A single entity reportedly commandeered most of the circulating supply of RIVER token through a network of 2,418 addresses, generating over $300 million in profits. Crypto researcher Wazz disclosed that the scheme started with 8 BNB transferred from OKX, then used a smart contract called Multicall3 to distribute BNB to 362 initial wallets. This clever setup made the initial accumulation nearly invisible to most blockchain explorers.
Nine-Hop Chain and Bitget Withdrawals
According to Wazz, those 362 recipients formed a nine-hop chain, ultimately creating 2,418 addresses that funneled RIVER tokens into designated wallets. Two massive withdrawals from Bitget occurred on December 5 and December 29 — 2 million and 1 million tokens, respectively. At an average price of $4.12 per token, the initial cost was about $22 million; at RIVER's peak, the accumulated stash would have yielded a paper profit of roughly $350 million. Nearly half of the circulating supply ended up under this single entity's control.
Market Impact and Retail Risk
Another analyst, Brain, called the operation “a sophisticated industrial-scale wash trading or supply cornering operation.” Controlling 2,418 addresses grants one party enormous market sway. If they controlled the float during the pump from sub-cent levels to recent peaks, a $300M profit is entirely possible on paper, Brain said. RIVER has also faced consistently negative funding rates, indicating that short liquidations fueled much of the price surge.
Retail traders bear the brunt of such manipulation. When one entity dominates supply, it effectively becomes the market. Brain warned: “Unless you were in during the accumulation phase below $0.01, you're just providing the exit liquidity for that $300M.” The recent 37% price drop in RIVER suggests the entity has begun unloading holdings. Remaining addresses are expected to continue unwinding, potentially dragging prices lower.
Exchanges Under Fire
Both Wazz and Brain criticized Bitget for facilitating or ignoring these manipulative practices. Wazz added, “Binance and co are also comfortable taking in fee money for perps and liquidating their users gambling on this.” The RIVER incident heightens concerns about centralized exchanges enabling market manipulation.