PANews reported on October 18th that on-chain analyst Yu Jin's monitoring revealed that the group addresses mentioned by Bubblemaps as making large profits on COAI are most likely an external group engaged in arbitrage or quantitative trading of Alpha tokens, rather than a single project. Yu Jin noted that the methods used by these addresses to withdraw BNB from Binance and their creation dates (all on March 25th) are highly similar, indicating they are the same entity. However, since July, these addresses have been actively trading dozens of Alpha tokens almost daily, with thousands of transactions. Each address has traded over 240 tokens and over 45,000 transactions in the past 30 days, a scale and frequency consistent with the trading characteristics of a group engaged in arbitrage or quantitative trading.