BRC 20 is born. Dirty.
A dev called domo creates BRC 20 on top of Ordinals. It works. It explodes. And it pollutes: every transfer spams Bitcoin with junk UTXOs. Even domo calls the design inefficient. Source
Open investigation · updated daily
Follow the coins.
One entity holds about 12% of all $DOG. For 22 months, a wallet the community tags as Binance fed it. One direction. Zero coins back. Nobody explained it. So the $DOG Army lined up the dates. Every number on this page has a receipt on chain.
12.15%of all $DOG supply in the Jul 6 local read. One entity. One address since Jun 25, 2026.
51×withdrawals from the wallet tagged as Binance, through Relay #3.
~22 moof one way flow. Aug 2024 to Jun 2026. Almost every month.
0coins ever sent back to that wallet. Source only. Never destination.
✅ Proved on chainOne entity controls about 12% of $DOG. Wallets that co spend together filled it. Relay #3 pulled $DOG from one single wallet 51 times and returned nothing.
⚖️ Why it smellsThat source wallet is tagged by the community as a Binance hot wallet. Binance never listed $DOG spot. A coin the company does not even trade kept leaving its custody toward one entity. For two years.
❌ What we do not claimWe do not claim Binance controls the whale. The tag is unconfirmed. No co spend links that wallet to the cluster. Suspicious and documented is not proven. That line protects this research.
Chapter 1 · the background
Bitcoin has two token standards. Money picked one.
You cannot see this case clearly without knowing what BRC 20 is, what Runes are, and why one exists to bury the other.
UniSat becomes BRC 20's home.
First BRC 20 wallet. Biggest indexer. The marketplace. If BRC 20 is a country, UniSat is its capital. Remember this name.
Runes arrive to end the mess.
Casey Rodarmor ships Runes in the halving block: tokens native to the UTXO model, zero junk. Built to make BRC 20 obsolete. $DOG arrives days later. Rune #3. 100% airdropped. Zero presale. CC0. On chain
Chapter 2 · the position
Binance picked a side. With money.
These three moves are public, dated and sourced. Each one is a normal business decision. Keep them in mind.
Lists ORDI in hours.
The first BRC 20 token gets a Binance spot listing and doubles in price within hours. BRC 20 money is now Binance money. Source
Lists 1000SATS. Opens a marketplace.
A second BRC 20 gets spot. Binance also opens an inscriptions marketplace that pulls its liquidity from UniSat. Listing · Marketplace
Funds UniSat itself.
Binance Labs leads UniSat's funding round. Thirty days after Runes went live to replace BRC 20, Binance buys equity in BRC 20's core company. Source
Read that timeline again. Runes ship to end BRC 20. One month later, Binance invests in BRC 20's capital city.
Chapter 3 · the door
The Rune never got a listing. The community got a price tag.
$DOG became the biggest community token on Bitcoin. Around 90,000 holders. The $DOG Army asked for a listing, in public, for months. What came back:
Pay to play.
The listing debate goes public as a pay to play story. No spot listing comes. ORDI got listed in hours. $DOG is still waiting, two years later. Source
The depeg day.
Markets crash. DOG trades broken inside Binance's own books and Binance pays $283M in compensation across assets. It compensated losses on a coin it never listed spot. Source
Old standard: yes. New standard: no.
BRC 20 coins got fast listings. The flag coin of the standard that replaces BRC 20 never got one. That is a fact, not an accusation. Hold it next to Chapter 2.
Chapter 4 · the tap
While the door stayed shut, the tap stayed open.
This is the on chain core of the case. Every line here is verifiable in the addresses at the bottom of this page.
Aug 19, 2024
The first drop.
A wallet the community tags as a Binance hot wallet sends its first $DOG to Relay #3. One month before the pay to play story breaks in public.
2024 → 2026
The pattern locks in.
51 withdrawals in about 22 months. Almost every month. Zero coins ever return. The relays hold nothing: balance zero, pass through wallets. They feed one cluster.
Jun 25, 2026
The consolidation.
The cluster consolidates over 12% of every $DOG in existence into a single address. In one day. In silence. Proven by co spend: the wallets that filled it sign together.
Today
It holds. We watch.
No exchange deposits from the vault. Movement stays between relays, Bitget and Gate. The $DOG Army monitors it daily on the radar.
Chapter 5 · the question
Too much coincidence is a pattern.
- A company invests in the old standard's infrastructure.
- The new standard launches to replace that old standard.
- The flag coin of the new standard asks for a listing. It gets a price tag instead.
- A wallet tagged with that company's name feeds $DOG to one entity for 22 months. One way.
- That entity now sits on 12% of the supply. In one address. And nobody knows its name.
One fact is chance. Two facts are coincidence. Five facts in a straight line deserve your own eyes. We do not tell you what to conclude. We hand you the receipts.
Don't trust. Verify.
Do your own research
Open the addresses. Count it yourself.
Every address is public. This page stays honest because anyone can check it. Co spend is the gold proof of common ownership: the cluster co spends, so it is one owner. The tagged wallet never co spends with the cluster. That is exactly why we do not claim control.
The vault · about 12% of $DOG
bc1plzs2lltvv29k603w5m0aqma5e8w0n3pc77dt89l5w9hurmdfgd0swdhspn
Relay #3 · the tap, 51 withdrawalsbc1pu03udw507wj58y5lv3dky03lxuj0m74uqdnqllckv3s32sw9ahrscjch8j
Relay #1 · second routebc1pt02fw3aty825yaujdnmzml0qny28l9ecc77df2vgc26qfcket3hqc634ar
The source · community tagged as Binance, unconfirmedbc1qhuv3dhpnm0wktasd3v0kt6e4aqfqsd0uhfdu7d
The technical dossierThe full investigation with method, limits and reproducible steps. The long version of this page.
The forensics fileCo spend analysis, cluster mapping and how the 12% entity was traced wallet by wallet.
The watched walletsEvery wallet the $DOG Army monitors daily, with live balances and labels.
The best defense a community has is more eyes on chain. Share the case. Let people check it and disagree. The receipts do not move.