Following the money in
Every wallet got its first ETH from somewhere. Following that trail back is how wallets that never trade with each other turn out to share a source.
Chapter 4.
Every wallet got its first ETH from somewhere. Following that trail back is how wallets that never trade with each other turn out to share a source.
Hop by hop to a hub
The funding trail follows first-funding transactions back, one hop at a time, until it reaches a hub: an exchange, a bridge or a router. Hubs end the trail because everyone uses them. A labelled hub never links two wallets.
Below the hub, a shared funder links wallets. When that link ties a wallet to the token’s creator, the wallet counts as linked to the creator, and the share of supply those wallets hold is reported. 3% or more is flagged; 10% or more weighs more.
Many wallets, one source
Sybil wallets are wallets funded alike by one source or airdropped in bulk. When they make up 25% or more of the wallets checked, the method flags it. The list of wallets and the funding transactions are in the scan.
Testing a link
Open the funding transaction in the block explorer. Check the amount, the time and whether the funder sent to many other wallets. A funder that sent to hundreds of unrelated wallets is more likely a service than a person; the scan’s labels improve as these are found and recorded.
TERMS IN THIS CHAPTER Funder. The address a wallet first received ETH from. · Hub. An exchange, bridge or router that funds many unrelated wallets. Funding through a hub never links wallets on its own. · Funding trail. The chain of first-funding transactions behind a wallet, followed back hop by hop until it reaches a hub. · Sybil wallets. Wallets funded alike by one source or airdropped in bulk.