INCA DIGITAL
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FULL FORCE CRYPTO INTELLIGENCE
ON <> OFF CHAIN
NOTHING ESCAPES INCA
OCTOBER 2026 … • … ISSUE 5 … • … PERPETUAL SUSPECTS
◉ BRIEFING
15 SEC
Synthetic stocks bring leveraged U.S. equity trading to pseudonymous crypto venues like Hyperliquid. Inca reconstructed every position across 84,079 accounts, measured profit around SEC filings, and traced the funding. One wallet built $1.66 million in NVIDIA exposure ahead of earnings, took $24,000, and disappeared.
Good morning,
Our view is blunt: traditional financial risk firms are unprepared for synthetic stocks. Conventional equity-surveillance tools do not deliver the combination of trading analysis and blockchain forensics these markets require.
On Hyperliquid, the trades are public. The identities behind them are not. Surveillance means reconstructing wallet-level positions from individual fills, measuring exposure and profits around corporate disclosures, testing trades against account histories, and tracing where the money came from and went.
Inca screened 84,079 accounts across 16 markets against 60 market-moving SEC filings, then investigated the strongest leads. Our report shows how that process works, why many apparently suspicious trades fall apart under scrutiny, and which accounts still deserve a closer look.
No Mercy,
Adam Zarazinski
CEO, Inca Digital
BACKSTORY
HYPERLIQUID: WALL STREET WITHOUT THE WALLS
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1: RECONSTRUCT THE POSITIONS.
Start with the complete trading record: 23.1 million trades across 16 markets. Reconstruct each wallet’s positions from individual fills to measure entry timing, directional exposure, position size, exits, and realized profits.
2: BUILD THE EVENT WINDOWS.
Screen 452 SEC Form 8-K filings. Retain the 60 where the market’s volume-weighted average price changed by at least 2% between the three days before filing and the 24 hours after. Each filing timestamp anchors the analysis.
3: FILTER AND SCORE.
Screen for correctly directed positions opened within 72 hours before filing, closed within 24 hours afterward, and realizing at least $5,000. Assess how much of the price move remained at entry. Rank the resulting 169 positions across 94 accounts using 14 signals, including account age, trading concentration, and position size relative to the account’s usual activity.
4: TEST THE PATTERN. TRACE THE MONEY.
Check each account’s broader record, including losing trades, to identify routine event trading. Separately, test the trade-based screen against 100 randomized comparison runs. For selected accounts, trace Arbitrum stablecoin transfers through wallets, exchange connections, and the Hyperliquid bridge to examine funding sources, withdrawals, and possible links between accounts.
EXAMPLE BREAKDOWN
ONE WALLET, ONE STOCK, ONE EARNINGS CALL
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One wallet existed on Arbitrum since 2021. It showed up on Hyperliquid one day before NVIDIA's November 19 earnings. It pulled roughly $100,000 from Bybit in two tranches, each moved into Hyperliquid within two minutes of landing. Over one 26-hour session and more than 1,500 fills, it built a long position that peaked near $1.66 million.
As the earnings hit, it closed out. Profit: $24,021. It withdrew $124,063 and never traded on the venue again.
It wasn't alone. Two more fresh wallets traded NVIDIA around the same earnings. Others appeared ahead of Strategy's May 18 offering update and Oracle's March earnings. Each made its first trade on the ticker in the days before a filing and closed within hours after. The on-chain trail found no shared funding source and no transfers between them.
BACKHANDED
NEW REPORT: WHO'S TRADING YOUR STOCK BEFORE THE NEWS?
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23 PAGES · 16 MARKETS · 84,079 TRADERS · THE FULL METHOD
Regulate markets, run compliance, or issue stock? This is the report.
INCA IRL
INSIDE INCA DIGITAL
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SEE US
DGFI. October 30. Tbilisi.
Digital Forensics Conference. November 4. Belgrade.
Global Anti Scam Summit Asia. November 10. Bangkok.
NEW TO THE TEAM
Fredrix Vazquez, AACE (Advanced Analytics Crypto Expert).
Mikhail Sedov, Frontend Engineer.
Mariia Belkina, Data Analyst.
Sergio Houat Martins, Data Analyst.
Steven Semrau, Investigations Analyst.