Ranks 2 (Kraken 246, 3.09%), 3 (Paxos 5, 2.41%), 5 (Kraken 245, 1.40%), 7 (Binance 14, 1.21%), 9 (Paxos 4, 1.08%) all carry Etherscan Exchange label — clearly excludable. Addresses not recorded during 2026-06-01 session. Binance: Hot Wallet 20 (rank 1, 20.37%) address known from prior XAUT work and excluded in migration 0037. Add remaining 5 addresses in follow-up migration.

Score impact: These 5 exchange holders total ~9.19% of supply. Once excluded, post-exclusion top-10 will be very low (only the 4 confirmed proxy addresses, now removed, plus whatever unlabeled holders fall in). With 89,556 total holders, concentration score likely 25/25 once all exchanges excluded.

Provenance

Analyst notes

Follow-up: copy full addresses for ranks 2, 3, 5, 7, 9 from Etherscan and add to a 0039_paxg_exchange_exclusions.sql migration.