Today, I’m looking into the what Pools FRAX sits in. If you haven’t followed me on Twitter, you don’t know that I’m investigating what I believe is a Multi-Billion Dollar network of fraud involving many of the biggest names in Crypto, throughout each pillar of Crypto. Lately, I’ve been looking into the Wintermute exploit as I found a good lead, and through that lead, I noticed a lot of familiar Wallet address’ from past exploits that I felt were connected. Knowing that they moved a ton of funds into 3Pool on Curve, I’ve been wanting to look into Curve. Today, I did a data dump and grouped together the Top 50 Inbound and Top 50 outbound transactions in and out of the CRV Pool for Frax. You can see those totaled below by Month, along with a chart I pulled off Dune.xyz. I believe Stablecoin pools are used to wash the largest exploits.
You can swap your assets cross-chain and cross-pool, which makes this a very liquid and easily hide able wash if done correctly. One of the watch-outs is not impacting the total locked value of the pool significantly. One way to get around this is to withdraw funds from your last exploit on the same date you deposit funds from your the contract you just exploited. This is my belief on how 3Pool is currently being utilized, and perhaps, how it was built, which is why I’m looking into the pool activity today. Based on what I outlined above, and the below look at the timing of the 3Pool volume on Nansen… My theory on Ronin, Luna, & now Wintermute being connected grows 1-inch stronger ;).
What are the Boring Sleuth Chronicles?
The Boring Sleuth Chronicles are quick recaps of my activities on that day. The purpose of them is to give you a look in my process from conception of a lead thru how I go about looking into them. They are meant to play a smaller, yet more consistent role in a much bigger, world impacting story. These are a real time on-chain documentation of a sleuth attempting to uncover, prove, & help put an end to fraud in Web 3.0, while educating you on many different things. I hope you enjoy. Cheers.
Cosimo Ruggeri, BS, CMDR SLUUUTH