SIREN Controller Reportedly Accumulated and Consolidated Most of Token Supply Before Cashing Out 64.8 Million USDT

Foresight News posted on X (formerly Twitter). It reported that an entity described as the controller of the SIREN token cashed out 64.8 million USDT over two days after accumulating and consolidating a large share of the token’s supply. According to the post, the controller’s activity can be traced to late June 2025, when it allegedly bought large amounts of tokens at about $0.045 through hundreds of wallets, spending about $21.8 million. The post said subsequent consolidation evidence indicated these dispersed addresses belonged to the same entity. It added that from early 2026 to March, the token identified as siren-2:native rose from about $0.08 to $2.1, an increase of about 26 times in roughly one and a half months. After the surge, the controller allegedly consolidated 66.5% of total supply—about 484.6 million tokens—from hundreds of wallets into 48 addresses within hours. The post cited an update from Yujin (@EmberCN), who said the actual controlled share was as high as 88.5%, or about 644 million tokens, and that including tokens deposited to exchanges, the market activity appeared to be dominated by a single participant. The post argued that when one entity holds nearly 90% of spot supply, price charts reflect scripted activity rather than a market.