ATMTA Sells $1.6 Million USD Worth of ATLAS and POLIS Over Last 3 Months
What began as an investigation into a potential exploit by Star Atlas community members led to the public discovery that ATMTA, Inc. sold over $1.6 million dollars worth of ATLAS and POLIS over the last three months. No official reason has been given for these sales.
This article has been updated to reflect that jup.ag was the primary exchange for USDC transfers, not MEXC. The article was update to reflect links to Solscan highlighting the transaction details.
Reading the Blockchain
Star Atlas community blockchain analysts discovered on Friday that ATMTA, Inc has been selling company owned POLIS and ATLAS tokens since mid-January.
Blockchain analysis was conducted by Andre from The Club Guild with additional verification from yaawn of Bulk.
The detective work began when community member Andre posed a question to the Economics channel in the Star Atlas Discord late Friday evening.
“Anyone know who B5hX2Aj8FYmdYjXQFVF1jpz7BkrdpLXgSPs92G6DFGjA is? He’s been selling 1.6 million USD worth of $atlas and $polis last 3 months” — Andre
Andre also noted that these token swaps were being conducted primarily on the jup.ag decentralized exchange, where tokens were ultimately swapped for USDC and transferred to Coinbase.
You can view a summary of the community’s analyst work at the end of the article.
ATMTA Sells Tokens, Official Reason Unknown
ATMTA has yet to release an official statement regarding the sale of privately held ATLAS and POLIS tokens. During the last Star Atlas town hall that occurred on February, 3rd, CEO Michael Wagner indicated that the team would likely begin selling tokens “in the near future”.
We weren’t in a position to sell any of our tokens last year, I took a strong position against that. So, at some point in the future though, it should be expected and realistic that we are going to be selling some of our tokens on a regular basis into the market as well. Our objective there is to be market neutral, we don’t want to have any impact on the market rate either up or down…there is a huge opportunity for us to capitalize on the ecosystem tokens that we hold on our balance sheet. — CEO Michael Wagner on token sales
Community Sentiment on Token Sales
In many projects, the sale of project tokens by developers can be an ominous portent. However, some in the Star Atlas community were unfazed by this revelation and viewed it in a positive light.
While no official reasoning has been given by ATMTA, positive-leaning community members speculate that the token sales are a method by which ATMTA is increasing its development runway through the year. ATMTA was impacted by the FTX collapse last year, shortening its development runway by approximately half. ATMTA eventually recovered a portion of its lost funds.
Other community members were not as reassured and viewed the selling activity in a more dismal light. Without an official statement from ATMTA, these individuals were concerned that something more nefarious was occurring.
Despite the sales, several individuals in the community pointed out that ATMTA would need to significantly elevate it selling rate to even come close to liquidating its entire token reserves. Others were also quick to point out that ATMTA was sacrificing its position in the Star Atlas DAO to secure revenue, a forward leaning projection for some.
Whatever the reason, the sale of Star Atlas tokens by ATMTA will likely continue.
Summary of Blockchain Analysis
Andre’s source analysis of ATMTA’s account:
Yaawn’s explanation of ATMTA’s Transactions
That 4zLYwzBiEK6 wallet is the team [ATMTA] and GgY is team [ATMTA] wallet as well. Yes it’s 100% team swapping POLIS and ATLAS for USDC to send to HYNeQp {ATMTA wallet].
The 4zLYwz is their [ATMTA] deposit address for MEXC
Transfers to Coinbase: 3ehmDUijQ4cxk8ZhqChBCs9Cyo5zHAnkwR3eUEaoVguwhDnRbr8iH8omAU3N4nbMwUfZE9ZWGNCo7UAAbNPXK54P
4ER73ekiyyZQU5mL4Wz347tfeqCcfDrENDR42v4AArjovodP6x9hEtZmyW4oetevy7z9Rt3s8J2NB6KRyXhNeExg
Transfers to HYNeQp from GgYtnD 3csfPNdSMveceUvsoQr2Mivv41or4AVusWiRgMcYQ9cL9MhwmjBigC2GWRNuLkUztJz8qkkdrn6XNi2kGtCxUSfb
Transfer to HYNeQp from B5hX2A 62sgVW4kjshu7vHq5LnFUozn4KUne7GXw5mE8UsNXqXmfRNbHCpNUpCkhGowfxBTA6o2zWMUHXM8KasKcw6ybmSy [links all the wallets there]
GgY is their [ATMTA’s] “active” address basically that’s where marketplace fees etc go
About the Author
is a pioneer in the world of Star Atlas, having founded The Hologram News Network — an independent meta-news organization that keeps players up to date on all developments regarding Star Atlas. An ardent supporter of emerging technologies, Krigs has been covering this game for over a year and believes passionately in their power to revolutionize our collective gaming experience.
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