Notes · Oct-11 2026

Ledger reseller drain: 203.8 BTC had not moved as of Oct-10

As of Oct-10 06:44Z, the two bitcoin wallets we link to the Ledger reseller drain had not moved: 203.8 BTC (92.5062093 + 111.28199071), spent 0. The coins landed 05:54:20Z–06:15:45Z on Oct-09 2026 (76 and 46 transactions into the two), so the measurement came 24.5 hours after the last inflow. At $82,838.40 per BTC on that print, the two wallets held about $16.9M.

A small third wallet (9.96239376 BTC) did move its coins, split up Oct-10 01:20–03:36Z. The two that hold the pile did not.

Tether can freeze USDT. When it froze the wallets we link to the drain (one or two transfers from the publicly reported addresses) at 12:09Z on Oct-09, 12 of them were already empty, drained 15, 21, 21, 32, 35, 35, 35, 38, 70, 70, 88, and 90 minutes earlier. What the freeze caught: 20 wallets with $500K each, $10.0M in all (19 at 12:09:39–45Z, 1 at 14:10:51Z). The empty dozen show the limit of a freeze: it catches only what is still there.

Counting the frozen USDT, the BTC, and the ETH still in one wallet we link to the drain (1,168.9109 ETH, about $2.92M at $2,497.20 per ETH), about 35% of the reported $86M was still in place: $29.8M as of the Oct-10 06:44Z measurement. The $86M is the public report of the drain, not our sum of the wallets. What we traced is the wallet state: two BTC wallets unspent, twelve USDT wallets empty before the freeze, twenty frozen.

What we measure next: on 2026-11-11, whether the 203.8 BTC moved, and whether the frozen USDT stayed frozen.

The page next door does this for the whole chain: how long the coins that moved each day had been sitting, and how old the coins that stay are.

We grade this on 2026-11-11: re-check whether the 203.8 BTC moved, and whether the frozen USDT stayed frozen

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