Report #0134.3 - ~40% of Unlocked $UDS Market Cap Tied to Wallets Connected with n0b0dy.eth and indifferent.eth

This report is part of the larger investigation #0134 - Stolen ETH traced to NFT whales and an investment into undeads.com.

Abstract

• As of August 2025, approximately $40M of the unlocked market capitalization of the $UDS token (~40% of unlocked supply) is held in wallets that received $UDS directly from addresses associated with n0b0dy.eth and indifferent.eth.
• 4 of the top 10 $UDS holders at the time of measurement are in this receive-set.

A single-actor (or coordinated-group) concentration of this size is consistent with a material governance and market-integrity risk for holders of the $UDS token, because coordinated selling from 40% of the unlocked supply would materially impact price discovery.

Material of investigation

• Etherscan - token-balance and transfer queries for $UDS
• Breadcrumbs.app - wallet-flow visualization
• Addresses clustered in Report 0134.0 - treated as a single actor for this analysis

On-chain transfers

• On 23 June 2025, n0b0dy.eth moved $UDS (~$1.7M at the time) to the address 0x6f2af87135fefbd60bc3b4478f0770640c125b6d.
• On 9 August 2025, indifferent.eth moved $UDS (~$700K at the time) to the same address 0x6f2af87135fefbd60bc3b4478f0770640c125b6d.

Both handles independently funding the same downstream holder is consistent with common operational control per the clustering criteria in Methodology § 3.

Breadcrumbs visualizations

• Relevant wallets only: https://www.breadcrumbs.app/reports/19153?share=54d7a1cc-b24c-4d66-bc1e-d26e0ad40243
• Full picture: https://www.breadcrumbs.app/reports/17067?share=df899b2c-9c8a-4ee2-9120-17c8c430c85c

Top-holder snapshot

Summary of holdings - approximately 40% of the unlocked market cap attributable to the cluster at the measurement time:

Alternative explanations considered

• Public seed-round vesting. Possible in principle, but the receive-set addresses are not token-vesting contracts; they are EOAs that received tokens in direct transfers.
• Independent large holders. Ruled inconsistent - the receive-set addresses have no identified inflows of $UDS other than from the cluster.
• OTC counterparties of the project. Possible; if so, the report’s conclusion about the concentration still holds, because the concentration measures the proportion of unlocked supply in coordinated hands regardless of whether the underlying party is an investor or an intermediary.

Findings

At the evidence thresholds in Editorial Standards § 1:

• Verifiable: The two $UDS transfers from n0b0dy.eth and indifferent.eth to 0x6f2af…5b6d and their respective amounts, on the dates cited.
• Verifiable: The holder snapshot showing the concentration at measurement time.
• Inferred: ~40% of unlocked $UDS market cap at August 2025 is in wallets connected to a single cluster. A coordinated sale from this cluster would have material price impact on the $UDS market.

Related wallets

0x08c904a02578ed95a46c25a8cc510cd6ed9f2ed3
0x7eb413211a9de1cd2fe8b8bb6055636c43f7d206
0x5a8af490848d43d74f9d848ec14a7319494ae020
0x6f2af87135fefbd60bc3b4478f0770640c125b6d
0x65a6d9e0c875b973263aa952a44334ba6e8181a1
0x31759d44ab0ee6f64bd98b9b98b6519590189374
0x06421454c684e868cd3e3f102e9438e5deccbf51

Right of reply

undeads.com and any individual associated with the wallets above may submit a response via Corrections. Any response received will be published at the end of this report in full.

This report is based on verifiable public blockchain data. It is not a criminal allegation against any natural person. See the Disclaimer.