Get MOONBAGS'd!

Also, MEXC is not a MIXER

A while back I made a little shitpost.

Although it was funny to imply that they were getting dumped on MEXC, in reality most of the funds were getting transferred back on chain.

Where they got dumped.

But just some of the arena! The rest of it of it was held in various accounts. I tagged all the accounts (as one does) and moved on with my life.

Until now.

MEXC is not a MIXER

Just an FYI for the more retarded of you out there (all of you).

Don’t transfer funds to MEXC and expect that they will stay anonymous. It was relatively easy to track what happened to the funds in the screenshot above.

Y no fdn support????

Every time I see one of these dumbass posts it reminds me to check in on $ARENA.

Not sure why but I though maybe I should check in on what’s been going on with those mixed funds, and I stumbled across something very funny!

Get moonbags’d, pleb

Man, man, man. That’s a lot of arena loans getting taken out on Salvor in a short period of time! I wonder why? What’s happening to them?

Loans 1 (0x127)

Swapped/bridged to SOL, bought $testicle lmaooooo

Loans 2 (0x370)

‘Mixed’ via Debridge to 0x4ae86d58abdb1413da0adbd3c185d9d64f181db2 and 0x065ecbe6dbbd13cfd39378350dbff0abed3cbf8d.

Puzzling! Funds were used to pay back previous loans on the target wallets. Bizarrely, these two accounts were both funded directly from the StarsArena Deployer wallet.

Pure speculation, but perhaps the goal was to shift the intended default from a wallet closely linked to SA to one with more plausible deniability.

Or perhaps… something more nefarious, like trying to build up credibility for future loans. Who can say!

Loans 3 (0x2de)

Lol. Lmao, even.

Loans 4 (0xcb7)

Another high quality Debridge mixer.

Similar to Loans 2, this one also has existing Salvor loan fuckery. Very curious.

Loans 5 (0x348)

Another case of Salvor loan fuckery. The proceeds from the earlier loan were sent to some wallet that is just holding them.

But, why?

Lot of weird shit going on here. I’m writing this on Tuesday, very curious to know what happens when these loans are up!

The borrows and repays remind me of how Moonbags was trying to juggle loans on Juicy for a time, before he gave up and just let them default.

Anyway, the reason for this is that they wanted to ‘sell’ $150K of arena without hitting the LP. The LP has about $200K in avax across all pools.

I believe arena is currently using a paid LP service, based on the way their liquidity is being moved. I wonder what their contract terms are?

But, who?

Great question!

Feels unlikely to me that Arena leadership knows enough to do this kind of stuff. Not sure how they manage to tie their shoes in the morning.

So my guess is that these are payments to employees trying to cash out without nuking the token.

Partychad? Are you there?

Anyway, the other ‘who’ is the lender. Who could be lending this much liquidity for a shitcoin?

This guy AGAIN? I’d say ‘poor bastard’ but honestly at this point maybe he deserves it.

How sure are you about this stuff?

Really sure that the funds came from the Arena team. Really sure about where the funds ended up.

Not sure who specifically took any of these actions. Good opsec!

Deadly sure that there are about $120K of arena loans outstanding by either the same person or closely related persons.

Late breaking update! Jan 20, 9PM ET

Loan 2 bridge target 2 sent 160A to some wallet, and then bridged funds to SOL.

It sent more funds to a wallet initially funded by ChangeNow, the CEX of champions (criminals).

Unsurprisingly, it bought more shitcoins.

Late breaking update 2! Jan 21, 12 PM ET

I wrote a Dune query to summarize the status of loans on Salvor, since their UI is.. inflexible. Then I filtered by outstanding and sorted by loan amount descending, and found ANOTHER arena-linked loan wallet.

I also found World2020 and Jony in there, which is very funny. World2020 already transferred his avax out and he’s gotta be giga poor by now, high risk of default there.

Wonder if Jony will default on his by the time this article posts? He’s borrowing about $35K avax against his arena and he’s about to get liquidated on his massive avax long.

Not looking good, bruh. My guess is that he gets liquidated, uses the new headroom to repay the arena loan, and dumps it to recoup the avax, sending arena down a solid 20%.

Anyway, let’s take a look at Loans 6!

Another one directly linked to SA, doing insane things. Using shady CEXs (ChangeNow) and not-actually-mixers (deBridge) to move funds, juggling funds. Funny stuff.

Looks like this one just bridged to a Solana wallet buying testicle (this will never get old). You know what, let’s see how he’s doing on testicle.

And minecraft grandma fund?

Not great, but could be worse!

N/m I’ve got things to do

I was going to wait until after they started defaulting to post this, but I want to be on to something else soon. First round of loans is due tomorrow.

Good luck to the lenders, and good luck to the people still offering an outstanding (checks notes) $50K of loans for arena.

This person (or persons) still has plenty of arena to lend out. Probably not worth those points, buddy.

In the future perhaps I should wait until closer to the date to compile the article instead of just appending updates to the end. Oh well.