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Who funds the buyers? Two tokens, a shared funder and capital flowing back

An Archalis investigation into 黑马 and 币安队长: funded creators and buyers, at least 35,000 USDT from a shared source, and synchronized exits on BNB Chain.

1. Analysis summary

On 20 October 2026, 黑马 and 币安队长 opened PancakeSwap V2 pools on BNB Chain just 15 seconds apart. Roughly 21 minutes later, their creators withdrew liquidity in consecutive blocks carrying the same timestamp: 09:43:22 UTC.

The timing prompted a closer investigation. The more revealing finding was upstream: each creator's funder had also distributed 250 USDT to each of 20 addresses before the corresponding pool opened. Nine of the ten largest holder addresses in each post-withdrawal Archalis snapshot were recipients of the respective distribution.

We verified one purchase by a funded address in each pool. Ten seconds after the liquidity withdrawals, both creators returned USDT to their respective funders in the same block. The evidence connects launch capital, holder funding, actual purchases and the return of proceeds. It gives a concrete reason to distrust wallet count as a measure of independent demand in these two pools.

Further investigation identified a common upstream funder: U sent at least 35,000 USDT to the two funders. This report reconstructs their relationship with U, capital returning from preceding operations and funding for new buyers. The central finding concerns demand quality: distinct addresses are not necessarily economically independent participants.

2. Scope and method

This investigation combines Archalis pool and wallet reports collected on 20 October with individual BscScan transaction pages, BEP-20 transfer records and address histories. The holder comparison uses a snapshot taken after the withdrawals, around 09:47 UTC; it is not a reconstruction of the holder ranking at launch.

Amounts refer to Binance-Peg USDT at 0x55d3…7955, labelled BSC-USD by BscScan. Token transfers were checked against the full contract and wallet addresses. Lookalike assets were excluded. All times below are UTC; add two hours for Italian local time.

The two batches, launch transactions, withdrawals and USDT return transfers are directly traceable. Purchase verification is a sample of one recipient per branch. This is not an exhaustive replay of every swap or a complete balance reconciliation for all funded recipients.

3. The shared funder: capital, gas and return transfers

The financial relationship between the two branches runs through U, 0x5fad…c815. Five verified transfers between 4 and 11 October document at least 35,000 USDT sent by U to the two funders: 8,000 to FA and 27,000 to FB. This is a documented minimum, not a historical total or a complete attribution of the 48,000 USDT deployed on 20 October. [T23–T27]

FB received 10,000 USDT on 4 October at 13:23:29, 9,000 on 5 October at 23:07:01 and another 8,000 at 23:11:08. FA received 7,000 USDT on 7 October at 12:08:55 and 1,000 on 11 October at 23:12:20. The relationship therefore includes trading capital as well as BNB for gas. [T23, T24, T25, T26, T27]

The relationship is bidirectional. On 19 October FA sent 137 USDT to U at 10:44:49; FB sent 7 USDT to the same address at 10:45:03, fourteen seconds later. Their purpose has not been established, so these transfers are not classified as profits or fees. [T28, T29]

On 20 October U supplied both with BNB again: 0.1 BNB to FB at 00:43:39 and 0.1 BNB to FA at 00:43:51, twelve seconds later. These supplement the earlier BNB transfers on 16 June and 9 August. The connection is recent and repeated. [T30, T31, T15, T16]

4. The immediate source of the 48,000 USDT: preceding operations

Before funding 黑马, FA had sent 18,000 USDT to PA, 0xf26c…4970, at 08:57:49. At 09:19:55 PA withdrew 22,997.754665526244677487 USDT from a bibi token pool; at 09:20:05 it transferred 23,000.017036618135454336 USDT to FA. Its history shows a swap between the withdrawal and return. [T17, T18, T19]

Before funding 币安队长, FB had sent 20,000 USDT to PB, 0x3499…30c9, at 08:58:09. At 09:20:09 PB withdrew 24,997.776844678059800001 USDT from a 长鹏 token pool; at 09:20:19 it transferred 25,000.017058221428601412 USDT to FB. Its history also shows an intervening swap. [T20, T21, T22]

In both branches, exactly 73 seconds elapsed between the return and funding of the next creator: FA sent funds at 09:21:18, FB at 09:21:32. These inflows fully cover the subsequent distributions of 23,000 and 25,000 USDT respectively. The sequence is consistent with capital being reused across successive operations. [T19, T1, T22, T2]

This identifies the immediately preceding inflows, not the exclusive origin of every monetary unit: pre-existing balances and the fungibility of USDT matter. Earlier token names refer only to the contracts listed in the appendix; no attribution to other projects sharing those names is intended.

5. Before trading: the same funder finances both sides

For 黑马, funder FA sent 18,000 USDT to creator A at 09:21:18. At 09:21:32, FA distributed another 5,000 USDT in a batch of 20 payments of 250 USDT. Creator A opened the pool at 09:22:05 with 18,000 USDT and 1,000,000,000 tokens. [T1, T3, T5]

For 币安队长, funder FB sent 20,000 USDT to creator B at 09:21:32. At 09:21:46, FB distributed 5,000 USDT through another 20 payments of 250 USDT. Creator B opened the pool at 09:22:20 with 20,000 USDT and 200,000,000 tokens. [T2, T4, T6]

The batches preceded the respective launches by 33 and 34 seconds. Each branch therefore had a common funding source for its creator and a group of addresses later visible among its principal holders. The link is a transfer of capital, not merely similar trading times.

6. From funded addresses to verified buyers

In the 黑马 branch, address 0x83f7…4264 received 250 USDT in FA's batch. At 09:22:18, 13 seconds after the pool opened, it spent 37.6238 USDT to acquire 2,080,647.463368211542492286 黑马. [T7]

In the 币安队长 branch, address 0x0665…022f received 250 USDT in FB's batch. At 09:22:29, nine seconds after launch, it spent 43.841 USDT to acquire 436,359.843711081640680821 币安队长. [T8]

These transactions establish that a funded recipient in each group actually bought the corresponding token. They do not establish that all 20 recipients bought, or that all trading volume came from these groups.

The holder cross-check extends the finding: nine of the top ten addresses in each snapshot match the corresponding funding batch. This is nine addresses, not 90% of supply. The remaining top-ten address in both pools is the same contract, 0x8737…0638. Its role was not established, so we do not treat it as a personal wallet shared by the creators. The matched addresses are listed in the appendix.

7. The exit: consecutive blocks, matching timestamps

At 09:43:22, creator B removed liquidity in block 128724180 and received 24,997.777000526616446812 USDT plus 160,074,721.948932706267604161 tokens. Creator A followed in block 128724181, also timestamped 09:43:22, receiving 22,860.536829376238535491 USDT plus 787,701,939.029846053391532534 tokens. [T9, T10]

The pools had been open for 21 minutes 2 seconds and 21 minutes 17 seconds, respectively. Archalis recorded both events as verified liquidity withdrawals, with 99.99% removed in its report.

At 09:43:26, both creators sold the token balances returned by the liquidity removals. These sales produced another 2.240057204821800723 USDT for B and 2.194618632454495610 USDT for A. [T11, T12]

At 09:43:32, both creators sent their resulting USDT proceeds back to their respective launch funders. Both transfers landed in block 128724203. A returned 22,862.731448008693031101 USDT to FA; B returned 25,000.017057731438247535 USDT to FB. [T13, T14]

The exit sequence matches across both branches: withdrawal, token sale four seconds later, and return to the funder ten seconds after withdrawal.

8. Follow the money without mistaking proceeds for profit

The two liquidity withdrawals totalled 47,858.313829902854982303 USDT. The subsequent token sales added 4.434675837276296333 USDT. Together these exactly reconcile to the 47,862.748505740131278636 USDT returned to FA and FB.

This is a reconciliation of the creators' exit proceeds. It is not a calculation of profit or losses suffered by outside buyers. Before launch, the two funders had already distributed 48,000 USDT: 38,000 to the creators and 10,000 to the two recipient groups.

Subtracting the initial 38,000 USDT of pool capital from the amount returned would ignore the additional 10,000 USDT supplied to the recipient groups. Subtracting all 48,000 USDT would still not establish net profit or loss: recipient balances, their other trades and transaction costs have not been fully reconciled. The supported figure is gross USDT returned through the two creators.

9. Conclusion: D rating for both tokens

Archalis concludes D for both 黑马 and 币安队长. Both pools suffered verified liquidity withdrawals, with 99.99% removed according to the report. The creators recovered the reserves, sold the tokens returned by the withdrawals and sent a combined 47,862.748505740131278636 USDT back to their respective funders.

The reconstruction also establishes a financial link between supply and demand: the creators’ funders financed groups containing verified buyers and nine of the ten largest holder addresses for each token in the post-withdrawal snapshot. Both funders received USDT capital from the same upstream address.

This case shows why wallet counts alone cannot establish the quality of demand. The D rating records the verified outcome of the pools; tracing the funding explains the economic relationships and movement of capital surrounding that outcome.

10. Coverage of the reconstruction

The accompanying register contains 31 reference transactions. Key amounts were taken from BEP-20 transfers of the specified USDT contract, rather than the explorer's automatic action summary, which reversed asset labels in some liquidity removals.

Verification covers one purchase per funded group and 18 holder addresses matched against the distributions. It does not exhaustively reconstruct all swaps, recipient balances, internal transactions or activity on other chains. Holder snapshots are post-withdrawal; Archalis links are live.

The public USDT lists for FA and FB report more than 10,000 records but expose only the latest 10,000. Requests to U's history also reached a BscScan limit. We therefore do not assign a percentage of capital originating from U or certify exclusivity. These limits affect overall attribution, not the existence of the cited transfers.

Appendix A. Addresses and contracts

Appendix BA. Funded holder addresses — branch A

Post-withdrawal Archalis snapshot. The listed addresses match the corresponding funding batch. Percentages are rounded shares reported by Archalis.

Appendix BB. Funded holder addresses — branch B

Post-withdrawal Archalis snapshot. The listed addresses match the corresponding funding batch. Percentages are rounded shares reported by Archalis.

Appendix C. Transaction register

Sources

• T1 — FA → A · 18,000 USDT — 2026-10-20 09:21:18 UTC
• T2 — FB → B · 20,000 USDT — 2026-10-20 09:21:32 UTC
• T3 — FA → 20 addresses / indirizzi · 250 USDT each / ciascuno — 2026-10-20 09:21:32 UTC
• T4 — FB → 20 addresses / indirizzi · 250 USDT each / ciascuno — 2026-10-20 09:21:46 UTC
• T5 — A → Pool A · 18,000 USDT + 1,000,000,000 黑马 — 2026-10-20 09:22:05 UTC
• T6 — B → Pool B · 20,000 USDT + 200,000,000 币安队长 — 2026-10-20 09:22:20 UTC
• T7 — Buy / acquisto 黑马 · 37.6238 USDT — 2026-10-20 09:22:18 UTC
• T8 — Buy / acquisto 币安队长 · 43.841 USDT — 2026-10-20 09:22:29 UTC
• T9 — Pool B → B · 24,997.777000526616446812 USDT + tokens — 2026-10-20 09:43:22 UTC
• T10 — Pool A → A · 22,860.536829376238535491 USDT + tokens — 2026-10-20 09:43:22 UTC
• T11 — B sale / vendita · +2.240057204821800723 USDT — 2026-10-20 09:43:26 UTC
• T12 — A sale / vendita · +2.194618632454495610 USDT — 2026-10-20 09:43:26 UTC
• T13 — A → FA · 22,862.731448008693031101 USDT — 2026-10-20 09:43:32 UTC
• T14 — B → FB · 25,000.017057731438247535 USDT — 2026-10-20 09:43:32 UTC
• T15 — U → FB · 0.02 BNB — 2026-06-16 14:13:45 UTC
• T16 — U → FA · 0.1 BNB — 2026-08-09 16:31:19 UTC
• T17 — FA → PA · 18,000 USDT — 2026-10-20 08:57:49 UTC
• T18 — Previous / precedente pool A → PA · 22,997.754665526244677487 USDT + tokens — 2026-10-20 09:19:55 UTC
• T19 — PA → FA · 23,000.017036618135454336 USDT — 2026-10-20 09:20:05 UTC
• T20 — FB → PB · 20,000 USDT — 2026-10-20 08:58:09 UTC
• T21 — Previous / precedente pool B → PB · 24,997.776844678059800001 USDT + tokens — 2026-10-20 09:20:09 UTC
• T22 — PB → FB · 25,000.017058221428601412 USDT — 2026-10-20 09:20:19 UTC
• T23 — U → FB · 10,000 USDT — 2026-10-04 13:23:29 UTC
• T24 — U → FB · 9,000 USDT — 2026-10-05 23:07:01 UTC
• T25 — U → FB · 8,000 USDT — 2026-10-05 23:11:08 UTC
• T26 — U → FA · 7,000 USDT — 2026-10-07 12:08:55 UTC
• T27 — U → FA · 1,000 USDT — 2026-10-11 23:12:20 UTC
• T28 — FA → U · 137 USDT — 2026-10-19 10:44:49 UTC
• T29 — FB → U · 7 USDT — 2026-10-19 10:45:03 UTC
• T30 — U → FB · 0.1 BNB — 2026-10-20 00:43:39 UTC
• T31 — U → FA · 0.1 BNB — 2026-10-20 00:43:51 UTC
• Archalis pool report / current token analysis
• Archalis pool report / current token analysis
• Archalis pool report / current token analysis
• Archalis pool report / current token analysis

Ratings are automated assessments of structural risk from public blockchain data, not investment advice. Methodology.