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Research by NineIronCapital

DAI on PulseChain is inevitable. 

 

Here is proof that: 

 

1) @RichardHeartWin is in control of $pMKR 

 

2) RH is reprogramming pMKR to operate on PulseChain 

 

3) A recapitalization of the pMKR can establish the peg. Ever wonder why RH tested PRC pools? It is for $pDAI / $pMKR. $HEX $PLS $PLSX

In the early days we discovered a 547 $ETH payment using tornado cash to the $MKR team. 

 

We were wrong about that. 

 

After analyzing this transaction again, and spending days understanding the $MKR system, it is clear this was RH taking control of MKR.

 

But how? 

 

When tracking this wallet on Etherscan, we can see a 547 ETH routed through Tornado Cash to hide the trail ($1.025m).

 

This wallet was: 0xA30190b96FaEe0080144aA0B7645081Fcbf49E6F 

The first transactions from the B22F wallet was with 9E6F wallet. This wallet had ~70ETH deposited into it from Tornado Cash. 

 

This wallet is the mastermind taking control of $MKR in June 2023 on PulseChain.

 

See transaction here

The 9E6F wallet bought 320.5k $pAAVE tokens using its $ETH and used those tokens to force a governance vote this started 28-Jun-23

 

See wallet history here

 

See governance vote here

 
The 9E6F wallet then withdrew 1.26m $pAAVE tokens from the staked $pAAVE vaults.
 

See transaction that emptied $pAAVE

 

See $pAAVE vault

 

The 9E6F then actioned another series of requests to allow the interest bearing $pAAVE vaults to be withdrawn for another 1.28m $pAAVE (total AAVE 2.55m and $175k) See transaction here

 

This was all done interacting with the C7A9 contract

 

See C7A9 transaction history

 

The 9E6F wallet then drained the 58k $pMKR from the AAVE interest bearing maker vault using the C7A9 (all the $pAAVE steps above used this contract)

 

The 9E6F also drained the $pLINK, $YFI, $pUNI and $pWBTC from the AAVE vaults using the C7A9 for a total of 566 $ETH which it sent into Tornado Cash on 3-Jul-23.

 

See 9E6F transaction history

 

The 9E6F wallet then sent the 46.2k $pMKR into MakerDAO’s 3F9D wallet to pause all governance votes/decisions for a specific period.

 

See MakerDAO documents regarding the pause

 

See the transactions below. This effectively allows this wallet to pauseall governance as per the third section in diagram to the right ->

 

See transfer into 3F9D

 

See Etherscan for MakerDAO’s MCD Pause contract

 

The 9E6F wallet then conducted a series of governance changes. My assumption is this was to halt all inflows into $MKR vault, as this was the vote that stopped the $pDAI inflation bug.

 

The next lot of changes the 9E6F wallet made was to set the owner of the governance of MakerDAO to the B22F wallet (Remember this wallet from #3 in this thread). It uses the DSChief route below.

 

See ownership change here

 

Then the B22F wallet drained the $pMKR vaults for a total of 11,941.91 $pWBTC worth $1.1m

 

See transaction here

 

See MakerDAO Vault #1

 

See MakerDAO Vault #2

 

The B22F wallet sent the $pWBTC worth $1.1m into $PLS / $DAI, moved it over the bridge, moved into $ETH and sent 547 $ETH into the 6B10 address which sent it to tornado cash on 8-Jul-23.

 

See transaction here

 

Jumping back to the 9E6F wallet.

 

The last thing it did was lock all $pMKR governance and transfer its rights to the 17F7 wallet. This holds the key to what is coming next, as this was all performed on the testnet.

 

See transaction here

 

See 17F7 transaction history 

 

If it follows the same steps as on the test-net, the 17F7 wallet will re-write the governance smart contract and portion IOUs within the $pMKR governance framework

 

See Governance IOU’s 

The next for the 17F7 wallet is to enable a recapitalization of the MKR vaults through its push-pull-mint function.

 

See transaction here

 

See 17F7 wallet here

 

Lastly, the 17F7 wallet tries to play around with Burning $MKR tokens also. It is so clear that the intention is to repeg $pDAI with this functionality.

 

See transaction here

 

So how do we know its RH? Lets start with the largest holder of $pWBTC, the 2822 wallet. This wallet was airdropped 6.7Tn$PLSX and 6.2Tn$PLS on launch. This is the RH wallet.

 

See 2822 wallet here

 

Isn’t it convenient that the 2822 wallet added liquidity pools to the exact PRCs he needed to dump into from the $pAAVE vaults on 26-Jun-23 (two days before it happened)?

 

The liquidity was removed on 8-Jul-23 (just after the pAAVE/ $pMKR operation finished).

 

This liquidity enabled RH to transfer tokens from pools he setup with the 2822 wallet and move them into the 9E6F and B22F wallets (while capturing the $MKR system).

 

So the question is if the all-knowing leader of this ecosystem wouldn’t know there is a bad actor that already has control of $pMKR and $pDAI?

 

Wouldn’t he post about this and keep people out of harms way? Of course he knows!

 

This is a huge confirmation that the $pDAI contract is working perfectly.

 

All RH needs to do to peg $pDAI is to get the collateral pools > the market cap. This is easy and it can be accelerated by PRC liquidity pools, wETH / PLS additions, and a recapitalization of $MKR

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What people are saying about pDAI

“The technical possibilities are lining up. You can deny pegging, you can deny being wrong, but you can't deny math. Technicals on $PDAI on #Pulsechain make me say, I AM READY.........ARE YOU READY?"

@iambroots

Influencer

“All I would like to say is... $pDAI is recruiting people to pulsechain like to never before. $pDAI is changing people's lives for the better.”

@HODLnomix

Community Admin

“Blockchains dont lie. $pDAI was destined to be #Pulsechain's native stable from well before launch. ATROPA, USDC, and Lido are all helping.”

@NineIronCapital

Researcher

“If pDai continues from here and rips upward then I have to say at that point people will have to ask " what's actually happening here". Maybe it's not RH but he sure the hell talked about this phenomenon we are all witnessing that much is undisputed. It's just a steady climb”

@TheCryptoMando

Community Member