Editor’s note: This article is a retrospective of the IEO process for SUI by Chinese airdrop hunters. Its main focus is to provide a view of the working process of an IEO studio for readers who are not familiar with this field. The accuracy of the data related to the lottery results and actual profits in this retrospective has not been verified, and the results of IEO investment depend on the probability of winning the lottery, which is subject to chance. Readers should avoid survivorship bias. There is a case where someone participated in the Bybit SUI IEO by creating 180 accounts, but ultimately 179 of them were frozen, even though each account was operated from a fixed IP address.
In a nutshell, the team obtained 650,000 $SUI from the recent SUI IEO on KuCoin and OKX.
On April 15th, upon learning about the SUI IEO on OKX and KuCoin, the team quickly checked the $OKX market to see if they could benefit from the positive news and its effect on $OKX’s price increase.
Next, the team read the OKX announcement and understood the rules, realizing that they could participate in the public sale. They also read the KuCoin announcement and found that they needed to have an overseas KYC and hold 50–500 USDT to obtain 1 Ticket.
After weighing their options, the team decided to create multiple KuCoin accounts, each with 50 USDT. They contacted a KYC merchant to obtain 300 KYC sets, initially priced at 6u, but eventually paid 8u each. However, the KYC process was slow, and setting up the accounts was challenging. Fortunately, each fingerprint IP address was independent and did not require additional IP configuration.
The success rate for registering new KuCoin accounts was around 80%. After creating a new account, the team followed the following steps:
1. Change the Google email password
2. Add a secondary email
3. Log in to KuCoin and check KYC status
4. Change the exchange password
5. Add Google Authenticator
6. Book SUI event
7. Deposit USDT
The team communicated entirely online, and most of the members were new and unfamiliar with the process. They worked continuously until the night of the 18th.
On April 19th, the team prepared to allocate funds to the OKX exchange. As only mobile users could participate, they estimated a lottery success rate of 10–15% and planned to allocate 150 OKB per account, totaling 600 Tickets. They then began to help their team and friends register on the OKX exchange and assist them with KYC online.
A few points to note:
1. The team and their friends were all prohibited from using wifi during these three days to avoid being detected by OKX’s IP check.
2. They only used $OKB and were not affected by its price fluctuations, only keeping track of the pledge rate.
3. They allocated USDT to each user and taught them how to pledge their $OKB.
4. They set up a total of 55 accounts, with only 50 accounts receiving lottery wins (none of the old accounts won).
The final results were:
● Total funds used were around 5 million RMB;
50 accounts won on OKX, and 15 accounts won on KuCoin, totaling 650,000 $SUI with a paper profit of 6 million RMB.