DeFiLIama Founder Exposes Enigmatic Wallet Holding 278 Million DAI – Ties to Richard Heart Unveiled

By 0xGorki 09/18/23 8:34 AM

In a recent revelation that sent shockwaves through the cryptocurrency community, the founder of DeFiLIama, a prominent decentralized finance (DeFi) platform, has uncovered the identity of the wallet holding a staggering 278 million DAI, a stablecoin pegged to the US dollar. This discovery has shed light on a crypto wallet that has remained shrouded in mystery until now.

The information was made public through a tweet by 0xngmi, the creator of the DeFiLIama platform. In the tweet, 0xngmi stated, “The biggest holder of DAI is an EOA address where people just sent money to get gov tokens of the main univ2 fork on pulsechain. Address has executed txs before, so it isn’t a burn addy, 278M is just sitting there in someone’s wallet, and tokenholders have no claim over it. 2nd address is connected to pulsechain’s sacrifice (the same but for the chain token instead of the dex token). These 2 holders alone are generating MakerDAO 21.6M in annual revenue from interest.”

The biggest holder of DAI is an EOA address where people just sent money to get gov tokens of the main univ2 fork on pulsechain

Address has executed txs before, so it isnt a burn addy, 278M is just sitting there in someone’s wallet

and tokenholders have no claim over it pic.twitter.com/0f9WpmOdYt

— 0xngmi (@0xngmi) September 14, 2023

0xngmi also pinpointed the origins of these two accounts, linking them to PulseX and HEX, two controversial projects associated with the well-known figure Richard Heart. The wallet in question was previously used as the recipient of governance tokens for the UniV2 project on PulseChain. Due to its past transaction history, it is clear that this is not a “burn wallet” or an address where cryptocurrency is permanently locked.

What makes this revelation even more intriguing is Richard Heart’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC has accused Heart and his multi-level marketing projects of unlawfully selling securities and defrauding investors, allegedly misappropriating at least $12 million for personal use.

In the submitted documents, the SEC provided evidence of the project’s falsified trading volume and staking activity. It was the SEC’s complaint that initially led to the disclosure of crypto wallets associated with Richard Heart, HEX, and PulseChain. At the time of the complaint, the accused was holding a staggering 703 million USD worth of stablecoin DAI, constituting 15.5% of the circulating supply.

In years past, Richard Heart consistently promoted his brainchild, HEX, as a fast-track route to wealth, despite facing criticism and allegations of being a pyramid scheme. At certain points, HEX achieved a market capitalization in the tens of billions of dollars.

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