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CULT’s Launch Wallets Took XRP Out. Pheanor’s Put It In.

A data report on CULT and OBEY, published on Hash Report and shared on X, says that Pheanor and Hodler, two of CULT’s largest holders, took money out of CULT and lifted its price without buying. Its figures match the ledger. Its conclusions do not: the wallets that took XRP out are the ones that launched the token, and the report leaves them out.

Measured 8 Oct 2026XRP Ledger, full history
9,571 XRP
taken out by the launch wallets, more than they put in
87,760 XRP
put in by Pheanor’s wallets, more than they took out
9.8%
of all CULT, sold by the launch wallets

Who put XRP in, and who took it out

Each time a wallet bought or sold CULT or OBEY, or put XRP into or took it out of their pools, it paid XRP or received it. Added up per group to 16 September 2026, with buying and selling shown apart from the pools, and leaving out one disputed sale (below):

Took out more XRP than it put inPut in more XRP than it took out
Launch wallets 11 accounts, hold no CULT
9,571 XRP more out
Hodler’s wallets 8 accounts, hold 553 CULT
10,773 XRP more in
Pheanor’s wallets 35 accounts, hold 2,054 CULT
87,760 XRP more in
XRP each group received from selling or from pools, minus XRP it paid to buy or put into pools, to 16 September 2026. Left of the line: more in. Right: more out.
XRPPut inTaken outDifference
Launch wallets
Buying and selling3,67617,43213,756 out
Pools14,61210,4274,185 in
Together18,28927,8609,571 out
Hodler’s wallets
Buying and selling13,5888,0965,492 in
Pools7,0161,7355,281 in
Together20,6049,83110,773 in
Pheanor’s wallets
Buying and selling47,48522,42525,060 in
Pools66,9934,29462,699 in
Together114,47826,71987,760 in

The launch wallets also bought: they paid 3,676 XRP for CULT and OBEY and put 14,612 XRP into pools, and still left with 9,571 XRP more than they put in. They hold no CULT. Pheanor’s wallets bought 2,405 CULT and sold 174; Hodler’s bought 1,636 and sold 261. Both still hold most of what they bought.

Pheanor’s wallets did sell. The largest sale was 69 CULT for 7,118 XRP on 17 November 2025, which moved the pool price down 22.5% (FDF1092E…). The wallet, rMt3jmRENV…, held 208 CULT before that sale, 139 after it, and 299 on 8 October 2026.

The launch wallets all end in one account

An XRP Ledger account can delete itself and send the XRP it has left to any account it chooses. The account that received every CULT, and every account it led to, ends in rpoor4E3Nk….

  1. 5 November 2024
    CULT’s issuer sends all 6,969 CULT to rcULTrKtmf…, which opens the CULT/XRP pool.
    TransactionsB3778DE1…A2C7359B…
  2. 7 November 2024
    It creates OBEY’s issuer, robeyK1nxG…, and the account that receives every OBEY, roBeyw1oDh….
    Transactions5E3BF1E0…5264F97F…
  3. 20 November 2024
    Hours after the disputed sale (next section), both launch accounts delete themselves. Their XRP goes to rLhNxRQ3Pn….
    Transactions95E36CD6…9F21779B…
  4. 28 December 2024
    rLhNxRQ3Pn… and raZtxtzsTh…, which it created, delete themselves into rP6Gi2k7T8…. That account deletes itself into rpoor4E3Nk….
    Transactions0F626731…98E9764E…8ABD0C5D…
  5. 2 June 2025
    raffLepL4S…, created by OBEY’s issuer, deletes itself into rpoor4E3Nk….
    Transactions4F7E46BE…6E76582F…
  6. 16 July 2025
    rLQhHjX4ks…, created by rpoor4E3Nk… on 13 May 2025, deletes itself back into it.
    Transactions6475D51D…75919F7F…
Three more accounts that deleted themselves into this chain also traded CULT: r9Kxkc6Pvy…, r95rmwFGBK… and rnygWbFer4…. With them, the launch wallets are 11 accounts.

The ledger records which account sent its XRP to which. It does not record who owns an account, and this article does not say who owns rpoor4E3Nk….

One sale is disputed

The report’s author says an early-morning sale on 20 November 2024 was not made by the launch wallets’ owner: the wallet’s key, he says, had been published in a public code repository (source). The ledger fits that account. In 80 seconds the wallet tries a payment to an account that does not exist, sells, and sends on 4,297 of the 4,320 XRP it then holds, leaving only what an account must keep. Six hours later the wallet is deleted and that remainder goes to rLhNxRQ3Pn…, an account of the launch chain itself. Step by step:

  1. Step 1
    The launch wallet tries to send 400 CULT to an account that does not exist yet. The payment fails.
    Transaction4E9204A1…
  2. Step 2
    It sells 399.10 CULT into the pool for 4,278 XRP, cutting the price 34.8%.
    TransactionCE474E42…
  3. Step 3
    The XRP goes to a new account, rDztHUF1gZ…, then through rHhQ3TNHB2… and rGh29D2gkC….
    Transactions234EB21F…33E80AC4…0CD460E6…E8C6E467…
  4. Step 4
    Within half an hour it is paid into a swap service in three deposits.
    Transactions7994D7AA…6BA6E7CB…C5ABDAB6…
Apart from passing on that XRP, none of the three new accounts ever dealt with the launch chain, with rpoor4E3Nk…, or with Pheanor’s or Hodler’s wallets. This sale is not counted as the launch wallets’ anywhere in this article.

What the launch wallets sold

75 sales, from 8 November 2024 to 19 July 2025, not counting the disputed sale:

CULT
9.8%
of all CULT sold
14,791
XRP received
58
sales
OBEY
24.8%
of all OBEY sold
2,639
XRP received
17
sales

The largest, 158 CULT for 3,987 XRP on 15 May 2025, cut the pool price by 23.4%.

CULT pool price, XRP per CULTA launch-wallet sale, sized by XRP receivedThe disputed salePheanor’s largest sale
Each dot sits at the price the sale was paid, XRP received divided by CULT sold. The shaded span runs from the launch wallets’ first sale to their last.

After the launch wallets’ last large sale, on 15 May 2025, the pool held 27,852 XRP and CULT cost 22.23 XRP. On 8 October 2026 the pool held 58,660 XRP and CULT cost 141.89 XRP.

Wallet, dateSoldShare of supplyXRP receivedPrice moveTransaction
rLQhHjX4ks…
16 May 2025
0.995 OBEY14.66%1,203−56.1%7A4B5F10…
rLhNxRQ3Pn…
25 Nov 2024
0.499 OBEY7.23%479−76.1%EFFFCF63…
rLQhHjX4ks…
15 May 2025
158.00 CULT2.27%3,987−23.4%56330116…
rpoor4E3Nk…
13 May 2025
0.150 OBEY2.21%677−17.9%C1509ED7…
rP6Gi2k7T8…
26 Dec 2024
100.98 CULT1.45%1,600−13.4%3DF60B9A…
rcULTrKtmf…
8 Nov 2024
61.00 CULT0.88%1,006−10.3%C8DEBCA6…
rcULTrKtmf…
8 Nov 2024
53.91 CULT0.77%847−10.7%BB178ADC…
rpoor4E3Nk…
7 May 2025
46.16 CULT0.66%1,590−7.0%CB38B00F…
rpoor4E3Nk…
7 May 2025
34.31 CULT0.49%1,110−5.2%C116074A…
r9Kxkc6Pvy…
26 Dec 2024
31.98 CULT0.46%463−4.2%BDDA4F88…
All 75 sales
Wallet, dateSoldShare of supplyXRP receivedPrice moveTransaction
rcULTrKtmf…
8 Nov 2024
61.00 CULT0.88%1,006−10.3%C8DEBCA6…
rcULTrKtmf…
8 Nov 2024
53.91 CULT0.77%847−10.7%BB178ADC…
rcULTrKtmf…
17 Nov 2024
2.500 CULT0.04%30−0.3%8E731B72…
rcULTrKtmf…
18 Nov 2024
1.000 CULT0.01%13+7.1%8A7ED75B…
rcULTrKtmf…
19 Nov 2024
4.443 CULT0.06%59−0.5%CBE517FB…
rcULTrKtmf…
19 Nov 2024
1.890 CULT0.03%25−0.2%7EE83A17…
rcULTrKtmf…
19 Nov 2024
0.643 CULT<0.01%9—28EB199F…
roBeyw1oDh…
19 Nov 2024
3.700 CULT0.05%51−0.4%AF63A50F…
roBeyw1oDh…
19 Nov 2024
2.000 CULT0.03%27−0.2%BF704BB9…
roBeyw1oDh…
19 Nov 2024
3.965 CULT0.06%50−0.4%9AFB4403…
roBeyw1oDh…
19 Nov 2024
1.989 CULT0.03%25−0.2%CDFEDDC5…
roBeyw1oDh…
20 Nov 2024
17.24 CULT0.25%119−1.5%BD904F71…
rLhNxRQ3Pn…
25 Nov 2024
0.499 OBEY7.23%479−76.1%EFFFCF63…
rLhNxRQ3Pn…
13 Dec 2024
2.000 CULT0.03%13−0.2%EED8CB80…
raZtxtzsTh…
14 Dec 2024
25.00 CULT0.36%156−2.2%9E588016…
raZtxtzsTh…
16 Dec 2024
0.450 CULT<0.01%4+0.2%5032FABC…
raZtxtzsTh…
16 Dec 2024
0.200 CULT<0.01%2+0.0%825EBD10…
rP6Gi2k7T8…
26 Dec 2024
12.87 CULT0.19%221−1.9%3893838B…
rLhNxRQ3Pn…
26 Dec 2024
0.008 OBEY0.12%65−1.8%AEE57416…
rP6Gi2k7T8…
26 Dec 2024
100.98 CULT1.45%1,600−13.4%3DF60B9A…
r9Kxkc6Pvy…
26 Dec 2024
31.98 CULT0.46%463−4.2%BDDA4F88…
r9Kxkc6Pvy…
25 Jan 2025
15.00 CULT0.22%357+22.1%2682B78E…
r9Kxkc6Pvy…
1 Feb 2025
14.37 CULT0.21%370−1.6%2DA71913…
rpoor4E3Nk…
10 Feb 2025
0.213 CULT<0.01%5—E8B1EA2D…
rnygWbFer4…
21 Feb 2025
5.000 CULT0.07%99−0.5%81D267C8…
rnygWbFer4…
5 Mar 2025
0.450 CULT<0.01%9−0.0%8ED52A2A…
rnygWbFer4…
6 Mar 2025
0.100 CULT<0.01%2−0.0%B851E22A…
r95rmwFGBK…
29 Apr 2025
3.633 CULT0.05%91−0.5%C732199C…
rpoor4E3Nk…
3 May 2025
1.950 CULT0.03%67−0.3%626E0D65…
rpoor4E3Nk…
4 May 2025
0.001 OBEY<0.01%3−0.1%3C2316E9…
rpoor4E3Nk…
7 May 2025
0.002 OBEY0.03%10−0.2%E32BC857…
rpoor4E3Nk…
7 May 2025
0.150 CULT<0.01%5−0.0%A5E04907…
rpoor4E3Nk…
7 May 2025
0.240 CULT<0.01%8−0.0%4BCCE354…
rpoor4E3Nk…
7 May 2025
0.251 CULT<0.01%9−0.0%C0C5A65A…
rpoor4E3Nk…
7 May 2025
0.343 CULT<0.01%12−0.1%0D7DBF51…
rpoor4E3Nk…
7 May 2025
0.996 CULT0.01%35−0.2%A57C6060…
rpoor4E3Nk…
7 May 2025
1.972 CULT0.03%68−0.3%168F3189…
rpoor4E3Nk…
7 May 2025
46.16 CULT0.66%1,590−7.0%CB38B00F…
rpoor4E3Nk…
7 May 2025
34.31 CULT0.49%1,110−5.2%C116074A…
rpoor4E3Nk…
7 May 2025
0.000 OBEY<0.01%2−0.0%1BD28375…
raffLepL4S…
7 May 2025
0.000 OBEY<0.01%2−0.0%90495E65…
rpoor4E3Nk…
8 May 2025
20.20 CULT0.29%608−3.0%BB455A81…
rpoor4E3Nk…
8 May 2025
10.98 CULT0.16%323−1.6%7CF9EB8A…
rpoor4E3Nk…
8 May 2025
1.200 CULT0.02%37−0.2%A84DD4B8…
rpoor4E3Nk…
8 May 2025
0.700 CULT0.01%22−0.1%F771C199…
rpoor4E3Nk…
8 May 2025
0.499 CULT<0.01%15−0.1%18568672…
rpoor4E3Nk…
9 May 2025
0.500 CULT<0.01%16−0.1%BCA0DF2B…
rpoor4E3Nk…
9 May 2025
17.90 CULT0.26%563−2.8%29ED9D0F…
rpoor4E3Nk…
9 May 2025
2.000 CULT0.03%64−0.3%FDC7FB49…
rpoor4E3Nk…
9 May 2025
0.018 OBEY0.27%98−1.9%BD8A4431…
rpoor4E3Nk…
9 May 2025
0.001 OBEY0.01%4−0.1%B20769DD…
rpoor4E3Nk…
10 May 2025
0.001 OBEY0.01%4−0.1%91067CF7…
rpoor4E3Nk…
11 May 2025
0.050 CULT<0.01%2−0.0%E469F9A7…
rpoor4E3Nk…
11 May 2025
0.001 OBEY0.01%4−0.1%749C6CC8…
r9Kxkc6Pvy…
11 May 2025
0.004 OBEY0.05%19−0.4%21F1331E…
rpoor4E3Nk…
12 May 2025
0.600 CULT<0.01%19−0.1%634FFD53…
rpoor4E3Nk…
12 May 2025
0.597 CULT<0.01%19−0.1%16321EC7…
rpoor4E3Nk…
12 May 2025
0.593 CULT<0.01%19−0.1%1CC9DC5B…
rpoor4E3Nk…
12 May 2025
0.084 CULT<0.01%3−0.0%A8D37D6E…
rpoor4E3Nk…
12 May 2025
1.500 CULT0.02%47−0.2%823AB5B8…
rpoor4E3Nk…
12 May 2025
1.420 CULT0.02%45−0.2%4261E40B…
rpoor4E3Nk…
12 May 2025
0.003 OBEY0.05%18−0.4%2107ADB9…
rpoor4E3Nk…
12 May 2025
0.004 OBEY0.06%21−0.4%24A669D8…
rpoor4E3Nk…
12 May 2025
0.003 OBEY0.04%15−0.3%588774F4…
rpoor4E3Nk…
12 May 2025
0.002 OBEY0.04%14−0.3%6266A184…
rpoor4E3Nk…
12 May 2025
0.584 CULT<0.01%18−0.1%19CC461F…
rpoor4E3Nk…
12 May 2025
6.900 CULT0.10%216−0.9%299B05A2…
rpoor4E3Nk…
12 May 2025
3.100 CULT0.04%97−0.4%7D240C75…
rpoor4E3Nk…
12 May 2025
0.095 CULT<0.01%3−0.0%450CF3FC…
rpoor4E3Nk…
13 May 2025
0.150 OBEY2.21%677−17.9%C1509ED7…
rLQhHjX4ks…
15 May 2025
0.394 CULT<0.01%11−0.1%4535F7B2…
rLQhHjX4ks…
15 May 2025
1.000 CULT0.01%29−0.2%6C99A295…
rLQhHjX4ks…
15 May 2025
158.00 CULT2.27%3,987−23.4%56330116…
rLQhHjX4ks…
16 May 2025
0.995 OBEY14.66%1,203−56.1%7A4B5F10…
rpoor4E3Nk…
19 Jul 2025
1.261 CULT0.02%74−0.3%50B22BA4…
The ten largest by share of the token’s supply at the time. Price move is how far the sale moved the CULT/XRP or OBEY/XRP pool price.

New OBEY, created and sold

A token’s issuer is the account that creates it. Until 16 May 2025, OBEY’s issuer could still create more OBEY. That day it did:

  1. Step 1
    OBEY’s issuer creates 696,969,696,969 new OBEY and sends them to rLQhHjX4ks….
    Transaction99F3DB89…
  2. Step 2
    That account sells 0.995 OBEY into the OBEY/XRP pool for 1,203 XRP. The pool price falls 56%.
    Transaction7A4B5F10…
  3. Step 3
    It sends the rest, 696,969,696,968 OBEY, back to the issuer, where they stop existing.
    Transaction22FE5426…
  4. Step 4
    The issuer locks itself: its own key is switched off and its spare key set to an address nobody holds. No OBEY can be created again.
    Transactions061D325F…BCD1D563…
OBEY’s supply rose from 6.79 to 7.78: 14.7% more OBEY, sold into its pool the same morning. Apart from the launch issue, it is the only OBEY the issuer ever created.

CULT’s issuer was locked the day CULT launched, before its pool opened (BFAB0257…, FD3D0448…), so no CULT has been created since.

Taking CULT out of a pool is buying it

The report’s central claim is that “the price did not rise because people bought CULT. It rose because CULT was taken out of the pool, which lifts the price by arithmetic and brings in no money” (source).

CULT trades against a pool: a shared pot of XRP and CULT whose ratio sets the price. Anyone who puts both in gets a pool share, and can cash it in later, either as both assets or as one alone. Cashing in CULT alone is a one-sided withdrawal. The ledger’s own formula (rippled, AMMHelpers.cpp) makes it exactly equal to cashing in both and spending the XRP on CULT:

The pool
63,783 XRP
428.09 CULT
149.0 XRP per CULT
Way 1: cash in a 1% share as CULT only
You receive 8.48 CULT
Way 2: cash in both assets, then buy CULT
637.83 XRP + 4.28 CULT
then buy CULT with the 637.83 XRP: +4.20 CULT
You receive 8.48 CULT
The pool afterwards, either way
63,783 XRP
419.62 CULT
152.0 XRP per CULT, up 2.0%
The CULT/XRP pool on 16 September 2026, with its 1% trading fee. The XRP that stays in the pool is the share the withdrawing wallet gave up.

So a one-sided withdrawal of CULT is a purchase, paid with XRP the same wallet put into the pool earlier. Pheanor’s wallets took CULT alone out 1,073 times, and they put 66,993 XRP into pools against 4,294 taken out.

The launch wallets did the same. The account that opened the pool sent 87% of its pool shares to rD56CsTcyw… on 9 November 2024 (EC4872D1…). On 14 December 2024 that account sent 400,000 of them to rLhNxRQ3Pn… (FE01152C…). Over the following months the launch wallets took CULT alone out of the pool 149 times, 522 CULT in all: the move the report holds against Pheanor.

What the report gets right, and what it leaves out

Its supply, balance and price figures match the ledger. Its conclusions:

“own the majority of supply” source
Pheanor’s and Hodler’s wallets hold 37.4% of CULT. The report passes half only by adding accounts it says are not theirs, which it finds by following payments from wallet to wallet.
“The price did not rise because people bought CULT” source
Taking CULT alone out of a pool is buying it with your own share of the pool’s XRP. Pheanor’s wallets put 66,993 XRP into pools and took 4,294 out.
“pay themselves the reward tokens” source
The report’s own table lists 261 accounts paid. 15 of Pheanor’s and Hodler’s wallets got 5.0% of the pool-share rewards, and 213 accounts it ties to neither got 56.5%. The other 38.4% went to 33 accounts it ties to them through payments, none by creation or a shared exchange deposit tag.
“sold significant value” source
Pheanor’s wallets bought 2,405 CULT and sold 174, and put 87,760 XRP more in than they took out.
“responsible for over 70% of the entire price appreciation” source
The report credits each price move to whichever transaction touched the pool. By the same count, up to the peak, other traders’ swaps pushed the price down 175-fold and their order-book trades pushed it up 108-fold. A share of the small difference between moves that large does not show who raised the price.
Not in the report
The launch wallets: 9,571 XRP taken out, 9.8% of CULT and 24.8% of OBEY sold, and new OBEY created and sold. Following payments, the report files 5 of their accounts, rpoor4E3Nk… among them, under “flow-connected to both” Pheanor and Hodler (source).

Method

  • Read from the XRP Ledger’s full history, from the balance changes each transaction records.
  • XRP in is XRP paid to buy CULT or OBEY or put into their pools; XRP out is XRP received from selling or taken out of pools. It is counted for every transaction that changed a wallet’s CULT, OBEY or pool share. Nothing is valued at a market price.
  • Pheanor’s wallets are the 35 accounts the report assigns to him: four it says he names as his own, and every account those created. Hodler’s are its 8 accounts. The launch wallets are the account that received every CULT, OBEY’s issuer and launch account, and every account they created or deleted themselves into, through rpoor4E3Nk…; 11 of them traded CULT or OBEY.
  • XRP figures run to ledger 107,030,551 (16 September 2026), where the report’s figures stop. Pool prices and sizes run to 8 October 2026. A sale’s share of supply is against the supply on the ledger just before it.