Interview with the "1800 Bitcoin" Claimant: The Current State of the Bitcoin Ecosystem

Bitcoin, as the most secure consensus cryptocurrency, has seen various technological explorations and capital inflows in different directions within a year, driving a brief prosperity but also exposing the complex vested interests and potential issues behind it. Behind it lies a complex game of interests among rule makers and participants. Last week, the Bitcoin staking protocol Solv Protocol found itself in a public relations storm due to public accusations from the staking whale AZ and the Bitcoin ecosystem's DA project Nubit, making topics like a bailout protocol and double collateralization quickly become the community's focus of attention.

As a result, BlockBeats engaged in a dialogue with AZ, who not only shared her logic of operation since entering the industry but also addressed for the first time the rumors surrounding Solv, including controversial topics such as a bailout protocol and double collateralization. This article provides us with a unique perspective on the operation of whales in the crypto sphere and project ecosystems, as well as some "dirty tricks" in the Bitcoin ecosystem, such as agreement trading between project parties and whales, as well as gray operations in liquidity management. In this game called consensus, whales holding the chips are in a tug-of-war with project parties who set the rules, while ordinary investors are often forced to be bystanders who cannot influence the outcome.

Below is the full interview content, reorganized for easier reading:

BlockBeats: Share your cryptocurrency trading experience.

AZ: Let me first address a very, very magical rumor. I was accused of working at a Singapore clubhouse, helping many tycoons manage Bitcoin, acting as a front for them to generate profits. If I were really managing money for many tycoons, how could they allow me to be so high-profile online? Either they would have helped me solve various relationship issues long ago, or they would have shut me up long ago and not let me prance around online, right?

BlockBeats: When did you enter the industry, and please briefly share your cryptocurrency trading experience?

AZ: I bought my first Bitcoin in 2017, and I really just held onto it and didn't trade much. At most, I used Ethereum to buy some Dogecoin, a trendy meme, but I never exchanged Bitcoin for other coins; I just held onto it.

BlockBeats: Why did you buy Bitcoin in 2017 then?

AZ: The story goes back to 2015 when I caught the first wave of social e-commerce prosperity. At that time, the cost of traffic was very low, almost free, and I made some money from it. However, in 2019, this story came to an end. During that period, I often went to Europe to study craft fabrics, but because of the limited RMB foreign exchange quota, fund flows had always been a headache for me. In 2017, a friend's friend gave me a Bitcoin. I remember his last name was Fan, and we were in Shanghai at the time. After receiving this Bitcoin, I inadvertently discovered how convenient it was to move funds in and out with it. Because of this, I earnestly read the Bitcoin whitepaper, and most of my profits were invested in it, which I have not touched. I am really grateful to Satoshi Nakamoto; he made me buy it.

Image Source: AZ Social Account

BlockBeats: So are you mainly earning passive income with Bitcoin now?

AZ: I also invest in some projects. Overall, I tend to be cautious, but indeed I have participated in many projects.

BlockBeats: Is it in your personal capacity?

AZ: I have a fund, and all investments are made through the fund. There is a team helping me manage it, but it is not very active, and there has been no PR. Besides investing in projects, I also invest as an LP in some funds.

「Guaranteed Yield Protocol Is Very Common」

BlockBeats: As a BTC whale, could you talk about your Bitcoin income and financial management strategy before and after the Bitcoin ecosystem became hot?

AZ: I am very simple-minded; I do not have any financial management techniques. I just keep my Bitcoin in a cold wallet and never place it in strange places to earn returns. I have always been very conservative and inactive, not actively seeking investment opportunities. I will not intentionally seek projects to earn yields through coin distribution as the risks are very high.

Aside from Solv, I am also involved in some quantitative activities. Babylon also involves staking, and I have had discussions with them. Then there are various project protocols that I have participated in.

BlockBeats: How do you view the Bitcoin ecosystem?

AZ: I have always believed in one thing: Bitcoin's liquidity will be completely unleashed. This release is not just about price appreciation but substantial applications. For example, pledging Bitcoin for borrowing under the premise of guaranteeing the principal's safety or participating in various on-chain rewards. This market is very, very large and is an issue that needs to be addressed.

During this process, we will see many projects emerge. I cannot directly tell you which project is good or bad because, as of now, no solution has truly emerged as an industry standard. What I can say is that I am very much looking forward to this happening, but I also believe that the current solutions are not perfect. In the future, there will definitely be more mature and perfect solutions emerging, driving this market further.

BlockBeats: What are the Playstyles in the Bitcoin Ecosystem?

AZ: I believe my playstyle is definitely different from others. Those truly powerful whales are very skillful, signing agreements, locking conditions, and dumping coins right after listing. However, I haven't engaged in those operations; I simply participated without using these so-called rules to increase profits. I guess that's the biggest difference between me and others.

BlockBeats: Is this playstyle a collusion between the project team and whales?

AZ: I do know that some people sign agreements, but I can't just directly send out agreements; they didn't sign with me either. Many clever whales make such deals since the whereabouts of the project team's tokens are completely opaque, and once listed on Binance, there are so many retail holders waiting to buy the dip. However, I can say very clearly that I have never personally engaged in such operations.

If I had indeed signed an agreement and received the money, I wouldn't be messing around here. Precisely because I haven't been involved in these things, believe in the fair distribution by the project team, and upon discovering a severely imbalanced distribution ratio, I started questioning where the remaining tokens of the project team went. That's why I am standing here, hoping to clarify things.

From Good Friend to Advocacy Target: Solv Founder in AZ's Eyes

BlockBeats: How did you come into contact with the Solv Protocol project?

AZ: I've known the founder of Solv for quite a while. When I arrived in Singapore in '22, I already knew him. Initially, a friend organized a dance event here, and after that, we often gathered to have fun.

Last March, we attended a conference in Dubai where Merlin's project team was also present. They were one of the earliest teams deeply involved in the BTC ecosystem and very familiar with the playstyle in this field. Solv used to operate in the GMX space. During that time, we were discussing Solv's transformation, primarily considering whether Solv should enter the BTC ecosystem next. If they decided to transition, we were all willing to support them and facilitate their actions.

I distinctly remember that at the time, Solv's official account posted many messages thanking the Merlin team for their support. Solv's successful transition to the BTC ecosystem and its subsequent listing on Binance today are closely intertwined with the support we provided back then.

As for why I got involved with the Solv project, I actually knew about it before it was Solv BTC. We were the ones discussing and planning this direction together. So, I believe that Solv's current success in the BTCFi field is also due to my contributions.

BlockBeats: Have you signed a whale profit protection agreement?

AZ: The thing is, there was no agreement between him and me. Because initially, we were driving this thing together, and our relationship was more like partners than clients. Therefore, naturally, there was no profit protection agreement. Our verbal agreement was very simple: we do this thing together, share the profits when we make money, and doing the thing well is the most important. But now it seems that it has completely changed, and there is no sharing at all.

However, later on, he did give many large holders a profit protection agreement, so he had to dilute the interests of us early participants. After all, initially, we just verbally promised to work together and share the profits, while those who joined later appeared more as clients. As the project team, in order to attract the money from these clients, he certainly needed to offer more attractive terms, such as profit protection agreements.

BlockBeats: Do other projects also have a similar situation?

AZ: Before Solv, I had never done anything like this, but after Solv, if someone came to me today asking for funding support, I would be much more cautious. It is not only about profit protection agreements, but more importantly, I would conduct a very comprehensive audit of the project team's character, integrity, background.

BlockBeats: Indeed, this is very necessary.

AZ: We often hang out together, including going to Dubai, going to South Korea, we eat together, club together, and even fly back together. I used to trust him very much, thinking we were good friends.

BlockBeats: Since deciding to participate in this project in March last year, what requirements or specific details did the project team have for large holders throughout the process?

AZ: From day one until now, I can clearly say that all requirements and rules were set by the project team, and I followed them entirely. All this information can be easily found in their tweets and official website. As for anyone questioning the cleanliness of my source of funds or saying that I am faking TVL, I can only say that all my actions were based on the rules and requirements of the project team, every transaction is clear, and can withstand thorough scrutiny.

The main request from the project team was actually quite simple: they asked me to lock up my Bitcoin liquidity and provide it to them. At the beginning, they told me it was a three-month project that only required locking the Bitcoin liquidity for three months. At that time, I knew the bull market was about to come, and I had originally planned to put that money into Binance for fixed income. However, they strongly insisted that I lock it up for three months with them. I followed their request and provided the Bitcoin to them. After three months passed, they kept postponing, failing to fulfill their initial promise at all. This repeated delay not only violated the initial trust but also left me very disappointed in their way of operating.

BlockBeats: During the staking period, how often did you communicate with the Solv team, and what were the main topics of your discussions?

AZ: At the beginning of the staking, Ryan Zhou was very enthusiastic towards me. He would contact me to explain the project's situation and keep me informed of the progress. About two to three months into the staking, although we were supposed to list on Binance, it was continuously delayed. During that time, he often invited me to meals and outings, and whenever he hosted dinners for major clients, he would always invite me. He even came to my house to have longevity noodles with me on my birthday and gave me a YSL bag as a birthday gift.

Image Source: AZ's social account

Our relationship was really good before he promised a guaranteed return to other major holders. I even felt he was my best male friend in Singapore and someone I trusted a lot. I would tell him everything, including seeking his opinion on some projects and listening to his thoughts. Then, when Babylon launched, I heard he started signing guaranteed return agreements with others. To fulfill these agreements, he naturally had to dilute my share of benefits.

BlockBeats: Around what time did this turning point occur?

AZ: Around October, I guess. I think he knew he was going to list on Binance or maybe because he made a lot of promises to others, he basically stopped responding to my messages. I don't know if he was trying to cut me off, but there must be some reason why a person who has supported for so long, including someone with such a good relationship, would suddenly ignore me. I felt something was wrong from that time.

BlockBeats: So when did you roughly find out about him signing guaranteed agreements with other major holders?

AZ: It will be launched shortly before the first phase of Babylon.

BlockBeats: What was your expected return before contacting him and other whales?

AZ: I have never considered myself as one of his clients. We always discussed this matter together, and I supported you from the very first day, so my expectation must be that no matter how much money you give me, at the very least, you must provide me with a fair and just explanation.

I was always at the top of the leaderboard in the first four months, and only in the last two months was I pushed out. I feel that being only in the top 0.05% is unacceptable. I will not demand a specific number of points from you. I believe that in any case, you must positively address my concerns. Profit is no longer important now, and I am not keeping a single cent for myself anyway.

BlockBeats: You transferred these 1800 BTC to Solv using mBTC. What was the situation like when participating in Merlin? Some people say you took advantage of multiple returns.

AZ: I did indeed use mBTC for the conversion, and everything was done securely and in compliance. All the money was very clean. If someone claims that I am not clean and can provide evidence that my SOLVBTC is fake, then the real BTC will be in Merlin.

I only received Solv after Merlin distributed the coins. The original plan was to take it to Binance for fixed income after Merlin, with a 5% annual yield for 7 months, which would have been $4.75 million. It was precisely because the Solv founder told me how great their project was and that it could provide returns well above fixed income that I agreed to hold it for an additional seven months. Now they are saying they will give me SOLV tokens equivalent to $500,000, which is not even a fraction of the fixed income. So, there is no scenario of taking advantage of multiple returns. Besides, I believe it's quite normal for a DeFi protocol to have 5 layers of returns. However, it's true that I did not take advantage of multiple returns.

BlockBeats: So, indeed, there is a phenomenon of double-staking, correct?

AZ: There is indeed such a phenomenon in the market. For example, if I have provided my BTC to Solv and it has been counted once, some project teams may add an extra layer of returns to my TVL (total value locked). Everyone is colluding together. For instance, it would be sufficient to provide him with this address, but I have never done such a thing. I can show them the operational records for every transaction I have made. All the BTC transactions are clean and transparent. I have absolutely never engaged in such practices.

BlockBeats: After knowing your profit distribution, have you communicated with other major holders?

AZ: Yes, another major supporter of Solv approached me, asking how the 0.5% was calculated.

BlockBeats: How do you evaluate the Solv project?

AZ: When it comes to a project, the integrity of the founding team is crucial. In the case of this project, it has been in development for 4 years, constantly pivoting directions, and has finally been listed on Binance. However, it is disappointing that they chose not to share the benefits with those who supported them from the beginning.

BlockBeats: Why did you choose to seek justice on Twitter?

AZ: I spent nearly two months contacting everyone I could find around him—his investors, close friends, or anyone even remotely associated with him. I conveyed my message to all of them, hoping he would reach out to me. However, he never responded, not even a single word. In such a situation, I really had no other choice. I had to resort to publicly addressing this online.

BlockBeats: So far, have your social media justice efforts achieved your initial objectives?

AZ: If my initial objective was to have the founder address my concerns, then it seems like I haven't achieved that because he still ignores me, and the entire team ignores me. But if we look at it from the perspective of preventing being scammed by such project teams, then I think I have achieved it because I launched an AI Justice Agent. There are so many blockchain project scams; today it's him, tomorrow it's someone else, everyone is deceiving, so I think having an anti-scam agent is very necessary.

BlockBeats: In light of recent events, has the other party responded to your previous demands or shown any change in attitude?

AZ: We had a call on January 3, and it seemed like we talked a lot, yet it also seemed like we didn't talk about anything. He asked me how he should compensate me now, how much money I wanted. I made it clear to him that I would not ask him for a penny. Because of doubts about his integrity, I specifically recorded the call, so if he continues to badmouth me in public, I can release it at any time.

My exact words at the time were: "I will not actively ask you for a penny. I have made so many contributions to this project, and it is unfair of you to burn bridges at this point. You should be the one proposing a compensation plan, and then it is up to me to decide whether to accept it or not."

Later, one of his investors acted as an intermediary to communicate, suggesting to give me an additional 1 point FDV directly from the team's share. This investor asked me if I thought it was reasonable, and I thought it was. After all, my funds have made up 10% of your TVL for a long time, even reaching a percentage of tens at certain stages. Based on the 9% airdrop proportion, giving me 1/9 of the FDV is a very normal ratio.

However, I also made it clear that I would not actively ask you for this benefit. If you truly wish to give it to me, then we can discuss it further. That was the entirety of our conversation that time. He even promised to call me early the next morning, but up to now, I have not received his call. What's more outrageous is that he has been spreading rumors outside, claiming that I asked him for $20 million.

BlockBeats: How do you view the current community sentiment towards you receiving tokens?

AZ: First, I donated all the earnings from staking 1800 Bitcoins for seven months to the community. Since the first day I spoke out, I have been transparent. I'm not even accepting any earnings now. They just pushed me too far, so I just want to spend money to have netizens scold them. Not like the Solv team, resorting to dirty tricks.

Furthermore, I believe that having an AI agent for rights protection is a very necessary presence, especially in an environment like the cryptocurrency industry where scams are rampant. I think there should be a dedicated track for rights protection to provide support to more deceived individuals. AIXBT only talks about how good the project is; it is AI friendly to project teams. So, I want to create an AI that is friendly to retail investors. Regarding this earnings, I didn't plan on keeping it anyway, so I must find a way to give it to the netizens who helped me speak out, and this seems to be the best way to achieve that.

I also want to make it clear to everyone that I do not encourage anyone to buy this token. Because you can simply earn the airdrop by completing tasks, there is no need to buy it. I will buy it myself, and once you receive the airdrop, you can just sell it immediately, right? There's no need to take on additional risks.

Furthermore, I only hold 1% of the tokens. Initially, I reserved 4%, but 3% of that has already been transferred to ZachXBT, the Twitter account that inspired me to do this. I have publicly @ mentioned him, and you can check the transfer address; all records are crystal clear and transparent.