Two Algorand Whales Ineligible For G6

The top two wallets just became eligible by just 0.001 ALGO Source: Algorandstats.com

Two Major Wallets Became Ineligible

It was on Tuesday 17th of January a Twitter user named AlgoNautilus noticed that two major Algorand wallets, holding 32 and 18 million $ALGO respectively, became ineligible for their governance rewards. What's more, whoever owns both wallets seemingly became ineligible by just a mere 0.001 $ALGO due to fees from a single transaction.

The total lost reward for both the wallets this period amounts to almost 700,000 $ALGO. Whether it was an intentional move or simple rookie mistake is up for speculations.

This 33M #Algorand Inc wallet just got ineligible because of 0.001 $ALGO (transaction fee ?)

They had a balance of 33,153,966.967 $ALGO and commited 32,153,966.967, moved exactly 1M and it became 32,153,966.966989

Yes, they do make mistakes too. Some intern, perhaps? Oopsies😂
— ȺlgoNautilus (@AlgoNautilus) January 17, 2023

Rumors Suggest Wallets Belong To Algorand Inc.

While the Algorand Foundation doesn't commit to the the Algorand Governance Program, the Algorand Inc. have committed to all of the previous periods.

The same twitter user who broke the news suggested that the wallets belongs to the Algorand Inc. AlgoDaddy tried to triangulate this speculation with no success, the Algorand Inc. lists all their wallet addresses on their website, and no address overlap with the two affected wallets.

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Either way, as of June 30, 2022, Algorand beneficially owns 1.691 billion ALGOs through direct custody as well as investments. Thus on a relative scale, it wouldn't be as much damage as one would assume.