Thread by @CryptoEdgar_

1/ #StepN treasury analysis

3.6M #GMT being sent out monthly to 50 unique wallets.

So who are they if they aren't VCs and why has the majority of them most likely sold as soon as they've received funds?

I've been able to identify some of them. Let's take a look 👇

[Thread 🧵]

2/ I've been able to identify 3 wallets from which I'm quite certain of the holder.

1. solscan.io/account/F8syoR…

This wallet has received 186,669 #GMT over 7 months. It has a registered domain "tehmoonwalker.sol". There's a Twitter account with an equivalent name @tehMoonwalkeR

3/ The account is followed by @Stepnofficial and has been posting very actively until early June. Then it got more silent.

Given his huge following base, I'm guessing this could be an influencer paid by #StepN to promote the project.

Still well paid for the few tweets recently.

4/ 2. solscan.io/account/54uTy4…

This wallet has received 350,000 #GMT over 7 months. It has a registered domains "bichenkk.sol" and "debeats.sol". There's a Twitter account with an equivalent name @bichenkk

5/ Listed as CEO on web3games.com/team and described as:
"Software developer and product designer for 10+ years."

This very much sounds like a collaboration between @Stepnofficial and @web3games

They receive around 26,667 #GMT monthly. Unclear for how many people.

6/ 3. solscan.io/account/82cSo3…

This wallet has received 233,331 #GMT over 7 months. The wallet address participated in a giveaway on April 12th, 2021 for @HedgehogMarket. The tweet was posted by @CryptoMaestro

An account which is also followed by @Stepnofficial

7/ The description reads: "Web3 angel investing at @VamientLabs"

My guess is that this account has done angel investing for #StepN at earlier stages as I can't find any tweet related to @Stepnofficial or #StepN.

For this they receive a monthly treasury payout of 33,333 #GMT

8/ There's 2 more wallets for which I'm not 100% sure who are they but have suspicions

1. solscan.io/account/DKJnz1…

This account usually exchanges received #GMT to #USDC and sends it out via an intermediate account to @FTX_Official but not always.

9/ One outgoing transaction (solscan.io/tx/34MR4rM4P3q…) went to an account with the registered domains
"blockivy.sol" and "datac.sol"

The only Twitter accounts I could connect it to were @BlockIvy and @Blockivy_CN. Pretty vague but perhaps someone else knows more.

10/ 2. solscan.io/account/3ni9MR…

Received a grand total of 233,331 #GMT

Has three registered domain names:
"ime.sol", "newworldorder.sol" and "pornhubcrypto.sol"

I couldn't make a lot of sense from these domain names. Perhaps someone else has more luck here.

11/ Conclusion:
It seems that the monthly payouts go to influencers, developers, angel investors and perhaps more.

What worries me is the kind of deals they've made with some of these individuals. Why are payments continuing to accounts that seem disconnected from #StepN now?

12/ I hope you've found this thread helpful even though we had to make some assumptions based on the data we've got.

Make sure to follow me (@CryptoEdgar_) to receive all future updates.

Please help me to share the word by Liking ❤️ & Sharing 🔁 the FIRST tweet below:

https://twitter.com/CryptoEdgar_/status/1590751192660865031

13/ Everyone wishing to make a donation can do so on one of these wallet addresses:

Solana: 5PMsmkFjbXm86t6BH8UUjxgkKt32WKtNN2kt9Q6ouDkk

EVM-based chains (ETH, BSC, ...):
0xb4c6A8A8926Ed3F94b594aB8A8C93C538D24557D

All proceeds will be used to push for transparency in Web 3