Sei Eco ZachXBT or Rug Master? One article exposes the Shadow scam
Original title: Out of the Shadow
Original author:The Light
Original compilation: Luccy, BlockBeats
Editors note: Recently, Sei has attracted the attention of the community with its parallel EVM narrative. The price increase of its native token SEI has also reached a new high, with an increase of nearly four times in two weeks. As Seis popularity grows, a new influencer named Shadow and his project Seidow Token have entered the public eye.
At first, Shadow seemed to make it his mission to discover carpet scams and warn others, and was even called sei eco-ZachXBT. However, encryption researcher The Light started from Shadow’s activities on social media and tracked a series of transactions and behaviors. He found that Shadow may be involved in some improper activities, including manipulation of the Sei ecosystem and investment in the Seidow project, and pointed out bluntly Shadow is a rug liar. BlockBeats compiles the original text as follows:
some twitterreplyShadow in Desire (Archived NSFW)
TLDR: Shadow is a serial scammer who changed his tactics to extract more funds from the Sei ecosystem. Seidow’s tweets were linked to a scam that recently destroyed 30% of Seidow holders of the project. He remains a majority shareholder in Seidow, so his future NFT minting and products may be at risk.
With the recent popularity of Sei Network, a new influencer is attracting attention for his project Seidow Token and his seemingly selfless determination to identify rugs and warn others. Little is known about Shadows background, with some comparing him to Seis ZachXBT. His tweets only date back to earlier this year, and a deeper search of the Twitter replies only revealed his desire for Egyptian women (see above NSFW) and his love for Real Madrid Football Club.
But thats not the point, nor the key point. Im a little too impatient, so lets start from the beginning.
I first noticed Shadow while discussing Seidows new launch in a small group chat on Telegram. My friend Josei (a self-proclaimed Seiscan detective) warned me that he noticed some suspicious trading activity after the coin’s initial dump when it started to increase in trading volume. He mentioned one wallet that was consistently bidding nearly $5,000 for the token, accounting for about 30% of the supply, while the liquidity pool held less than $10,000. He then contacted the developer (Shadow) and despite the developers denials, he still wasnt convinced. He said, This developer claims to be based and ran away is very accurate.
Telegram conversation with Shadow about suspicious buyers, provided by Josei.
To be fair, its not uncommon for teams to purchase their own token supply to achieve supply shocks, which can sometimes be quite bullish. However, it seems a bit fishy for a basic developer who claims to be an early investor in ETH, BNB, AVAX, SOL and SEI to deny that this was his behavior because he really didnt have $5,000 to invest. My curiosity got the better of me, so I started researching the buyers address and Seidow Token more closely.
When looking at the Seidow buyers wallet, something immediately caught my attention. This wallet previously launched the rug token $SEITYR and appears to be launching a new rug token called $SEIJURO after purchasing $5,000 of Seidow. Its already weird that a random buyer would put so much money into a new Sei token, but if that buyer is the same person who launched the rug token, then Id be even more suspicious. In my experience, if a scammer is this close to a rug trade before a coin is listed, especially using such a large scale, usually the coin is theirs. Things got more interesting when I started digging into where the scammers/buyers were getting the SEI, but Ill get to that later.
Seidow Tokeninstantiated messagemetadata.
The first thing that strikes one’s attention about Seidow Token is that it feels very low-cost. There is no production website, the Twitter account only has a few posts (even though it was created in April 2012), the logo is uploaded via imgur (commonly used for low-cost rug projects), and they didnt even bother getting a contract from $SEIYAN Change marketing description when copying code in . Seidow Token later launched a Zyro builder website and updated their logo to look even more casual than the original. Despite all these caveats, the SEI sent to Seidows developer wallet comes from CEX or a bridge, and due to lack of better analysis tools on SEI, the trace ends there.
After my initial discovery, I looked at Seidow Token as a possible rug project, thinking that Shadow would eventually liquidate 30% of their tokens, delete their social media accounts, and everyone would move on to the next project like most alchemists do . but it is not the truth. Shadow started popping up on my timeline again and again. Usually to publish inaccurate information that a project is a scam. While I thought Shadows reputation would be damaged by tweeting around and spreading ignorant FUD about newly launched projects, the opposite seems to be true. He began to build an army of followers, amassing a large fan base who would spread his FUD from one group to another.
I began to notice a problem, how could basic developers not understand basic knowledge?
Shadow is clearly using this as a way to build his reputation and draw attention to his token, without caring about the damage this might do to other projects and people’s investments. As his name came up more and more often, my distaste for Shadow continued to grow, and I knew he was most likely a con man who realized at the last minute that he could turn a tough rug operation into an even bigger one. scam. But it wasnt until I saw Shadows comments below that I wanted to share the information I had with the public and learn more about him.
Shadow cunningly enters the Sei Network core team.
I couldnt sit back and let Shadow steal any Sei Fund grants, so I started gathering all the information and started investigating the clues he left behind.
One caveat that helped me identify the rug project early on was that this newly launched project used a recycled Twitter account. Scammers use old accounts that already have hundreds or even thousands of followers to try to make their projects look more legitimate, but is that really the case? Who in their right mind would believe that you have been planning a Sei memecoin since 2012? Using a Twitter username tool that stores previously scanned Twitter IDs and usernames, I ran shadowseidow to see if I could find any previous aliases associated with his ID.
Two usernames found:
· Username: 0x shadow 9000
Last checked: 2024-01-02
· Username: shadowseidow
Last checked: 2024-01-03
Joined in August 2015 and has 37,000 followers, but only started tweeting on January 2, 2024.
Oddly, for a Twitter account created in August 2015, there isnt much information in it. So I then tried the tokens account, seidowtoken, since it also seemed to be a recycled account (created in April 2012).
4 usernames found:
· Username: seitoshitoken
Last checked: 2023-12-29
· Username: seitadel
Last checked: 2023 – 12 – 31
· Username: seidowtokeb
Last checked: 2023 – 12 – 31
· Username: seidowtoken
Last checked: 2024-01-01
Bingo! Now we are making progress. I know theres a spelling mistake in Seidows launch name, with a b instead of an n, as seen in Shadows tweet below. This further confirms the results to date.
Tokeb - shows almost no signs of effort, not even bothering to spell token correctly.
A quick search for Seitadel and Seitoshitoken on Twitter should yield some results.
Twitter search results for Seitoshitoken and Seitadel
As you can see in the screenshot above, although all tweets have been deleted, some Twitter mentions have been updated to show the changed username. Unfortunately, I cant archive Twitter search results in wayback, so my search results may differ from yours. But when I searched on January 7, 2024, both seidowtokeb and siedowtoken could be found in results related to these coins, and the timestamps matched the last check on the username tool. While browsing the post, I found Coinhall linking to both coins.
· Seitoshi
sei1c0kz0nusfj0h94ps9kx3ky85llhs6emu5d5lreeplf4s82pect5snwygqg
https://coinhall.org/sei/sei1tqzqwfmkcd023c2v37kfkjmvc97tlsegpnx0mn4d7ht5t7wknu4qy8t9h2
Liquidity increased by 5,500 SEI on December 29 and has steadily increased by 10,896 SEI.
· Seitadel
sei1smx8lqqlpsnege6mynh4ucq94en43pwdf5qntrzaks8wkfjrg6mse8sutq
https://coinhall.org/sei/sei1n3uh9nc6y6zczwcd6xgxdhstl09chwcyfnvgkl3yf88mq4nc9elq7h7zhy
Liquidity increased by 5,500 SEI on December 31st and 6,083 SEI was added.
The audacity of this man is truly astounding. Reminds me of the old proverb, He who smells farts farts.
So far, Ive revealed that the Seidow Twitter account is associated with two previous rug projects, but a brief look at the connected wallets revealed a more prolific scammer than I expected. When I dug deeper into where these wallets received their SEI from, I started to find dozens of rug projects, some launched before Seidow, and even some launched after. So I set out to map out all the connected wallets and rug projects I could find to see if any of them were related to who I had always believed to be holding 30% of Shadow.
The list of connected wallets and rug projects is endless (scroll to the bottom to see the full list), however, after hours of reviewing Seiscan, it was finally discovered that Shadow’s rug project Seitadel is associated with 30% of the holders , this is conclusive evidence.
The rugs Seitadel tokens are tied to 30% Seidow buyers.
It turns out that Shadow purchased the tokens from two different wallets, but sold the tokens early in one wallet while transferring all the tokens in the other wallet. The next steps are to see where those 302 million Seidow Tokens ended up and whether Shadow is still holding them. I usually look at the holder list of a token to check the distribution and see where the token is being moved to. Unfortunately, Seiscan doesnt simply do this. So I asked some friends again for help and re-queried the holders of Seidow.
It seems the coin didn’t move very far. Inspected on 01/07/24.
When I began gathering this information on January 7, 2024, Shadow had already begun transferring tokens the day before, in what I can only assume was an attempt to cover his tracks. He sent 302 million tokens from the buyers wallet here. He then went on to distribute as follows:
I have been able to see his wallet in the list of top holders, but as I continue to investigate, he continues to transfer coins. I knew that a screenshot of Seidows holder distribution had been circulated in some group chats, so I began to suspect that it had made its way back to Shadow. Over the next few days, I continued to monitor his wallet to see where he dispersed his coins.
List of Seidow holders checked on January 9, 2024. I think this looks better?
Ive highlighted a few wallets above that I was able to trace back to Shadows original 30%. Since everything is starting to get mixed up on Seiscan right now, its possible Im missing something.
At the time of completing this reveal about Shadow, it appears that he has liquidated most of his holdings but still retains a top wallet as insurance. They showed screenshots of a conversation with a J claiming to be a 35% Seidow holder, considering its impossible to fake such a conversation, or that this J is actually Shadow or a team member. The timing of this liquidation coincides with the time they released the list of Dune holders. Coincidence? I reran Seidows holder query to see how it differed from the dashboard they published. Oddly enough, Seidows distribution looks much better on my side. When checking out their query, its immediately clear why.
Seidows holder list query excludes wallets holding more than 2%.
Seidow’s dashboard only queries holders with balances below 2%. This conveniently hides the top 3 holders, one of which we trace back to Shadow.
Hopefully its now clear how hypocritical Shadow is and his actions need to be stopped. He has gone from being a serial con man to a massive con man who, with the massive following and network he has amassed, could destroy all of Sei. He has dumped tens of thousands of dollars on his holders and Im sure he wont stop here. I know many people will be blinded by coin holder bias, and some may be quick to forgive, but if you continue to support him and his projects, I can guarantee you that you will have a terrible time.
The hypocrisy is shocking, but they are not wrong.
Ill wrap up this question with some final information. The transaction from one of the linked rug wallets (which also happens to be the wallet he sent all the SEI to, which he just liquidated), I believe was 3,052 SEI to Shadows CEX, who then sent 2,052 SEI to the Seidow deployer ( Not the Seidow he released and destroyed two hours ago). I dont know what Shadows obsession with the number 52 is, but you can see its a common occurrence at the bottom of all the data Ive collected.
Im definitely missing some information that Ive gathered, but if youve read this and still need more evidence that Shadow is a liar, then Im sorry youre nitpicking. Now, to end on a lighter note, heres a funny GIF showing some of his scams.
BlockBeats Note: The GIF image display can be viewed in the original text. The following is only one image from the GIF collection.
Shadow the ruggoooor.
Here is a complete list of all the linked wallets I have found, scams posted by Shadow, and wallets he transferred SEI between. The SEI transferred in on 1/02/24 by sei1dw0tjgl8hn6u9trgyej3rruckem0vjvrhjts3x is connected to another wallet backed by CEX or a bridge, there is more to it than the scam below, but at this point I have all the information I need.
BlockBeats Note: This list is too long to be displayed in full. You can view it from the original text.
