered sale infrastructure. Recovered BTC and ADA roots are valued from transaction-date Kraken daily low, VWAP, and high data. This is not Origins' order-time accounting and is not an audited net-proceeds figure.",
    "stablecoinBenchmark": {
      "expandedEvmAndPolygonCanonicalReceiptsUSD": "344344.152010",
      "expandedEvmAndPolygonComponentPath": "originsCounterReconciliation.expandedCanonicalStablecoinReceipts",
      "additionalNonOverlappingBnbExternalRoots": {
        "canonicalContracts": {
          "USDT": "0x55d398326f99059ff775485246999027b3197955",
          "USDC": "0x8ac76a51cc950d9822d68b83fe1ad97b32cd580d"
        },
        "collectors": [
          {
            "collector": "0xBb55bBeF23E03C0490B413c4E3A84a6E55243243",
            "USDT": "67488.377640859999797248",
            "USDC": "5090.757952059953635328",
            "stablecoinFaceValueUSD": "72579.135592919953432576",
            "evidence": "81 exact external deposit-address sweeps from 75 sources. The retrievable latest native-transaction window directly matches 24 sources and 28 rows to the sale gas-funder pattern; older large exact-sweep roots share the same collection pattern but the gas-history window is truncated.",
            "explorerUrls": [
              "https://bscscan.com/token/0x55d398326f99059ff775485246999027b3197955?a=0xbb55bbef23e03c0490b413c4e3a84a6e55243243",
              "https://bscscan.com/token/0x8ac76a51cc950d9822d68b83fe1ad97b32cd580d?a=0xbb55bbef23e03c0490b413c4e3a84a6e55243243"
            ]
          },
          {
            "collector": "0xFeD3a5B3f027b6676dC138b642B642eD99fF0628",
            "USDT": "7707.771608890727415808",
            "USDC": "491.333233270000001024",
            "stablecoinFaceValueUSD": "8199.104842160727416832",
            "evidence": "External deposit roots only. The predecessor BB55-to-FeD3 succession transfers are excluded, and the external deposit sources use the linked mid-sale gas-funder pattern.",
            "explorerUrls": [
              "https://bscscan.com/token/0x55d398326f99059ff775485246999027b3197955?a=0xfed3a5b3f027b6676dc138b642b642ed99ff0628",
              "https://bscscan.com/token/0x8ac76a51cc950d9822d68b83fe1ad97b32cd580d?a=0xfed3a5b3f027b6676dc138b642b642ed99ff0628"
            ]
          },
          {
            "collector": "0x1160A75eCe59beC188324257cbedE52B77abf08C",
            "USDT": "6651.535250409999958016",
            "USDC": "850.000000000000000000",
            "stablecoinFaceValueUSD": "7501.535250409999958016",
            "evidence": "31 non-dust sweeps from 29 unique deposit wallets. Every sweep has an exact preceding buyer-or-exchange-to-deposit transfer, every deposit wallet was activated by the linked phase-two gas funder, and eight payers match official Ethereum Community Sale beneficiaries.",
            "explorerUrls": [
              "https://bscscan.com/token/0x55d398326f99059ff775485246999027b3197955?a=0x1160a75ece59bec188324257cbede52b77abf08c",
              "https://bscscan.com/token/0x8ac76a51cc950d9822d68b83fe1ad97b32cd580d?a=0x1160a75ece59bec188324257cbede52b77abf08c"
            ]
          }
        ],
        "totalUSDT": "81847.684500160727171072",
        "totalUSDC": "6432.091185329953636352",
        "totalStablecoinFaceValueUSD": "88279.775685490680807424",
        "gasHistoryConstrainedSubsetUSD": "50930.064093850727309312",
        "confidence": "High-confidence Origins infrastructure attribution; older BB55 gas-funder history is partially truncated and is separately disclosed.",
        "sourceIds": [
          "bos-presale-bnb-root-reconstruction"
        ]
      },
      "combinedCanonicalStablecoinReceiptsUSD": "432623.927695490680807424",
      "originsCounterCoveragePercent": "8.850046",
      "nonOverlapTreatment": "Count external participant-style roots once at first entry into recovered collection infrastructure. Exclude BB55-to-FeD3 succession, collector-to-0x509201 consolidation, collector-to-Binance routes, and every later custody or spending movement. The BNB roots are additional to the EVM-and-Polygon components because they arise on a separate chain; cross-chain addresses are operationally associated but their chain-specific receipts are not duplicate token transfers."
    },
    "volatileAssetBenchmarks": {
      "cardanoRecord": "cardano-origins-flow.json",
      "cardanoRootsADA": "2440904.338471",
      "cardanoLowUSD": "1754633.303395",
      "cardanoVwapUSD": "1873923.649849",
      "cardanoHighUSD": "2002792.970406",
      "bitcoinRecord": "btc-origins-flow.json",
      "bitcoinCleanRootsBTC": "20.01527801",
      "bitcoinLowUSD": "1787370.898349",
      "bitcoinVwapUSD": "1863439.262005",
      "bitcoinHighUSD": "1933134.785974"
    },
    "combinedBenchmark": {
      "lowUSD": "3974628.129439490680807424",
      "vwapUSD": "4169986.839549490680807424",
      "highUSD": "4368551.684075490680807424",
      "originsCounterUSD": "4888380.29942801134947357397",
      "vwapCoveragePercent": "85.304060",
      "remainingVwapDifferenceUSD": "718393.45987852066866614997",
      "qualification": "The 85.304060% figure compares stablecoins at face value plus transaction-date daily VWAP benchmarks for the recovered BTC and ADA roots with Origins' off-chain usdCollected counter. Different Origins confirmation rates, fees, refunds, bonuses, volatile assets, and undiscovered paths prevent treating this as an audit reconciliation."
    },
    "sourceIds": [
      "bos-origins-ledger-one",
      "bos-origins-ledger-two",
      "bos-presale-bnb-root-reconstruction",
      "kraken-btc-sale-benchmark",
      "kraken-ada-sale-benchmark"
    ]
  },
  "ethereum": {
    "collectorReceipts": {
      "USDT": {
        "preReceiptBalance": "49536.080261",
        "receipts": [
          {
            "from": "0x1160A75eCe59beC188324257cbedE52B77abf08C",
            "amount": "204103.507520",
            "tx": "0x93e9f9c3d3688a2ffbbc09a24fc17df0a28dc3be9e59b7e6c520d9e2bc830144"
          },
          {
            "from": "0xFeD3a5B3f027b6676dC138b642B642eD99fF0628",
            "amount": "2798.276966",
            "tx": "0x2bf2961812b820b491e8d9f4484ca27456d4ed303fda2e66274a0e142bcfc3fe"
          }
        ],
        "total": "206901.784486",
        "lowestBalanceByNovember30": "7737.864747",
        "minimumCollectorLotMoved": "199163.919739",
        "minimumMovedPercent": "96.2601266"
      },
      "USDC": {
        "preReceiptBalance": "107.265430",
        "receipts": [
          {
            "from": "0x1160A75eCe59beC188324257cbedE52B77abf08C",
            "amount": "30056.588245",
            "tx": "0x14fcc0163ed30c12927c58cec7ede75dd93b7b7602d27cccf3717719b5c0947a"
          },
          {
            "from": "0xFeD3a5B3f027b6676dC138b642B642eD99fF0628",
            "amount": "2024.116896",
            "tx": "0xc0c0ed85e4c79010d81ccd69675da3a16ea02780a8eaf98292166b00547ba744"
          }
        ],
        "total": "32080.705141",
        "linked60cReceipt": "228.915601",
        "otherNonSaleFundsAvailable": "0.056235",
        "novemberOutflows": "27652.890000",
        "lowestBalanceByNovember30": "4764.052407",
        "minimumCollectorLotMoved": "27316.652734",
        "minimumMovedPercent": "85.149789"
      },
      "combinedUsdtUsdc": {
        "total": "238982.489627",
        "minimumMovedByNovember30": "226480.572473",
        "minimumMovedPercent": "94.768689"
      },
      "otherCollectorAssets": {
        "DAI": "115",
        "WBTC": "0.001",
        "ETH": "4.801531999723075484"
      },
      "sourceIds": [
        "bos-presale-fed3-to-509",
        "bos-presale-1160-to-509-usdt",
        "bos-presale-1160-to-509-usdc",
        "bos-presale-1160-to-509-eth",
        "bos-509-ethereum-canonical-ledger"
      ]
    },
    "identifiedExchangeRoutes": {
      "USDT": {
        "grossEnteringIdentifiedRoutes": "218600",
        "maximumOtherFundsAvailable": "49536.080261",
        "minimumCollectorFunded": "169063.919739",
        "routes": [
          {
            "service": "Gemini",
            "grossInput": "200000",
            "minimumCollectorFunded": "150463.919739",
            "path": [
              "0x5092019A3E0334586273A21a701F1BD859ECAbD6",
              "0xe1D4a15C1115c5f6F111311A89cb5C3b045DCd0A",
              "0x5f65f7b609678448494De4C87521CdF6cEf1e932"
            ],
            "transactions": [
              "0xb270e615940907ada083f417af5610261372efcda4f33f73ac0a7ade11d249d3",
              "0xe07b22ee1d4b1edad5c8d52f8f6b04aba4f5c4e2a832678a085da5541b97ab67"
            ],
            "finding": "The first transaction deposited 200,000 USDT into an EIP-1167 proxy deployed through an address publicly labeled Gemini: Contract 2. On 25 November the proxy forwarded the exact 200,000 USDT to the publicly labeled Gemini 4 gateway."
          },
          {
            "service": "Kraken",
            "grossInput": "18600",
            "pathSummary": "0x509201 sent 18,600 USDT to 0x12C5, which swapped through Uniswap v4 and sent the resulting approximately 18,595.26 USDC through 0xc670 to the publicly labeled Kraken Hot Wallet 4.",
            "swapInputUSDT": "18600",
            "swapOutputUSDC": "18595.256946",
            "intermediatePreexistingUSDC": "0.002483",
            "labeledEndpointTransferUSDC": "18595.259429",
            "valueLossBeforeEndpoint": "4.743054",
            "transactions": [
              "0x8c7a4f9904a885e5b1f86044cf899838f4f468a307a1b2a05317df8219b1ad8f",
              "0x08e9abeff7d0abd76918dce5ad70de8bb75fd6244efee0d3cfa5cfa2871776ac",
              "0x6983e50bd73cd287481e06e0c87898956d8b68f8c60589fffdfec2b84adf6b5b",
              "0xefa5352db4f3ad6d549bc74115e50e4f6e3605ebfb98bbe323ae9724fdb1d55d",
              "0x5a115e166b9717da867c552eb0b20bd89f03f76620d2538d418ba9bafad9b126",
              "0x901ca0e55a77fd8521196b9c4033d96e8165133f69a8f2646644fecf8138117c"
            ]
          }
        ]
      },
      "USDC": {
        "grossEnteringIdentifiedRoutes": "14714",
        "maximumOtherFundsAvailable": "336.237266",
        "minimumCollectorFunded": "14377.762734",
        "routes": [
          {
            "service": "Kraken",
            "grossInput": "7000",
            "relayPreexistingUSDC": "3",
            "labeledEndpointTransferUSDC": "7000",
            "minimumInputReachingLabeledEndpoint": "6997",
            "transactions": [
              "0xda07dc3bc1e05fa86c1b0041b924ced1309f6baaabbad440d5d57c110ce6f473",
              "0x029131228d0f427dde357a493eaa9aef2067d3a120d0e8e41d44ba9fae0881b5"
            ]
          },
          {
            "service": "Coinbase",
            "grossInput": "7714",
            "transactions": [
              "0xeed61f74fdbdeccb9c9dd3d8fa9847738962d2aff8d53e77908e9a4554c7f1f1",
              "0xa9f790e0a73e1ab6d0ec32b5ba8305b2dbad413438a5be575b9ffd2a587f93b3",
              "0x2c1f632955a0d9ae7c485698b6b88e8e3e84a45a3521e8c790930a93b1d9cda0",
              "0x4c779539a31221aca68435f432b80064f2825e01892d42f3a85e97eb9935e981"
            ]
          }
        ]
      },
      "combinedMinimumCollectorFunded": "183441.682473",
      "combinedMinimumPercentOfDirectStablecoinReceipts": "76.759466",
      "labeledExchangeEndpointReconciliation": {
        "USDT": {
          "minimumCollectorFundedEnteringBoundRoutes": "169063.919739",
          "valueLossBeforeLabeledEndpoint": "4.743054",
          "minimumReachingLabeledExchangeAddresses": "169059.176685"
        },
        "USDC": {
          "minimumCollectorFundedEnteringBoundRoutes": "14377.762734",
          "relayPreexistingFunds": "3",
          "minimumReachingLabeledExchangeAddresses": "14374.762734"
        },
        "combinedMinimumReachingLabeledExchangeAddresses": "183433.939419",
        "combinedMinimumPercentOfDirectStablecoinReceipts": "76.756226",
        "finding": "The first-hop lower bound is reduced by the 4.743054-unit USDT-to-USDC swap loss and by 3 USDC already present in the Kraken relay. The result is the strict minimum from the designated collector lot that necessarily reached the publicly labeled exchange addresses."
      },
      "sourceIds": [
        "bos-509-gemini-route",
        "gemini-4-label",
        "bos-509-kraken-routes",
        "bos-509-coinbase-routes"
      ]
    },
    "otherNovemberUses": {
      "finding": "The remaining early-window transfers entered operational EOAs, pooled Safes, an Orbiter bridge-maker route, and unidentified contracts or payees. Public routing is preserved transaction by transaction; invoices, payroll, vendor, and account records determine purpose and beneficiary.",
      "sourceIds": [
        "bos-509-ethereum-canonical-ledger",
        "bos-509-orbiter-route"
      ]
    }
  },
  "bnbChain": {
    "knownCollectorReceipts": {
      "USDT": "6651.53526051",
      "USDC": "1206.33640493",
      "stablecoinFaceValue": "7857.87166544",
      "transactions": [
        "0x77fe041022df56bc7ebe3facc30df72e2850d57aabced926508e4611f1747bd4",
        "0x1f2cd5636677fbb7fc4ddb10fbf880cafb20b061ef505fa4397fdb99af02899a",
        "0x56c085ad0f6b525cef9a5e5a14a80db748320ef4c194d75b8bfefd2da545c6d8"
      ]
    },
    "associated60cBranch": {
      "USDT": "177",
      "USDC": "25.9888302",
      "BNB": "2.346967086497769",
      "stablecoinFaceValue": "202.9888302",
      "finding": "Address 60c is independently tied to Origins collection on Ethereum by exact buyer-to-deposit-to-collector sweeps and a Community Sale beneficiary match. Its same-window BNB assets are reported separately because buyer-level attribution of those BNB receipts requires the order ledger.",
      "sourceIds": [
        "bos-presale-60c-origins-branch"
      ]
    },
    "conservationAtCutoff": {
      "nonzeroUsdtOutflowAfterReceipts": "0",
      "nonzeroUsdcOutflowAfterReceipts": "0",
      "currentUSDT": "8500.355973071454811414",
      "currentUSDC": "4277.32523513",
      "currentBNB": "60.643012376233375678",
      "finding": "The complete canonical USDT and USDC histories show no later non-zero outflow. Current balances exceed every direct known-collector receipt, so the full 7,857.87166544 stablecoin units remain conserved at 0x509201 on BNB Chain.",
      "sourceIds": [
        "bos-509-bnb-canonical-ledger"
      ]
    },
    "binanceRoute": {
      "path": [
        "0xFeD3a5B3f027b6676dC138b642B642eD99fF0628",
        "0x6C250D7d0Fab8F025D1A5e1cADd3254912966038",
        "0x8894e0a0c962cb723c1976a4421c95949be2d4e3"
      ],
      "USDT": "19978.700273170727414066",
      "USDC": "660",
      "stablecoinFaceValue": "20638.700273170727414066",
      "finding": "FeD3 sent four canonical stablecoin lots through the same 6C250D relay used on Ethereum. Each relay output matched its input exactly and reached the publicly labeled Binance hot wallet within minutes.",
      "sourceIds": [
        "bos-presale-bnb-binance-route"
      ]
    }
  },
  "supportedConclusion": "0x509201 is a pivotal shared operations address. On Ethereum it rapidly dispersed most of the designated collector-wallet stablecoin lot. At least 183,441.682473 entered first-hop routes terminating at publicly labeled centralized-exchange addresses, and at least 183,433.939419 necessarily reached those labeled endpoints after route losses and relay prebalances. On BNB Chain it retained every directly traced primary-collector stablecoin through the cutoff. Across the separately reconstructed stablecoin, Bitcoin, and Cardano roots, the public record now supplies a transaction-date VWAP scale benchmark of $4,169,986.839549, or 85.304060% of Origins' counter. That benchmark is not Origins order accounting; complete source-and-use reconciliation still requires the platform, Fireblocks, exchange, and entity ledgers listed below.",
  "recordsAuthoritiesShouldObtain": [
    "Origins and Fireblocks order, vault, deposit-address, sweep, workspace, API-user, signer, policy, exchange-destination, and audit logs across every accepted chain",
    "Gemini records for forwarding proxy 0xe1D4…DCd0 and gateway 0x5f65…e932, including the credited customer or subaccount, KYC and beneficial owner, deposit credit, trades, internal transfers, withdrawals, and bank wires",
    "Kraken and Coinbase records for the identified deposit routes, including credited accounts, KYC, trades, internal movements, withdrawals, and bank movements",
    "Binance records for the Ethereum and BNB 6C250D relay deposits, including credited accounts and subsequent internal or external disposition",
    "Sovryn and BTC OS Limited general ledgers, intercompany accounts, wallet schedules, invoices, payroll, vendors, reimbursements, approvals, and complete source-and-use accounting for BB55, FeD3, 1160, 60c, 6C250D, 4ad662, and 0x509201",
    "Beneficial ownership, private-key custody, device, login, IP, and instruction records for 0x509201 and each linked wallet or Safe owner address"
  ],
  "sourceIds": [
    "bos-origins-ledger-one",
    "bos-origins-ledger-two",
    "bos-presale-fed3-to-509",
    "bos-presale-1160-to-509-usdt",
    "bos-presale-1160-to-509-usdc",
    "bos-presale-1160-to-509-eth",
    "bos-509-ethereum-canonical-ledger",
    "bos-509-gemini-route",
    "gemini-4-label",
    "bos-509-kraken-routes",
    "bos-509-coinbase-routes",
    "bos-509-orbiter-route",
    "bos-presale-bnb-to-509",
    "bos-509-bnb-canonical-ledger",
    "bos-presale-bnb-binance-route",
    "bos-presale-60c-origins-branch",
    "bos-presale-bnb-root-reconstruction",
    "kraken-btc-sale-benchmark",
    "kraken-ada-sale-benchmark"
  ]
}