{
  "schemaVersion": 1,
  "title": "Sovryn Exchequer funds in BOS-linked payment and exchange infrastructure",
  "researchCutoff": "2026-08-22",
  "scope": {
    "finding": "Canonical USDT reconciled to Sovryn Exchequer-origin assets entered DD, a Safe family sharing its five owner addresses and deployer with official BOS administration. Conservation proves Exchequer-attributed funds entered the exact Ethereum forwarding route previously used after BOS collector receipts, a sibling proxy from the same family, and a recurring recipient network shared with 0x509201.",
    "qualification": "The record establishes custody overlap, wallet-level pooling, common payment rails, and strict source-attribution lower bounds. It does not identify the work purchased, a natural-person keyholder, exchange customer, final beneficiary, authorization, reimbursement, personal benefit, intent, or a legal embezzlement finding."
  },
  "addresses": {
    "dd": "0xDd2311ecEB6Ec8A83C027FDe4aa04eA455ee3FC4",
    "operations509": "0x5092019A3E0334586273A21a701F1BD859ECAbD6",
    "proxyE1d4": "0xe1D4a15C1115c5f6F111311A89cb5C3b045DCd0A",
    "proxyF6c8": "0xF6c8e0B7858bA96896B2bE771f3e42ecBf56933e",
    "curveRouter": "0x45312ea0eFf7E09C83CBE249fa1d7598c4C8cd4e",
    "commonTerminal": "0x5f65f7b609678448494De4C87521CdF6cEf1e932",
    "proxyCreator": "0x485b9a41e8BF06E57BB64c6Ba7cB04f9d53D2d76",
    "proxyImplementation": "0x39778bc77Bd7a9456655b19FD4c5D0bF2071104E"
  },
  "ddSourceReconciliation": {
    "totalExchequerOriginUSDT": "508947.877906",
    "components": [
      {"label":"XUSD-derived bridge receipts","amountUSDT":"390542.760705","confidence":"exact amount and far-side receipt reconciliation"},
      {"label":"USDTes bridge receipt","amountUSDT":"13230","confidence":"exact amount and far-side receipt reconciliation"},
      {"label":"USDTbs bridge receipt","amountUSDT":"5385.062411","confidence":"high-confidence pooled route and time reconciliation"},
      {"label":"rUSDT bridge receipts","amountUSDT":"99790.054790","confidence":"exact amount and far-side receipt reconciliation"}
    ],
    "completeCanonicalLedger": {
      "totalInflowsUSDT": "542303.275848",
      "totalOutflowsUSDT": "497941",
      "cutoffBalanceUSDT": "44362.275848",
      "maximumOtherFundsBeforeFinalSubstantiveOutflowUSDT": "33355.396955"
    },
    "sourceIds": ["exchequer-dd-usdt-reconciliation"]
  },
  "bosPrecursorRoute": {
    "finding": "After reconstructed BOS collectors funded 0x509201, it sent 200,000 USDT to e1d4; e1d4 exact-forwarded the amount to the common publicly Gemini-labeled terminal.",
    "grossUSDT": "200000",
    "strictCollectorLotLowerBoundUSDT": "150463.919739",
    "events": [
      {"utc":"2025-11-20T16:00:11Z","from":"operations509","to":"proxyE1d4","asset":"USDT","amount":"200000","tx":"0xb270e615940907ada083f417af5610261372efcda4f33f73ac0a7ade11d249d3","url":"https://eth.blockscout.com/tx/0xb270e615940907ada083f417af5610261372efcda4f33f73ac0a7ade11d249d3"},
      {"utc":"2025-11-25T01:59:59Z","from":"proxyE1d4","to":"commonTerminal","asset":"USDT","amount":"200000","tx":"0xe07b22ee1d4b1edad5c8d52f8f6b04aba4f5c4e2a832678a085da5541b97ab67","url":"https://eth.blockscout.com/tx/0xe07b22ee1d4b1edad5c8d52f8f6b04aba4f5c4e2a832678a085da5541b97ab67"}
    ],
    "sourceIds": ["bos-509-gemini-route", "gemini-4-label"]
  },
  "januaryExchequerRoute": {
    "grossUSDT": "100000",
    "maximumOtherDdFundsUSDT": "33355.341345",
    "standaloneExchequerLowerBoundUSDT": "66644.658655",
    "events": [
      {"utc":"2026-01-12T17:55:47Z","from":"dd","to":"proxyE1d4","asset":"USDT","amount":"100000","tx":"0xb7d54da9409c034024cb232ca54ecb7ccb8c13ac5efa061b87c2b6a17d1e761b","url":"https://eth.blockscout.com/tx/0xb7d54da9409c034024cb232ca54ecb7ccb8c13ac5efa061b87c2b6a17d1e761b"},
      {"utc":"2026-01-13T13:36:23Z","from":"proxyE1d4","to":"commonTerminal","asset":"USDT","amount":"100000","tx":"0xdbeb7a9ec74627d8814f88b2ec030310b34138ebb1600fb96736172cf6cb5dc5","url":"https://eth.blockscout.com/tx/0xdbeb7a9ec74627d8814f88b2ec030310b34138ebb1600fb96736172cf6cb5dc5"}
    ],
    "sourceIds": ["exchequer-ethereum-shared-terminal", "gemini-4-label"]
  },
  "marchExchequerRoute": {
    "grossDdTo509USDT": "120000",
    "maximumOtherDdFundsUSDT": "33355.396835",
    "preexisting509USDT": "52480.197059",
    "curveOutputUSDC": "119923.264180",
    "curveShortfall": "76.735820",
    "postSend509ResidualUSDC": "278.030069",
    "standaloneExchequerEndpointLowerBound": "33809.640217",
    "events": [
      {"utc":"2026-03-30T15:55:23Z","from":"dd","to":"operations509","asset":"USDT","amount":"120000","tx":"0x893dad3addc899a3265d0e022349209f0c775095034cfe45ed69055d1fa7a2ce","url":"https://eth.blockscout.com/tx/0x893dad3addc899a3265d0e022349209f0c775095034cfe45ed69055d1fa7a2ce"},
      {"utc":"2026-03-30T15:57:59Z","from":"operations509","to":"curveRouter","asset":"USDT to USDC","amount":"120000 USDT → 119923.264180 USDC","tx":"0x495ba532fe644a5d3aa09d03b668b140a54698f44b747fbf489422f9c86d2bf5","url":"https://eth.blockscout.com/tx/0x495ba532fe644a5d3aa09d03b668b140a54698f44b747fbf489422f9c86d2bf5"},
      {"utc":"2026-03-30T15:59:47Z","from":"operations509","to":"proxyF6c8","asset":"USDC","amount":"122000","tx":"0xb0c2733f77c61e12d4d53bc26c7744af6fbffb12cbc6fbf17fcb4a4c4d1ad3da","url":"https://eth.blockscout.com/tx/0xb0c2733f77c61e12d4d53bc26c7744af6fbffb12cbc6fbf17fcb4a4c4d1ad3da"},
      {"utc":"2026-03-30T18:07:59Z","from":"proxyF6c8","to":"commonTerminal","asset":"USDC","amount":"122000","tx":"0xf2e6892b3219a6e13e59f46ef2e6f764fe49b539023dc7b4d323a66541910ed9","url":"https://eth.blockscout.com/tx/0xf2e6892b3219a6e13e59f46ef2e6f764fe49b539023dc7b4d323a66541910ed9"}
    ],
    "sourceIds": ["dd-to-509-usdt", "exchequer-ethereum-shared-terminal", "gemini-4-label"]
  },
  "jointTerminalBound": {
    "januaryAndMarchGrossDDOutflows": "220000",
    "maximumOtherDdFundsAllocatedOnce": "33355.396835",
    "maximumMarchDownstreamDilution": "52834.962948",
    "strictExchequerLowerBoundAtTerminal": "133809.640217",
    "treatment": "Gross arrival lower bound across two distinct terminal deposits; not unique or net dollars, a loss figure, or proof of project purpose."
  },
  "recurringRecipientNetwork": {
    "excludedTargets": ["proxyE1d4", "operations509"],
    "ddTransferRows": 37,
    "uniqueRecipients": 24,
    "ddGrossUSDT": "277941",
    "recipientsAlsoPaidBy509": 24,
    "recipientsPaidBy509BeforeDdFirstPayment": 23,
    "ddRowsWithMatchingAmountIn509History": 28,
    "maximumOtherDdFundsUSDT": "33355.396955",
    "strictExchequerLowerBoundUSDT": "244585.603045",
    "qualification": "No recipient was publicly identified as a natural person, BitcoinOS developer, employee, vendor, or project payee. The supported label is recurring recipient/payment network."
  },
  "combinedDestinationBound": {
    "strictExchequerLowerBoundToRecurringRecipientsOrCommonTerminal": "411750.640097",
    "treatment": "Sharp collective lower bound using the maximum other-funds pool once. Do not add the standalone recurring-recipient and terminal bounds, which each allocate the same pool conservatively."
  },
  "proxyFamily": {
    "sameCreator": true,
    "sameImplementation": true,
    "sameTerminal": true,
    "finding": "e1d4 and f6c8 are distinct EIP-1167 proxies with the same creator and implementation and exact-forwarded to the same public Gemini-labeled terminal. This is a control and route relationship, not a transfer between the proxies.",
    "sourceIds": ["exchequer-ethereum-shared-terminal"]
  },
  "terminalLabel": {
    "publicLabel": "Gemini 4 / Gemini Exchange Gateway 4",
    "url": "https://eth.blockscout.com/address/0x5f65f7b609678448494De4C87521CdF6cEf1e932",
    "qualification": "The service label identifies destination infrastructure, not the credited customer, subaccount, beneficial owner, trades, withdrawals, or final use.",
    "sourceIds": ["gemini-4-label", "gemini-deposit-address-policy"]
  },
  "recordsToObtain": [
    "Sovryn and BTC OS Limited general ledgers, intercompany accounts, approved budgets, journal entries, invoices, reimbursements, cost allocation, bank and exchange statements",
    "DD and 0x509201 signer, device, key-custody, instruction, recipient, contract, payroll, vendor, tax, and project-code records",
    "Gemini address assignment, customer and subaccount, KYC and beneficial owner, credits, internal transfers, trades, withdrawals, and fiat wires"
  ]
}