18 Aug, 2021

EOS can be Manipulated Anytime According to Statistics

EOS’s Mainnet has been launched, but there is a cry of concern. According to research from six snapshots of EOS ownership, only ten addresses hold almost 50% of the total supply.

There are a total of 1 billion EOS tokens as of now, and thus almost 500 million coins are owned by ten addresses.

When trying to figure out where the ten address originates from, it is not very easy to distinguish. However one of the addresses is EOS’s main company which is Block.one, which currently holds 100 million tokens which is 10% of the total EOS tokens in supply.

An average of 380 million EOS tokens is held by eight addresses, while 20.6 million is owned by the smallest holder amongst the ten addresses.

The remaining 8 addresses could most probably be exchanges such as Bithumb, Huobi, OKEx, Upbit, and Bitfinex which are recorded to be the top traders.

Reddit Post by the user Lannisan with the information on EOS’s ownership edited the post to reply to comments stating that exchange accounts should not have been on the list.

‘Edit: As /u/auser8 correctly points out, the one downside to this list is that many of the top holders are likely exchange accounts and as they won’t release any data on this, we have no way of knowing how many people own the EOS on the exchanges or how much of it they control. If an exchange has 50 million EOS sitting on it, that could be controlled by 5 whales with 10 million EOS each or 500,000 casual users with 100 EOS each, but we have no way of knowing. Depending on the exchange distribution, that will make a huge difference as to how much power the top holders actually have.’

Combined, the top 1000 addresses that hold EOS tokens are equal to 858,120,383 which are almost 86% of the total supply. Thus the remaining 14% have very little influence over the whole EOS ecosystem.

With the statistics being presented, many questions on the decentralized characteristic of cryptocurrencies along with manipulation by cryptocurrency whales have arisen.