On this week's episode, the featured chain is $ATOM.
Alerted by WillBTC on the greatest web2 crypto social platform, I had to dive in and take a look at what was going on. As we can see above, the stATOM/ATOM pool has been smashed. Lets dive in…
As of writing the wallet above osmo1qs00cyjkpjg79y2gf6s54phzhlncm4s92h8muu still has ~41k stATOM to offload.
Looking into the source, we can see they’re transferring the stATOM from Stride
Looking into the stride wallet, they’re receiving from an ATOM wallet.
50,000 “Unknown” is ATOM as tokenised shares, what you get when you use the Liquid Staking Module to convert staked ATOM.
Now let's check the ATOM wallet.
Looking through their transactions, using the LSM they liquidated ~431k of ATOM into tokenised shares, swapped through stATOM/ATOM and sktATOM/ATOM pools into ATOM and exited through a CEX, over 260k ATOMs in about 4 hours.
EDIT
Thanks to 0xPonci for additional investigation, OSMO wallet funds kava1qs00cyjkpjg79y2gf6s54phzhlncm4s97eqkuf some gas money.
Which then goes to fund kava1ppj7c8tqt2e3rzqtmztsmd6ea6u3nz6q97zfvw
As we can see kava1ppj7c8tqt2e3rzqtmztsmd6ea6u3nz6q97zfvw wallet is the SG-1 Validator wallet.
Also worth noting that the associated Juno wallet juno1qs00cyjkpjg79y2gf6s54phzhlncm4s957hsdj is unboding 153k Juno as well.
Which exclusively delegated to their validator.
Be safe out there friends.
