OTC desks typically skip small-volume deals, which leaves two scenarios on the table.

First up: sloppy sybil filters. Some participants might've gamed the system by stacking multiple accounts to inflate their allocation. Let's be real—if someone pulled off creating several Echo accounts for the ICO bid, there's not much the team can patch retroactively.

Second possibility: a cluster of smaller players bundled together. Could be coordinated, could be organic. Either way, the allocation pattern raises questions worth digging into.