0x B1

Bio

• Jason Stone and his KeyFi company were behind the wallet.
• From The Defiant (21-1-2021):

"A pseudonymous trader or traders who holds at least 1% of assets in DeFi. 0x_B1 said “we ponder why anyone would think that the entire sphere of 0x_b1 and our strategies would be contained to a single address. Key pieces of our strategies are not seen and therefore not understood.” their wallet’s balance which has grown by ~$70M, to $410M"

• From this thread (21-3-2021):

"In terms of activity, the team operates (almost) non-stop, churning out txs to the tune of thousands a day. Simply put, @0x_b1 are like their own protocol in terms of throughput and capacity. Notice an insignificant decline on weekends."

Occupations

• Turned out to be KeyFi, which did most of the activity for Celsius (7-2022). A report by Arkham went deeper into the details:

"According to Arkham, from August 2020 through April 2021, Celsius sent 0xb1 $534 million of crypto assets in 260 transactions ranging in size from $1,000 to $28 million. 0xb1, in turn, invested these funds in various DeFi yield-bearing activities, which included providing liquidity on decentralized exchanges (DEX), as well as lending and borrowing on Compound and Aave.

0xb1 also reportedly purchased a selection of NFTs worth $6.3 million, which included CryptoPunks, Beeple art, and several other projects.

“Assuming Chainalysis' audit is correct, 0xb1 had over 10% of all Celsius' assets under management in late 2020,” said Arkham, adding that in the five months following the audit Celsius sent 0xb1 another $180 million of their customers' crypto assets.

The report adds that 0xb1 appears to have returned $1.13 billion of crypto assets to the crypto lender between February and May 2021, which corresponds to a 111% profit if denominated in U.S. dollars.

“More plainly, had Celsius held these assets instead of sending them to 0xb1, their value would have been $1.52 billion – close to $400 million more than what 0xb1 appears to have returned,” says the report."

Investments

• From The Defiant (21-1-2021):

"0x_b1 provided insights into their investments, saying that, for the first few days of CREAM’s Cream Swap, the wallet was generating $75K to $150K an hour. And while CREAM was their best trade, Harvest Finance was their worst one, because of the project’s exploit. They lost our faith and half our TVL at that point."

• From this thread (21-3-2021):

"If you've interacted with one of the leading #defi protocols, such as @uniswap, @SushiSwap, @BadgerDAO, @compoundfinance, @AlphaFinanceLab, @CreamdotFinance and others, there's a good chance you've interacted with @0x_b1's capital in one way or another. @0x_b1 are also rocking the @VesperFi pools, the new #defi rising star. According to @defipulse, Vesper have around $820 in TVL, meaning 0x_b1 alone is rocking over 7% of that value. One of the most prominent $badger supporters, @0x_b1 is rocking 4% of @BadgerDAO's $1.16bn in TVL."

• BadgerDAO; was one of four parties that took part in buying a total of $21M worth of assets from the treasury (8-3-2021).
• Nifty's; part of a pre-seed round (26-3-2021).