Deep Dive
One research report per week on a hot airdrop project, event or strategy — background, data, analysis, conclusions and risks.
Latest Issue
October 5 - 11, 2026The CryptoBilis Drain: Anatomy of a Hardware-Wallet Supply-Chain Attack
A $86–93.2 million drain across 315 wallets on six chains, traced to Ledger devices bought through one reseller — the two-week on-chain preparation, the dated response, and why the lesson lands on airdrop claimants holding TRON USDT.
Past Issues
ArchiveEarlier editions stay online unchanged.
NEAR's $3.8M Week: An ETF Debut, an Exploit, and a Full Recovery
The week NEAR got its first US spot ETF, lost $3.8 million to an Omni-infrastructure exploit, and got all of it back within 48 hours — the dated timeline, the price record against the $3.33 airdrop trigger, and what the episode means for price-gated design.
NEAR@3.33: Anatomy of a Price-Triggered Airdrop
The first completed price-gated airdrop cycle: 333,333 tokens that converted only after a three-day VWAP held above $3.33 — the two-gate design, the verified numbers, and the risks nobody has tested yet.
ARC Goes Live With No Token: The Counter-Example to CNPY
Circle's Arc launched its public mainnet with fees in USDC and no native token — set beside Canopy's pre-mainnet CNPY listing, the clearest evidence yet that product launches and airdrop eligibility have decoupled.
CNPY Before Mainnet: What the Canopy Launch Shows
A token priced on three venues before its network exists: the launch-day timeline, verified versus self-reported figures, the unpublished numbers, and what the structure means for 2027.
Ethos and the Anti-Airdrop: Inside the Sale+Insurance Design
A project that published 0% airdrop allocation and charged for access instead — the auction, the 30-day lockup, the 85–90% price guarantee, and what the design says about 2027.
Hyperliquid HYPE Airdrop Case Study: Anatomy of Crypto's Largest Token Distribution
310 million HYPE to ~94,000 wallets with zero VC allocation — what the numbers say, and where secondary sources disagree with each other.
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