Where did the money go?

Flippers extracted 937.42 Ξ / $1.9M

Every payment out of the treasury

Rows marked in-kind or off-chain moved no ETH and are shown for completeness only: they are not counted in the MetaZoo to Aoki total above. In-kind NFT transfers are valued at the median secondary price in the month they moved.

Aoki goes on a manic $8.1M NFT buying spree

Doodles #2238

269.69 Ξ / $862,803

−99%

Doodles

paid ~42.98 Ξ → floor ~0.38 Ξ

CryptoPunks #8705

150.00 Ξ / $486,672

−66%

CryptoPunks

paid ~93.26 Ξ → floor ~31.99 Ξ

Bored Ape Yacht Club #4698

105.00 Ξ / $291,250

−80%

Bored Ape Yacht Club

paid ~42.43 Ξ → floor ~8.57 Ξ

0N1 Force #2856

96.69 Ξ / $306,567

−100%

0N1 Force

paid ~13.89 Ξ → floor ~0.06 Ξ

Bored Ape Chemistry Club #0

55.55 Ξ / $156,918

−91%

Bored Ape Chemistry Club

paid ~23.47 Ξ → floor ~2.19 Ξ

COLLECTION	BOUGHT	HOLDS	USD	ETH
CryptoPunks	7	5	$1,435,751	652.79 Ξ
Doodles	7	5	$971,634	300.88 Ξ
Bored Ape Yacht Club	7	7	$996,928	297.00 Ξ
0N1 Force	12	0	$527,661	166.64 Ξ
Bored Ape Chemistry Club	6	1	$479,460	140.83 Ξ
Moonbirds	3	2	$295,996	99.50 Ξ
VeeFriends	4	4	$170,848	65.91 Ξ
OpenSea Shared Storefront	16	n/a	$154,277	55.06 Ξ
…757 buys total			$8.1M	2811.60 Ξ

Where the treasury’s money came from

Of the 544.00 Ξ the treasury ever took in, roughly four-fifths was primary NFT mint sales. The royalties slice reached MetaZoo mostly through OpenSea’s off-chain creator-earnings payout, not a direct on-chain stream: about 80% of the royalty buyers generated on Coin Tokens, with roughly a quarter of the later Seaport royalties split to team wallets.

Where the treasury’s money went

Most of what left the treasury went to insider cash-outs (to Coinbase/FTX) and Steve Aoki. The rest is project costs (gas for contract deploys and reward mints/airdrops, plus a few token swaps), money moved between MetaZoo’s own contracts, and a small tail of unattributed transfers to unlabeled wallets. On-chain is a floor: the bulk of real project costs (physical card printing, fiat operations) never touched these wallets.

The USD reconciliation

It balances: received = paid + gas + still-held. The treasury is essentially empty today (0.08 Ξ ≈ $152). The received−paid gap was almost all gas, not ETH sitting in a wallet. Because the money left near-immediately (not held through the crash), only $168K was lost to ETH’s price falling between when it arrived and when it left, small relative to where the money went.

treasury balance, marked to market monthly · Binance daily close (data/raw/eth_usd_daily.json); inflows at receipt date, outflows (and gas) at spend date, still-held balance at current price $1,885/ETH

On-chain NFT-side only: physical-card fiat revenue never touched these wallets. exchange_deposit = plausibly converted; a deposit is not proof of a sale. Unlabeled counterparties aggregate under other_in/other_out. royalties (in) = NFT royalty / OpenSea creator-earnings reaching the treasury via the F36-traced distributor 0xd909 (Wyvern, from OpenSea payout 0x0b7a43) and the Seaport splitter 0xcbbec; ~80% of the ~79.6 ETH Coin Tokens royalty attributed at sale. A small part of the 0xd909 flow is non-royalty seed, so it is a close proxy. mint_proceeds is ~20-30% below F19's full reconstructed mint revenue per collection; the remainder went to an unidentified payee outside this audit's 3-wallet treasury seed. The received−paid residual is almost entirely GAS (transaction fees the value-ledger doesn't track), not ETH still held: the wallets hold ~0.08 ETH on-chain today. Because the treasury spent ETH near-immediately (not held through the crash), the idle-depreciation loss is small.