Tracing to IOG genesis
To test the claim that the funds originate from a ~2.4B-ADA genesis holder, we trace each payment's funding backward through the UTxO graph, following the largest input at every hop (the dominant flow of value), until we reach a Byron genesis output.
All nine chains converge on IOG's genesis allocation
Run independently for each of the 9 payments, every chain terminates at the same genesis allocation of 2,463,071,701 ADA dated 2017-09-23, IOHK/IOG's published Byron allocation to the lovelace, ~40–44 hops back:
| Payment | Hops to origin |
|---|---|
| 2021-04-02 | 43 |
| 2021-04-26 | 43 |
| 2021-05-24 | 41 |
| 2021-06-28 | 43 |
| 2021-07-26 | 44 |
| 2021-08-29 | 40 |
| 2021-09-27 | 42 |
| 2021-10-25 | 43 |
| 2021-11-22 | 41 |
When the 9 traces are merged into one graph they form a tree of 62 nodes with 61 edges, i.e. the chains are not independent: they merge quickly into a single shared trunk that leads to IOG's genesis allocation. See the flow graph.
The genesis holder is IOG
The origin is IOG's Byron genesis allocation of 2,463,071,701 ADA:
- Redeemed (Daedalus) address: DdzFFzCqrhsytyf2oUxqFNXDX9MfAFBWk9pTBXViZbSwxEi7PYcq9LSjBDcW6BVcA7KxgeixYWospQKn68P9PaviM2FvhTFvsEezT8qg (first seen 2017-09-27)
- Original AVVM ICO voucher (the true origin hop): Ae2tdPwUPEZKQuZh2UndEoTKEakMYHGNjJVYmNZgJk2qqgHouxDsA5oT83n (2017-09-23, the genesis bootstrap)
The voucher redeemed into the Daedalus address with the identical 2,463,071,701 ADA (a standard, fee-free Byron AVVM redemption): the same holder in two encodings.
Our backward trace ends at a Byron genesis wallet of exactly 2,463,071,701 ADA. The official Cardano genesis distribution lists three founding-entity allocations, and IOHK’s is 2,463,071,701 ADA, an exact match to the lovelace:
| IOHK / IOG | 2,463,071,701 ADA | ← where the trace ends |
| EMURGO | 2,074,165,644 ADA | |
| Cardano Foundation | 648,176,761 ADA |
Source: cardano.org/genesis. At genesis this was the single largest UTXO, and no other genesis wallet was allocated this balance, so the identification is unambiguous: the terminus is IOHK/IOG. We bound that to genesis; we cannot rule out a larger consolidated balance forming later (an exchange, for instance), so we make no largest-ever claim. Every downstream wallet (relay, consolidation address, endpoints) stays unattributed.
The convergence of all nine independent chains on IOG's genesis allocation across ~40 hops is far beyond coincidence: strong corroboration of the "genesis-funded" half of the tweet's claim. (Caveat: dominant-flow tracing indicates, but does not prove, origin; see caveats.)
The genesis link is not unique to the payment trail. IOG's 54 stake-pool pledges, the trail wallets' delegation to IOG's own pools, and an IOG-named wallet from a later commissioned report all point the same way. Those wider fingerprints, and how much they raise confidence the funds are IOG's, are the next chapter: IOG's wider on-chain footprint.
A complete, hop-by-hop trail is in the appendix.