Ryan Trost

The wallet we traced to Trost puts 85.2M CRACKER into a token-stream contract (program aSTRM…). We haven't read its terms.

4BFX… sends 17.9M CRACKER back to the traced wallet. CW8W… signs a transfer of 1,358.92 CASH to the traced wallet the same minute, and 2,504.25 more at 4:49 PM. Most of the rest of the day's ~$37,900 goes through a deposit address to a cash-out service's collection wallet.

A trader with about 39,000 followers replies to Trost, Avi and @pointfarmcap: Avi "really didn't do anything but hold his coins", and the real mistake was "pairing 20 coins vs an illiquid low cap meme".

Others keep selling. CRACKER bottoms near $360, down about 93% from 10 PM.

A trader on X accuses Trost and @AviFelman of "panic dumping every single promising $GP pair ... at the absolute bottom".

Between 12:25 and 12:50 AM, 4BFX… sells about 10.4M CRACKER, roughly 30% of all CRACKER sold in those minutes. The price falls 63%, to about $970.

In about a minute, 4BFX… sells into all six party hats Trost had promised to seed: WHITE, PURPLE, BLUE, GREEN, YELLOW and RED. It also sells SANTA, two minutes after the traced wallet sent it 9M. Every sale pays out in CASH, a dollar stablecoin, to a third wallet, CW8W….

The wallet we traced to Trost sends 19.3M CRACKER to a second wallet, 4BFX…, which it has been feeding since 23 Sep; another 12.1M follows at 12:32.

The slide starts. By 12:20 AM CRACKER is near $2,700, down about 45%. Neither wallet on this file has sold.

CRACKER trades around $4,950 per million tokens.

MidCurveMortal, a trader with about 16,000 followers, posts a widely shared thread questioning who claimed StonkFun's holder rewards across GP and two other coins. We haven't checked its claims.

Money from the party hat sales went back to the wallet we traced to Ryan Trost. On 26 Sep, CW8W…, the wallet that collected the CASH from those sales, signed two transfers to the wallet we traced to Trost: 1,358.92 CASH at 2:51 PM ET and 2,504.25 at 4:49 PM. That closes a loop of transfers the wallets signed themselves: traced wallet to 4BFX…, 4BFX… sales to CW8W…, CW8W… back to the traced wallet. Most of the rest, about $12,050, went through a deposit address to a cash-out service's collection wallet, where the trail ends.

Two days after Ryan Trost announced he'd seed all six party hats, the second wallet on his file sold into every one of them within about a minute. At 12:28-12:29 AM ET on 26 Sep, 4BFX… sold WHITE, PURPLE, BLUE, GREEN, YELLOW and RED, plus SANTA two minutes after the wallet we traced to Trost sent it 9M, and CRACKER through 1:32 AM. Every sale paid out in CASH, a dollar stablecoin, to a third wallet, CW8W…: about $37,900 that day. At 2:51 PM 4BFX sent 17.9M CRACKER back to the traced wallet.

The night CRACKER crashed, a wallet fed by the one we traced to Ryan Trost sold into the steepest part of the fall. The slide began without him: from about $4,950 per million tokens at 10 PM ET on 25 Sep to $2,700 by 12:20 AM. At 12:28 and 12:32 AM the wallet we traced to him sent 31.4M CRACKER to a second wallet, 4BFX…, which it had been feeding since 23 Sep. Between 12:25 and 12:50 AM 4BFX sold about 10.4M, roughly 30% of all CRACKER sold then, while the price fell 63% to $970. Others kept selling; it bottomed near $360 by 3:10 AM. Prices: median per trade, Dune.

The wallet we traced to Ryan Trost, Bra5EH…5yNs, was CRACKER's largest holder when he posted on 22 September that he held "nearly a quarter of the cracker supply". At 4:08 PM ET that day it held about 145.6M of roughly 497.6M CRACKER, about 29%, more than any other wallet (the next held 75.2M). It holds about 2.1M today. Trost promoted the GP, CRACKER and party hat stack in public; CRACKER fell 91% between the daily closes of 25 and 26 September (our file).