94% of the people trading ZEC on Hyperliquid never touch a real coin. On the day Zcash got its first spot ETF, four wallets opened with an identical 0.99 ZEC test, bridged in 128,625 coins and sold every one of them for $103.2M.
Divyasshree
Aquifer, a trading venue on Solana, paid out 212 swaps and collected nothing for any of them. The buyer's balance was a file he had written himself. We traced the theft, the sale and the exit, and found the money sitting untouched on Ethereum.
Bitquery Research
We rebuilt the Patoshi pattern from raw blocks and audited every coin: 1,023,352 BTC has never moved, and the public Patoshi list has been still since 2017.
Bitquery Research
Cronos froze its own blockchain in the middle of a robbery, then rewound it and struck the theft from the record. We indexed the chain to four seconds before it stopped, added up what the drain took, and followed the part that got away.
Bitquery Research
Arbitrage was crypto's closest thing to free money. Across five chains and twelve months we measured 139 million trades earning 69 cents apiece, and a six-year decline of more than 90 percent in dollar terms on all three chains with a long enough record, while the number of competing contracts kept rising on two of them.
Bitquery Research
Banks and asset managers have put shares, gold, government debt, private credit, property and carbon on public blockchains. We took 31 days of every trade on 9 chains and checked which of them anyone is actually buying.
Bitquery Research
Five issuers now sell Apple, Nvidia and the S&P 500 as crypto tokens that trade every hour of every day. We took 30 days of that market across 6 chains and measured how much money it can actually take.
Bitquery Research
Part II of our Cyberleek investigation follows the wallet that actually launched the coin. The launch capital was layered through six hops, parked for nineteen hours, and fired on launch day — a chain that community sleuths traced toward a KYC exchange. The hops were booby-trapped against tracers, and the operator's own posting clock points to Central Europe.
Divyasshree
Polymarket's short crypto markets keep trading after their clock stops and before the chain is told who won. We measured every bet placed in that gap.
Bitquery Research
Cyberleek registered its domain on August 14, minted its token on August 15, and leaked GTA VI on August 18 with QR codes for the coin burned into the footage. The launch came first. Then bots with no link to the operation took $158,000 out of the pump in six minutes.
Divyasshree
Every Polymarket wallet looked up and timed: about 1 in 200 place orders around the clock, they account for 63% of all trades, and almost all hold ordinary accounts.
Bitquery Research
A year of Polymarket up and down markets measured on-chain: volume peaked in March, Polymarket fees took about $150M, and 96% of players left by August.
Bitquery Research
Four years of Bitcoin blockspace measured: payments flat at 7.1M a month while their share of the chain fell from 89% to 35%. BIP-110 failed with 0 of 1,415 blocks signalling.
Bitquery Research
All 11,085 USDT freezes on Ethereum and Tron: $5.85B caught, $1.43B destroyed. Freeze late and 88% is already gone. Released addresses waited a median 386 days.
Bitquery Research
The US sanctioned Tornado Cash in 2022, then reversed it in 2025. We read every deposit across 19 Ethereum pools since 2019 to find out whether sanctioning software on blockchains actually works.
Bitquery Research
Every TRON account carries a rewritable permission structure, so control can be handed to a different party while the balance never moves. A seven-year census of 320,186 permission changes across 240,140 accounts.
Bitquery Research
Address poisoning targeted 6.9 million Ethereum wallets and stole $22.3 million in a year. 63% moved as plain ether that token-only studies never count.
Bitquery Research
Every USDC transfer across Hyperliquid's Arbitrum bridge: $80.084B in, $79.660B out, 1.28 million addresses, and a June 2026 "bank run" that was 58% one wallet.
Bitquery Research
Polymarket is 38.7% of Polygon transactions, 62.2% of its gas and 70% of its USDC.e volume, from 0.72% of its addresses. A 12-month Bitquery investigation.
Bitquery Research
A flaw in a popular bitcoin hardware wallet let thieves empty 3,297 addresses across four waves, 1,240 BTC worth roughly $80M. The first wave took 41 minutes. Bitquery traced every coin: 94.8% has never moved, and the one pool that did left a 46-minute signature.
Bitquery Research
A month of Binance's tokenized US stocks on BNB Smart Chain — $2.46 billion across 4,418,699 trades and 16 traded contracts — and the hour of peak volume is three in the morning in New York.
Bitquery Research
Thirty days of every tokenized-equity trade on Solana — $342.5 million across 1,785,543 trades and 26,211 wallets — and the federal holiday a blockchain had no reason to observe.
Bitquery Research
Thirteen days of Robinhood Chain's complete trade record — 63.5 million trades across 823,712 wallets — and what they show about how the chain is really used.
Bitquery Research
A Bitquery analysis traced $1.5 billion moving from the world's largest exchanges into gambling sites over twelve months. Two-thirds of it came from one exchange, and most of that went to a single casino.
Bitquery Research
A full on-chain accounting of Collector Crypt's Solana gacha: $622.6M wagered across 17,544 wallets — who profited, who paid, and where the house edge really sits.
Bitquery Research
A Bitquery analysis of twelve months of Ethereum deposits found Stake drawing roughly four of every five on-chain gamblers — 78% in April 2026 — while rivals fade.
Bitquery Research
$ANSEM looks like a fair-launch fairy tale: a coin that died, then 370×'d when its namesake showed up. The chain says something else. Six days before the public could trade, 65% of the supply was already in one wallet.
Bitquery Research
Of 339 Solana tokens that faked volume with four or fewer wallets, exactly zero attracted a real crowd. The ones that flip share a different fingerprint.
Divyasshree
A defect in SecondFi's wallet-generation code let one operator sweep 129 million ADA from 3,072 Cardano wallets, reconstructed transaction by transaction.
Bitquery Research
All 25 calls from a Solana 'AI scanner' channel, checked on-chain. Five ever ran; twenty fell 70% to 99% within the hour. The winners are survivorship.
Divyasshree
6,018 buyers, $2M in volume, no real holders — one operator owns 99.3% of the supply and ships a new patriotic-sounding token almost every day.
Bitquery Research
Six major exchanges fed a four-day-old burner that moved $812M on TRON in plain sight — every hop public, zero compliance alerts, cash-out at OKX, Kraken, and Binance.
Bitquery Research
A single 15,000 USDT Flash USDT payment opened a TRON laundering circuit that moved more than $110 million in 90 days. Exchange monitoring flagged none of it.
Bitquery Research
