9-Figure Wallet Identified by Arkham AI

‍

Arkham AI has identified a wallet (0xEd0C) potentially belonging to digital asset fund manager, Abraxas Capital Management (HEKA Funds). The wallet currently holds more than $216M in assets, distributed across liquid staked and liquid restaked ETH tokens such as EtherFi’s EETH, Lido’s wstETH and Aave’s AWSTETH and Aave’s AWETH, which make up almost $197M of the wallet’s holdings. The address has also pushed more than $6B in volume through some of the top DeFi protocols on Ethereum, including Aave, 1inch, Spark and Compound.

The heavy concentration in liquid staked and restaked assets points to a strategy focused on "capital efficiency." Unlike holding raw Ethereum, which generates no passive return, these derivative tokens allow the fund to earn network staking rewards while retaining the ability to use the value in DeFi applications. By using tokens like EETH or wstETH as collateral on lending platforms like Aave, funds can effectively earn yield twice: once from the staking reward and again from potential DeFi yield strategies.

‍

‍

Beyond its extensive on-chain history, this address has also historically transacted with known Abraxas Capital Management addresses, with more than $800M in assets transferred to them in just the last five months alone.

The process of linking anonymous addresses to known entities relies on a forensic technique known as "clustering heuristics." Blockchain analysts track the flow of funds, looking for specific behaviors such as shared deposit addresses on centralized exchanges or large, direct transfers between wallets. When a known corporate wallet sends substantial liquidity to a new address, or when multiple wallets feed into the same destination, analysts can deduce with varying degrees of confidence that the wallets are controlled by the same owner.

‍

‍

Note that Arkham AI predictions are speculative and of lower confidence than official attributions.