Investigation 1: Coordinated VULT launch buying
The VULT test wallet JP acknowledged and 26 launch buyers each sent 20% of the tokens they bought to the same destination.
The 26 wallets spent 260,000 USDC across both opening rounds. Including the test buy, the group acquired 1.57% of the supply and later sold 87.68% of its purchases for about $312,715.
Project administrators enabled the early buy
The whitelist determined which wallets could buy. A project administrator added the pool and the test wallet before its 1,000-USDC purchase, then removed both.
THE LAUNCHLIST IS SET
The post also included the test screenshot. Original X link · Archive · Saved copy
All 27 wallets were on the 1,149-address VULT list signed under JP’s GitHub account and on the earlier WEWE whitelist. The WEWE list establishes eligibility.
| UTC | Recorded action | Transaction |
|---|---|---|
| 26 Oct 14:00:23 | Token owner 8e247 activated the current buyer list. | Activation |
| 27 Oct 10:34:35 | Administrator 9ad16 added the trading pool to the ordinary address list, enabling the early route. | Pool admitted |
| 27 Oct 10:39:11 | The same administrator submitted a 500-address batch, including af084; 488 addresses were newly added. | Buyer admitted |
| 27 Oct 10:55:47 | af084 bought 1,000 USDC of VULT, at position 6 in this block. | Test purchase |
| 27 Oct 10:55:47 | The administrator removed the pool at position 109 in that same block, closing the route. | Pool removed |
| 27 Oct 11:18:11 | The administrator removed af084 itself. | Buyer removed |
The early route also worked for another approved wallet, which bought twice. A historical simulation reproduced access for a different funded, approved wallet.
The four source workbooks
| Source | Distinct addresses | Original source | Preserved workbook |
|---|---|---|---|
| Earlier VULT list labelled Outdated | 1,100 | Original Google Sheet | Exact XLSX export |
| WEWE | 1,149 | Original Google Sheet | Exact XLSX export |
| Original VULT | 1,485 | Original Google Sheet | Exact XLSX export |
| Later VULT activation | 1,368 | Original Google Sheet | Exact XLSX export |
JP’s screenshot matches the test buy
JP posted the same transaction screenshot on Telegram and X. On X he said the team had tested the contracts. The screenshot’s fee figures match exactly one of the 211 transactions in the block: af084’s 1,000-USDC buy.
fyi these are the right gas settings!
WE DID SOME SMALL TEST TRANSACTIONS TO VERIFY THE CONTRACTS WORK
| Field visible in the image | af084’s 1,000-USDC purchase |
|---|---|
| Gas limit | 500,000 |
| Gas used | 164,226 |
| Gas price | 21.111901002 gwei |
| Priority fee | 21 gwei |
| Maximum fee | 400 gwei |
| Transaction fee | 0.003467123053954452 ETH |
VULT promoted a $10,000 buying cap
VULT’s launch announcement described the $10,000 cap both per wallet and per user.
Distribute $VULT to as many people as fair as possible
Launch article Original source · Archived source (indexed; replay not verified) · Preserved original post
The cap was 1,000 USDC in the first hour and 10,000 USDC total after that. Immediate selling was allowed.
26 wallets bought at both round openings
On 27 October 2025, each wallet spent 1,000 USDC in the first round and 9,000 USDC in the second. Each round’s 26 buys landed in one block.
All 52 purchases
All 27 wallets paid 20% in the same block
At 12:00:47 UTC on 28 October, the test wallet and the 26 buyers each sent one fifth of their purchased VULT in 27 consecutive transactions with identical fee settings. The test wallet was at position 54.
All 27 payments and forwarding transactions
The test wallet paid 0x9f8258…75ac97 directly. The other 26 used forwarding wallets. The address received 314,186.22 VULT in total.
Earlier launch phases restricted wallet-to-wallet transfers.
The recipient funded all 26 forwarding wallets
At 10:51:23 UTC on 28 October, the receiving wallet sent ETH for transaction fees to exactly the 26 forwarding wallets, 69 minutes and 24 seconds before the buyers paid.
| Recorded feature | What it shows |
|---|---|
| Sender | 0x9f8258…75ac97 |
| Transaction | Advance fee funding |
| Recipients | All 26 forwarding addresses; no additional native-payment recipients |
| ETH delivered | 0.0380143 ETH across those 26 addresses |
| Later use | Every funded address forwarded the corresponding buyer’s exact 20% share |
Funding, sales and destinations
Before launch, the 26 buyers sent 232,978 USDC to other wallets. Each returned the same amount on launch day. Fifteen later received the buyers’ remaining VULT.
In March 2024, af084 sent ETH to a wallet that later funded two of the 26 buyers. All three used the same Binance deposit address for AEVO. The intermediary also held other funds.
| af084’s later route | Amount in USDC |
|---|---|
| Previously sent to the wallet receiving its remaining VULT | 9,100.019827 |
| Further balance sent there | 195.000000 |
| Proceeds from selling the remaining VULT | 5,924.731854 |
| Combined transfer to the same AEVO-era deposit | 15,219.751681 |
Tokens bought, sold and held
Scope: test wallet and 26 buyers. Snapshot: block 26,299,841, 29 October 2026, 17:17:35 UTC. Supply: 100 million VULT.
| Token disposition | VULT, rounded | Share of total supply | Share of this group’s purchases |
|---|---|---|---|
| Originally bought | 1,570,931.1024 | 1.570931% | 100% |
| Verified sales | 1,377,408.6453 | 1.377409% | 87.6810% |
| Still in the traced wallets | 37,522.4571 | 0.037522% | 2.3885% |
| Transferred onward; later disposition unresolved | 156,000.0000 | 0.156000% | 9.9304% |
Nearly all held VULT was at 0x5b4baf…aeb110.
The 156,000 VULT went through 501704 to 0x1bff6b…e7e3, where it mixed with other deposits. Its later disposition is unresolved.
Sale proceeds
| Sale route | Gross stablecoin received |
|---|---|
| Remaining-token recipients and their traced child wallet | 259,155.693150 USDC |
| Common 20% receiving wallet’s two direct sales | 53,558.814277 USDT |
| Total, treating each stablecoin as $1 | Approximately $312,714.51 |
Gross receipts exceeded the 261,000 USDC purchase cost by about $51,715 before fees. This measures the group’s on-chain cash flow. Individual profits remain unknown.
The test wallet bought 32,438.07 VULT for 1,000 USDC. It sent 6,487.61 VULT to the shared address. The remaining 25,950.45 VULT sold for 5,924.73 USDC.
Where the $312,714.51 went
| Onward route | Sale receipts associated with that route, at $1 per stablecoin | What was traced |
|---|---|---|
| Bybit-bound | Approximately $290,238.78 | 242,720.950667 USDC generated by 24 buyers’ remaining-token recipients, routed through 1d6ec2 and e8f0bf; plus 47,517.831618 USDT from the common 20% receiving wallet, through c467f0. |
| Binance-bound | Approximately $11,964.73 | 5,924.731854 USDC generated by JP’s test-wallet remaining-token route, through 7d5996; plus 6,040 USDT paid by the common 20% receiving wallet through 1f0891. |
| Other or incompletely traced routes | Approximately $10,510.99 | 8,802.923973 USDC from the 9d813 route into a mixed onward payment; 1,707.086656 USDC from the 5b4baf child wallet’s sales; and a net 0.982659 USDT remainder in the common receiving-wallet reconciliation. |
| Total | $312,714.51 | Gross sale receipts. Exchange customer accounts and any later fiat withdrawals remain unidentified. |
The exchange deposits also carried other funds. The table attributes only VULT sale proceeds.
How the small and mixed routes reconcile
The common 20% receiving wallet’s 53,558.814277 USDT of sale receipts plus 0.006584 USDT of small additional receipts equals 47,517.831618 toward Bybit, 6,040 toward Binance and 0.989243 to another address. The net sale-only remainder is therefore 0.982659 USDT. Fungible balances are commingled; this is an accounting reconciliation, not identification of particular units.
The 9d813 route’s 8,802.923973 USDC of sale receipts joined other money before a mixed 18,226.741040 USDC onward transfer. The 5b4baf wallet later sent 125 USDC onward and 1,500 USDC to a router; its checked balance was 137.148896 USDC, including other receipts. These routes are not established as bank or exchange withdrawals. The source amounts and their proof grades are retained in the sale-destination reconciliation and underlying route records.
Exact onward transfers and later activity
Exact onward transfers and addresses
| Observed amount | Route | Last established classification |
|---|---|---|
| 146,200.195798 USDC | 1d6ec2…dad3 → 260b36…4cea | Bybit deposit / reserve address |
| 98,080.341232 USDC | e8f0bf…eb0e → 260b36…4cea | Separate Bybit deposit / same reserve address |
| 15,219.751681 USDC | Test-wallet route → 7d5996…4084 → ee7ae8…4055 | Binance-labelled infrastructure; includes 9,295.019827 USDC beyond the VULT sale receipt |
| 47,517.831618 USDT | c467f0…217d → 18e296…82f6 | Bybit reserve address |
| 6,040 USDT across two payments | 1f0891…f358 → 28c6c0…1d60 | Binance-labelled hot wallet; forwards also include other funds |
| 18,226.741040 USDC, mixed sources | a06fe1…072d → bb8054…fdb7 | Unclassified recipient |
Exchange destinations are traceable on-chain. The credited customers and any cash withdrawals remain unknown. Full route records.
Activity continued after the launch
- 3 April 2026: the 1f089 route forwarded 54 USDT from the earlier payment together with 2,259.21 USDT of new funds to Binance-labelled 28c6.
- 3 October 2026: 9f825 sent 3.060450 USDT onward. The ledger traces that amount to later receipts, not to another VULT sale.
- 10 October 2026: 1f089 forwarded another 6,401.825 USDT to Binance-labelled 28c6. This is not an additional traced VULT sale receipt.
- 13 October 2026: 1d6ec sent 0.031355234449432796 ETH to an unclassified recipient. Transaction.
- 23 October 2026: the mixed 1bff address sent 14.478 VULT onward. This is activity of the pooled address, not proof that this group’s deposited tokens were the tokens moved. Transaction.
Verify the quantities and snapshot balances
Exact arithmetic · Canonical transfer ledger and transaction links · All 27 purchase routes · Pinned balance results · Raw state request/response locators · Mixed-address transfer history and duplicate resolution · File hashes.
Use the canonical VULT contract 0xb788144df611029c60b859df47e79b7726c4deba, USDC 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 and USDT 0xdac17f958d2ee523a2206206994597c13d831ec7. Purchase and sale quantities are derived from exact token receipts; the independent accounting pass checked 217 outer transaction signatures and 305 transfer logs. The 71 new state reads are pinned to block 26,299,841. Provider state and receipt data are not independent consensus or trie proofs.
Paaao later said no team member had been sniping
But I can assure you, non in the team got rich or was sniping.
The post also defended JP. Original source · Archived source · Preserved original post
The test wallet had already made its 20% payment when Paaao posted this.
What the records establish
Project administrators enabled the early test buy. JP’s post ties that buy to the project. Its 20% payment followed the same arrangement as the 26 opening buyers.
The evidence establishes coordinated payments. Who controlled the 26 wallets, who benefited, and whether any one person exceeded the buying cap remain open.