The Unresolved Mystery of Steaker Sequel | On-chain Fund Flow Analysis: Is there a discrepancy between reality and imagination?

The Taiwan cryptocurrency financial platform Steaker claims that due to the bankruptcy of FTX, users' funds were lost, leaving many users puzzled and dissatisfied. Looking back: The Unsolved Mystery of Steaker: What are the various reasons that have angered the community? On December 19, they made another announcement stating that they have hired a legal firm to handle the matter and will launch a new solution from the perspective of users.

Before the new solution is released, exploring Steaker's possible fund flow through on-chain data analysis may help users clarify the discrepancies between speculation and reality.

The results show that the funds entering FTX from Steaker far exceed the ultimately disclosed lost amount, and there may be various uses of exchange accounts and situations where user funds are transferred to multiple unidentified wallets. It is recommended that Steaker officials provide clear explanations of the handling of user funds on the exchange.

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The following information is compiled from community submission data and analysis. Click "see the board" to view the full image. Warning: On-chain data analysis is for reference only and cannot confirm intent, nor does it represent a position:

Note: On-chain data extracted as of November 29, 2022

Most of Steaker's Deposits Go to FTX Accounts, with Few Going to Binance

According to community analysis, Steaker divides its multi-signature wallets into "Ethereum and BSC" and "TRON" blockchains, allowing users to deposit USDs as a collective term for USDC/USDT/BUSD/DAI.

Financial flow data shows that a total of about $40 million has been transferred from Steaker's multi-signature wallets to FTX. Of this amount, $20 million comes from Ethereum and BSC multi-signature wallets, $20 million from TRON multi-signature wallets, and only a small portion, $1.4 million, from multi-signature wallets to Binance.

Ultimately, Steaker claims to have lost $10.67 million, which is less than the total amount transferred into the multi-signature wallets.

Various Destinations of Deposited Funds

• Steaker's Ethereum multi-signature wallet: Approximately $17.07 million transferred to FTX accounts, $0.16 million to Binance accounts, and relatively small fund flows to three unidentified addresses.
• Steaker's BSC multi-signature wallet: About $3.16 million transferred to FTX accounts, $1.26 million to Binance accounts, and a relatively small fund flow to one unidentified address.
• Steaker's TRON multi-signature wallet: Approximately $19.93 million transferred to FTX accounts, $6.26 million to an unidentified address.
• There are a total of four unidentified addresses with over $6.7 million flowing in from various multi-signature wallets.

Are Exchange Accounts Mixed?

In addition to storing funds from multi-signature wallets, Steaker's exchange accounts also contain funds from EOA wallets related to Steaker. This may indicate that Steaker interacts with other addresses through exchange accounts, not just using the services of FTX or Binance. For example, wallets labeled as steakerai.eth and the address of founder Wilson Huang. w9g.

Creators of Multi-Signature Wallets and XY Treasury

An address 0x333…35d is both the creator of Steaker's multi-signature wallet, supplier of initial funds for Steaker SAFU, and one of the multi-sign addresses for XY Treasury.

Unsolved Mysteries of Steaker

• In the FTX addresses where Steaker imported funds, a large sum of funds labeled as from Amber Group entered. What is the relationship between the two companies? Is this a repayment?
• While the actual funds entering FTX addresses from Steaker amount to $40 million, only $10.67 million loss was announced. What is the actual amount lost, and how are the losses distributed among different user schemes?
• Is there any fund transfer between Steaker in FTX and Binance, allowing a significant portion of the $40 million to escape? If so, can transfer records be provided?