Last night, I was again watching those "coincidental transfers" on the chain, which at first glance seemed like someone communicating in code. But once you break down the path, it's not that mysterious: large amounts are first transferred from CEX to a relay wallet, split into several transactions to L2 to save on fees, then routed through a few old addresses for aggregation, and finally back into a stablecoin pool to exchange for USDC... Basically, it's more about habitual processes and risk management through dispersal, not necessarily some conspiracy.

Recently, the social mining and fan token schemes have been quite noisy too. "Attention is mining" sounds appealing, but on-chain, it often just involves a bunch of small transfers to boost presence. Once you analyze the path, it reveals the truth. Lowering my expectations made it easier: first assume everyone is just trying to save money, avoid surveillance, or seek convenience, then identify the one or two steps that are truly unreasonable. Anyway, I won't call out specific projects, just noting the pattern for now.