Summary

This summary isn’t going to offer any answers in black and white, some of the findings will be based on assumptions that have been made based on findings in related wallets that have not been documented due to time and/or the extent of work required, some findings will be based on assumptions from information here and from other areas of this investigation and some findings will be purely on the evidence offered by the blockchain. A simplified summary will be offered in the following week likely with some diagrams to make it easier to follow.

We don’t know who controls these wallets however what we do know is that they are linked to a person or persons that are employed or own Miner One, there are links to Golder Games and there are links to substantial quantities of MIO in the region of 746,940 in one wallet from 68 wallets created at the time MIO was distributed. This same wallet sent 259,812 MIO to the sites LAToken and EtherDelta from the transactions that were followed. There are large transactions to and from Bitfinex that cannot be explained when compared to the financial information supplied by Miner One and information they have supplied via email or via the Telegram group.

Attempts have been made to conceal transactions by sending via multiple wallets however the nature of the blockchain makes this difficult to conceal but it does also make it difficult to follow when you are looking at regular transactions, internal transactions and ERC20 transactions.

The two wallets that accepted all the ETH payments from the ICO have been identified, Miner One stated that after conversion of BTC, LTC and FIAT to ETH they converted all 8213 ETH raised to USD on the 30th of May 2018. This is not supported by the blockchain which shows that the 2301.748 ETH raised from ETH payments was sent to [Wallet-87e6] on the 7th of June 2018 before being sent to Bitfinex.

Payments have been claimed from the August, September and October mining operation for the Team/Founders wallet, the Research & Development wallet and the Bounty wallet. MIO has not been removed from these wallets despite being unlocked contrary to the white paper which states they will be locked for a period of 12 months from the end of the ICO. Claiming these dividends is by no means an issue as it was not stated anywhere that the locked tokens could not claim payouts however there is no transparency over what the payout has been used for or where it has gone. The payouts for Research & Development and the Bounty wallet certainly belong to the Miner One project not to any member of the team.

There is plenty of evidence in the following information that would indicate extensive misleading and possible fraudulent activity by the wallet holders in the absence of any reasonable explanations. There is no transparency, attempts have been made to conceal the movement of MIO and ETH and FIAT payment information is not available. The few BTC and LTC payment addresses that have been provided have given an interesting insight but more addresses are required before any opinion or assumption can be made.

The LTC blockchain has not shown anything surprising yet and more LTC wallet addresses are required to analyse this correctly.

BTC on the other hand has proven to be very interesting with one wallet address showing that in one four day period in February that USD $592,000 was raised and towards the end of the ICO USD $95,000 raised over a seven day period. This does not add up when you look at the figures that Miner One provided for the ICO. As more BTC addresses become available this should enable better analysis. A wallet has since been found that it appears the BTC funds were going into, this received 445.65708853 BTC passed through this wallet with an average value of around USD $8,500 for a total of $3,788,085.

Combined with the ETH valued at $1,391,269 when it was transferred in June to the exchange this is a total of up to USD $5,179,354 and does not include payment via FIAT or LTC or other BTC wallets that have not been discovered. This does not include the Pre ICO fund raising of USD $165,000.

Significant attention needs to given to [Wallet-0x81] and the two wallets linked to it as these bring together Miner One (MIO), Dorado (DOR), Welltrado (WTL) and TokenDesk (TDS) in significant transactions that are likely to be criminal in nature by the same small group of wallet holders. There is a substantial amount of work required to examine these wallets so this will take time and resources to pull together. This wallet also contains 1,249,535 MIO tokens that were concealed during the March token issue into hundreds of separate wallets.

Activity on Team/Founders Wallet

On the following dates the holder of the Team/Founders wallet forthwith known as the team wallet claimed payouts. The holder of this wallet is unknown however it is likely to be the CEO as the owner of Miner One FZE.

This is the Team wallet 0x997faEf570B534E5fADc8D2D373e2F11aF4e115a now known as Wallet-Team. Ethereum value at the time of claiming was USD $1997.42 for 10.64 ETH.

  • September 13 2018 – 3.003999999999999999 ETH claimed
  • October 02 2018 – 5.07514 ETH claimed
  • November 07 2018 – 2.57146 ETH claimed

The claimed payouts can be seen on Etherscan.io or in the image below.

The ETH was sent out to four separate wallets, each one has been given a shortened name. Three of these are the same as those from the Wallet-R&D and the new one is highlighted as a new wallet so I will start a new section titled Wallet Analysis to avoid duplication.

  • 3 ETH to 0x2b926896f1ca47ed2defd01f91ffab72cc0487e6 [Wallet-87e6]
  • 2 ETH to 0x78c6365f0715f376d15bbe26005362d6dda35f02 [Wallet-5f02]
  • 3.07 ETH to 0xa11be916b9460747c502efbf95c9ce4399e3215d [Wallet-215d]
  • 2.57 ETH to 0x82a1e0b359f4c9b5a7c6224e521d487927da11e4 [Wallet-11e4]

Activity on Research & Development Wallet

On the following dates the holder of the Research & Development wallet claimed payouts. The holder of this wallet is unknown however it is likely to be the CEO as the owner of Miner One FZE.

This is the Research & Development wallet 0x770998331D6775c345B1807c40413861fc4D6421 now known as Wallet-R&D. Ethereum value at the time of claiming was USD $1174.85 for 6.386762 ETH.

  • September 13 2018 – 1.802399999999999999 ETH claimed
  • October 20 2018 – 3.045084 ETH claimed
  • November 27 2018 – 1.542876 ETH claimed

The claimed payouts can be seen on Etherscan.io or in the image below.

The ETH was sent out to three separate wallets, each one has been given a shortened name. All three of these were identified in the Team wallet ETH transfers above.

  • 1.806762044 ETH to 0x2b926896f1ca47ed2defd01f91ffab72cc0487e6 [Wallet-87e6]
  • 3.04 ETH to 0xa11be916b9460747c502efbf95c9ce4399e3215d [Wallet-215d]
  • 1.54 ETH to 0x82a1e0b359f4c9b5a7c6224e521d487927da11e4 [Wallet-11e4]

Activity on Bounty Wallet

On the following dates the holder of the Bounty wallet claimed payouts. The holder of this wallet is unknown however it is likely to be the CEO as the owner of Miner One FZE.

This is the Bounty wallet 0xd481Aab166B104B1aB12e372Ef7af6F986f4CF19 now known as Wallet-Bounty. Ethereum value at the time of claiming was USD $442.78 for 2.13012 ETH.

  • September 13 2018 – 0.600799999999999 ETH claimed
  • October 20 2018 – 1.015028 ETH claimed
  • November 09 2018 – 0.514292 ETH claimed

The claimed payouts can be seen on Etherscan.io or in the image below.

The ETH was sent out to three separate wallets, each one has been given a shortened name. All three of these were identified in the Team wallet ETH transfers above.

  • 0.605183 ETH to 0x2b926896f1ca47ed2defd01f91ffab72cc0487e6 [Wallet-87e6]
  • 1.01 ETH to 0xa11be916b9460747c502efbf95c9ce4399e3215d [Wallet-215d]
  • 0.5 ETH to 0x82a1e0b359f4c9b5a7c6224e521d487927da11e4 [Wallet-11e4]

Ethereum (ETH) Wallet Analysis

[Wallet-87e6]

This wallet has had substantial ETH transactions sent to Bitfinex in the order of 3047.669 ETH to the value at the time of each transfer of USD $1,612,762.

One transaction was the 29th of January 2018 for 25.76 ETH and the rest were May, June and September for the remainder.

There is no MIO held in this wallet. Next we look at the wallets that transferred ETH to this wallet. The last two are known as they led us to this wallet, the rest are all different with the exception of [Wallet-a6a9]. Next we will look at each wallet in more details before moving to the next section.

  • 25.75926677 ETH from 0x6148a62eeb8494e7379cf135462107426be139cf [Wallet-39cf]
  • 2301.748 ETH from 0x2c2b3885bc8b82ad4d603d95ed8528ef112fe8f2 [Wallet-e8f2]
  • 153 ETH from 0xcc09741eae0285df2af79da5726f17fe791da6a9 [Wallet-a6a9]
  • 35.95094 ETH from 0x27b536568be7423691af09debcb20d33558c06c1 [Wallet-06c1]
  • 524.852150044226 ETH from 0xcc09741eae0285df2af79da5726f17fe791da6a9 [Wallet-a6a9]
  • 1.806762044 ETH from 0x770998331d6775c345b1807c40413861fc4d6421 [Wallet-R&D]
  • 0.605183043999999 ETH from 0xd481aab166b104b1ab12e372ef7af6f986f4cf19 [Wallet-Bounty]
  • 3 ETH from 0x997faEf570B534E5fADc8D2D373e2F11aF4e115a [Wallet-Team]
  • 1 ETH from 0xa11be916b9460747c502efbf95c9ce4399e3215d [Wallet-215d]

[Wallet-39cf]

This wallet will be looked at later, it has no MIO and most transactions were January 2018.

[Wallet-e8f2]

This wallet has 1334 internal transactions commencing the 21st of February 2018 until the 16th of May 2018 totalling 1281.883737 ETH and one on the 28th of May 2018 for 1113.739023410993420926 ETH from wallet 0x03839d42658183ced6301543868438466b94e58a [Wallet-e58a]. Total incoming 2395.62276 ETH.

This wallet has 24 transaction all outgoing. 23 appear to be refunds (this has not been established and is an assumption at this stage). The total of the 23 transactions is 93.87122085 ETH. The final transaction is 2301.748 into [Wallet-87e6]. Total ETH sent out is 2395.619694.

Statistics (not relevant to this analysis but interesting nevertheless)

In this wallet there were 1334 transactions from investor deposits averaging 0.960932336 ETH, if converted immediately the value would have been USD $816,261.95 and when added to the first wallet below at $1,030,524.437 this would have totalled $1,846,786.387.

The Ethereum when sent on the 7th of June 2018 totalling 2301.748 had a value of $1,391,269 which was a loss of $455,517.387 if converted immediately when transactions arrived. (Miner One stated that the 8213 ETH raised during the ICO was converted to USD via a stop-loss order at a rate of 1:550 on the 30th of May 2018)

(note that I didn’t look to see how many were from the same wallet as some investors paid via multiple methods and also via multiple wallets)

[Wallet-e58a] sister wallet to [Wallet-e8f2]

This wallet (contract) has 1052 internal transactions totalling 1162.803704 ETH with one outgoing on the 28th of May for 1113.739 ETH to the above wallet. There is a difference of 49.064704 ETH which is explainable as 68 transactions failed due to insufficient gas. 984 internal transactions totalled 1113.739023. This is the original wallet for ETH transactions to Miner One covering the 15th of February 2018 at 12:29:58 to the 21st of February 2018 at 10:05:28. during this period

Statistics (not relevant to this analysis but interesting nevertheless)

In this wallet there were 984 transactions from investor deposits averaging 1.131848601 ETH, if converted immediately the value would have been USD $1,030,524.437. When sent to the second wallet above on the 28th of May 2018 the value was $570,267.8.

[Wallet-a6a9]

This wallet has 84 transactions for ETH incoming from Bitfinex and outgoing to quite a few different addresses ranging from the 21st of May 2018 to the 24th of December 2018. There are 22 incoming transactions from Bitfinex for a total of 1985.185733 ETH with an average of 90.23571515. The value of this ETH at the time of the transaction is USD $695,895.30. There are 58 outgoing transactions with a total of 1985.134806 ETH with an average of 34.22646217. The value of this ETH at the time of the transaction was USD $468,154.86. There are a number of 0 value transactions which explains the discrepancy when you add the incoming and outgoing transactions.

There are transactions here which correlate to the payout to MIO holders.

31st of October 2018 at 14:47:34 25.7146 ETH is sent to the contract address – Transaction.

30th of September 2018 at 18:39:43 50.7514 ETH is sent to the contract address – Transaction.

The August 2018 payment is not here. Looking at the contract there is 43.865395410143708531 ETH unclaimed at the 22nd of February 2019, looking through the 5878 transactions the wallet that sent the August payment was identified as 0x4922084fe4500154a521831fecb1b60688740012 [Wallet-0012]. This will be looked at further down.

This needs to be looked at in more detail. The incoming transactions do not match up with any mining activity and the ETH being paid into other wallets is unusual to say the least, none of it appears to correlate to payments for power or any other transactions and the contents of the other wallets needs to be looked at in detail.

Looking at the internal transactions on this wallet shows MIO holdings.

On the 24th of October 2018 45,000 MIO was transferred into this wallet from the following wallet. This needs to be looked at in more details as 61,702 MIO were deposited into this wallet on the 28th of May 2018 and there are numerous transactions.

One hour later the 45,000 MIO was transferred to the following wallet.

0x8d78BBf21C01B75c8676f3053008629b9a7Fa728 [Wallet-a728]

The following day it was transferred to the following wallet at LAToken and sold.

0x0861Fca546225fbF8806986D211C8398f7457734 [Wallet-LAToken]

On the 13th of November 2018 at 09:41:59 50,000 MIO was transferred to this wallet from [Wallet-215d] which is being looked at further down. This MIO was subsequently sent to two other wallets.

28,246 MIO on the 13th of November at 13:12:12 to the following address.

0x10192901f58606ada7661fcf3527f2a4d6bba5d0 [Wallet-a5d0]

The tokens were immediately sent to EtherDelta where they were sold for 11.708563077402605991 ETH which was returned to the [Wallet-a6a9]

The remaining 21,754 MIO was sent on the 21st of November 2018 at 12:21:58 to the following wallet.

0xdf084f821f5163b6381ec013eac86d8f08ca0e41 [Wallet-0e41]

This wallet also had 45,000 MIO transferred in from [Wallet-215d] which is being looked at further down. Both MIO transfers were sent to the following address where they were presumably sold.

0x0861Fca546225fbF8806986D211C8398f7457734 [Wallet-LAToken]

There are no ETH transfers from [Wallet-LAToken] but there is a 15 ETH transfer from [Wallet-a6a9] which was immediately sent to the following wallet which needs to be looked at. It has 59,065 transactions and currently holds 262.97 ETH.

[Wallet-06c1]

The wallet needs to be looked at in more detail, it has had 42 transactions with ETH. No ERC-20 tokens.

[Wallet-0012]

This wallet was used to send the first payment on the 31st of August 2018 at 16:08:12 of 29.05 ETH. The funds were transferred in from Kraken.

[Wallet-5f02]

This wallet contains 15 GLDR (Golder Games Tokens) sent on the 30th of October 2018.

It has been used to send both ETH to dozens of wallets that have hundreds or thousands of GLDR and zero value messages to the contract address.

It was also used to claim 2 ETH from the [Wallet-Team]

0x172f20402afc807c8a5566bceed00831adb938ca [Wallet-GLDR]

This wallet needs to be looked in more detail but is not urgent but it does prove a close connection between MIO and GLDR.

[Wallet-215d]

This wallet contains a substantial amount of MIO but more on that soon.

The email regarding ETH payout was sent out at 16:33 UTC on the 31st of August 2018. The first discussion in the group regarding payout started after this.

This wallet on the 31st of August 2018 at 13:58:58 claimed 0.039998764 ETH this was not the correct amount and I believe that this is because there was insufficient ETH in the contract. [Wallet-0012] transferred the ETH to the contract at 16:08:12.

At 16:17:37 an attempt to claim the payout was made again and this time 1.173701 ETH was received.

At 16:33 the email was sent out to Miner One investors with instructions on how to claim.

On the 7th of August the wallet contained 746,940 MIO however 70,812 was disposed of this day leaving it with 676,128 by the time the 31st arrived. This would entitle it to a payout of 1.17331960 ETH. I’m not sure why the figures don’t quite tally up but they are close enough at this time.

The 20th of October this wallet claimed 2.050498 ETH and on the 9th of November 0.825354.

This account currently has 487,128 MIO, it did hold 746,940 on the 2nd of August after 68 wallets that were created at the time of the MIO distribution were transferred to this wallet. Looking at a small selection of these wallets, none were paid using ETH so these must have been manually processed as ETH (non smart contract payment), BTC or Bank Transfer. Given that this wallet is under the control of Miner One and given the amalgamation of all these accounts it is doubtful that these were paid for but were extra accounts created. This requires more examination to attempt to answer more conclusively.

Since the 2nd of August this account has dumped MIO four times in quantities of 70,812, 94,000, 45,000 and 50,000. The MIO has been run through multiple other wallets before being disposed off.

[Wallet-11e4]

This wallet contains a number of ETH transfers from related Miner One wallets. It also contains MIO that was transferred to this wallet at the time the MIO was distributed. It has also received a number of transactions such as 10 ETH from [Wallet-e8f2], 15 ETH from [Wallet-a6a9], multiple ETH on multiple transactions from [Wallet-c277] and payments from [Wallet-Team], [Wallet-R&D] and [Wallet-Bounty].

[Wallet-c277]

This wallet needs further investigation, it has many internal transactions of ETH and has sent many ETH transactions to [Wallet-11e4] and others.

This wallet was active between the 21st of April 2018 and the 15th of November 2018.

[Wallet-0x81]

The wallet is the second largest holder of MIO after the team/founder wallet. It features the same makeup as [Wallet-215d] except the transfers to this from individual wallets has taken place at a later date.

0x81ff01b4b7868f4c401fe9bd511d2cb52f67547b [Wallet-0x81]

The first transfer to this wallet was on March the 3rd 2018 for a total of 5,624 MIO during the MIO distribution . On September the 7th 2018 114 transactions took place in a short period of time resulting in 1,249,535.00 MIO being transferred to this wallet.

On September the 6th however a 0.1 ETH was transferred to this wallet from HitBTC, this was then transferred to the 114 wallets in 0.0005 ETH amount to be used to claim 114 payouts however this wasn’t sufficient gas so a further transfer of 0.2 ETH was made on September the 7th and immediately sent out to the 114 wallets in 0.001 ETH amounts and was used to claim 114 payouts which were sent back to this wallet along with the MIO.

This wallet currently contains 5.84 ETH after 2.3 was sent out in two transactions to the following wallets on the 10th of September 2018.

2 ETH to 0x3D06BF87FF3b815d67a8289331E45c7A70FF1169 [Wallet-1169]

0.3 ETH to 0x9c647cD5608645b0B53525311FFBeA9b1bfD8816 [Wallet-8816]

[Wallet-1169]

This wallet appears to have been used to transfer ETH between HitBTC, Bitfinex and Kraken in order to hide transactions, this requires more investigation as substantial amounts of ETH have gone through this wallet. This wallet has received substantial amounts of ETH from another wallet that held 260,000,000 Dorado (DOR) tokens on the 19th of June 2018. The 260,000,000 and another for 230,000,000 DOR tokens was sent in this one transaction 0xc6b6a39f4a1189a50b2770c0d10e9c067364e5cc90f7289d3372dcabe3e4c23e.

This wallet transferred substantial amounts of Dorado (DOR) Tokens to a number of wallets that had a similar pattern to the other MIO wallets where they received substantial number of Dorado (DOR) Tokens in small amounts. These DOR tokens were transferred to HitBTC in quantities of excess of 65,000,000 in two transactions. All of these wallets require further investigation as there is an appearance of substantial wrongdoing in these transactions.

[Wallet-8816]

This wallet has contained substantial amounts of TokenDesk (TDS) tokens and has two transfers to HitBTC for 361,036 TDS and as recently as February the 23rd 2019 for 1,890,257 TDS.

This wallet requires further investigation as this and the wallet above tie all these ICO’s together.

Litecoin (LTC) Wallet Analysis

I only have one LTC deposit address at the moment. This address is LeKioQMkysUi9jessdGc84yGduTrdUt7h2 [LTC-t7h2] and following the Ethereum convention I will give this a shortened identifier that contains the last four characters of the wallet address.

[LTC-t7h2]

This wallet has two transactions, one incoming on the 30th of April 2018 and one outgoing on the 2nd of May 2018 for 0.78178300 LTC. The outgoing address is

3HgU6xrEPdA79bgdcpLEiddPNMx9McVdFm [LTC-VdFm]

[LTC-VdFm]

This wallet had transactions between the 2nd of May 2018 and the 9th of May 2018 with a minor sweep on a small amount on the 6th of June 2018. In total there were 8 transactions.

Until I get more wallet addresses I won’t be looking at LTC again as at best I would be able to work out roughly how much they took via LTC and this was only used to process payments. BTC will be a lot more interesting.

Bitcoin (BTC) Wallet Analysis

This has started out with two payment wallets.

16cDjrLYcyE42C7hjWUjD6bUM8ZwMF7aev [BTC-7aev]

1Lj9h8Nk1LHRLpPjiJj6WuUDc5iU3gRACa [BTC-RACa]

[BTC-7aev]

This wallet had an amount of BTC transferred to it on the 19th of February 2018. This BTC was subsequently transferred to another wallet.

3QZUcMw2MoPCwx3Kn8hxBViZXvmRjXTBo4 [BTC-TBo4]

[BTC-TBo4]

This wallet was active receiving BTC between the 19th of February 2018 and the 23rd of February 2018. In total there was 53.83369209 BTC received and sent. BTC was around USD $11000 during this time giving this a value of $592,000 for a 4 day period or $148,000 per day.

[BTC-RACa]

This wallet had an amount of BTC transferred to it on the 10th of April 2018. This BTC was subsequently transferred to another wallet.

38eTzESSbAjEq6s8L65dpbD9H7QrguzNxp [BTC-zNxp]

[BTC-zNxp]

This wallet was active receiving BTC between the 9th of April 2018 and the 16th of April 2018. In total there was 12.78038184 BTC received and sent. BTC was around USD $7500 during this time giving this a value of $95,000 for a 7 day period or $13,570 per day.


Both of the above wallets ended up in the following wallet that had activity between the 12th of February 2018 and the 11th of July 2018 with the majority of activity being during the ICO period.

35LBa8nt1hToYuabZUyeCoPkNBh1KheNge [BTC-eNge]

[BTC-eNge]

445.65708853 BTC passed through this wallet with an average value of around USD $8,500 for a total of $3,788,085.

As the BTC was sent to exchanges when it arrived into the wallet it is unknown when they converted to FIAT. Ultimately the BTC appears to have ended up in the following wallet before sent to exchanges. This wallet is assumed to be in the control of Miner One.

3976tZdk1QX3QGnDFCfYayif3j5Gi96gwg [BTC-6gwg]

[BTC-6gwg]

It’s not known which exchange this wallet belongs to but it has had over 14,543 BTC through it and it is still in use now.

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