3AC’s Final Transfers?

3AC sent about $100 million to BitMEX in early November 2021. This flow and surrounding wallets are pretty exceptional:

1. $70 million disappears into BitMEX
2. Transfer patterns match known 3AC wallets
3. Large flows with known 3AC wallets
4. Final transfer is 1AM SGT on Friday 17th June

We know they traded on BitMEX from public reports. So what did we find?

3AC takes money off Binance.

Sends it to an intermediary wallet

And deposits to BitMEX.

Address 0x5a655c20147dff2a11c72da38eb5e37ad87a3973 deposits it to BitMEX. And, really, if you scan this entire BitMEX intermediary account with 38 transactions these two non-round just-under-50mm transfers look odd:

What’s with the additional 100 transfers? And 49491944 and 48434343.36 do not really look random. From the people who brought you:

maybe?

And again, total speculation, but this is fairly close in time to spending something like $35 million on a house.

Where Did It Go?

BitMEX clearly has some information. But we can still look on chain. Recall BitMEX is owed money by 3AC so outgoing transfers after they blew up cannot be 3AC exfiltration. So let’s pull all USDT addresses, put BitMEX’s two etherscan tagged addresses on the left, and examine every intermediary wallet with > $10 million in flow.

There are a few links to exchanges:

1. 0x345d8e3a1f62ee6b1d483890976fd66168e390f2 is Binance
2. 0xd84cf61a797d8bb89ce80e10066d169def674f68 feeds FTX but still live
3. 0x3dFeb51652848265476b5Ab3d5FcC9081C1d7283 feeds Kraken but live
4. 0x2a0ce75a67353ad5e3dbd28c4cd5bd862cb6a82b still live
5. 0x616a607c1f884c04780674bb04ce0b6e2df44030 still live
6. 0xfc36a58df0e75b41d0defffa392ff90587a26373 is old and limited use but did not take things out of BitMEX.
7. 0xB52EDe3199Ae575BB7133ED3f10De311b01270E4 pulls from a few places, including BitMEX, but is still live
8. 0x3a3cee5aa20caff6a1acb22e479705d51aa7ba59 still live trading with BitMEX

And there are a few interesting addresses:

1. 0xf031878f6cf9873e296feb81dcfb47a6057bc6bf: BitMEX sent it about $23 million and it went quiet after the LUNA weekend.
2. 0xb946edbbc03eefaed97f7c9b91ff04f9ecdf5cad: BitMEX sent it over $30 million and it went quiet 17 June 2022. Except it sent $30 into 3AC addresses before that.

1 is a Bitstamp rail. There is almost certainly something interesting here but also no reason to believe it is related to 3AC. That wallet looks like this:

But 2. Yeah, look at 2:

Same habit of weird stubs and transfers to known 3AC addresses. This must be 3AC removing some of the money. That leaves about $70 million somewhere inside BitMEX. Maybe someone should ask?

And address 2 goes a little further:

That 0xdb05 address:

Last transfer 1AM Singapore on Friday June 17th. This WSJ piece came out that day and they are quoted as speaking “on Friday.”

So these look very much like 3AC’s final on-chain skidmarks.