Evidence notebook 02
A transaction-led examination of Value Plan funding, World Rally Championship delivery, publicity claims, contributor retention and the unresolved accounting for a co-branded car.
“Hive Rally” covers the Value Plan-backed rally campaign centred on driver Slaven Šekuljica, its cars, WRC competition, promotional appearances and related logistics. The chain establishes transfers and memos; it does not make every off-chain vendor payment, ownership agreement or conversion visible.
Executive finding
The campaign demonstrably reached WRC events and earned class points. The central public-interest problem is different: large DHF-backed transfer volume is not accompanied by a reproducible account of acquired, activated and retained Hive users—or a final reconciliation of the co-branded car.
The defensible finding is a measurement and asset-accounting gap, not a claim that the rallies were fabricated or that the public ledger proves personal enrichment. Publicity is observable; attributable return remains unquantified.
Memo-tagged and directly linked Rally funding from @valueplan totals 107,877.822 HBD plus 1,771,250.384 HIVE from July 2022 through October 2025 after the disclosed controls. A separate 332 HBD plus 22,979.614 HIVE funded Berlin, HiveFest and Conf3rence appearances linked by public reports to the Rally car or driver; it is disclosed separately from the core race/car surface.
Independent result records and the team’s contemporaneous posts establish World Rally Championship starts, finishes, restarts, retirements and WRC3 points.
Value Plan records publicity outputs and event appearances, but the located reports do not publish a Rally-attributed funnel from audience reach to Hive registrations, retained users or economic value.
Value Plan says the original co-branded car was partly financed by driver Slaven Šekuljica and was scheduled for sale. No final public sale, ownership-share or Hive-proceeds reconciliation was located.
Evaluation map
Yes. Independent result services and team reports establish entries, finishes, retirements and points.
The raw Value Plan transfer surface is calculable, subject to documented refunds, corrections and classification rules.
Publicity is reported. A numeric registration, activation, retention and value chain is not published.
Funding and reconciliation
HIVE and HBD are different assets. The controlling ledger therefore reports both separately. A memo-derived HBD-equivalent estimate is supplied for scale, with its rate hierarchy and uncertainty disclosed.
Memo-tagged and directly linked funding after disclosed controls. Assets remain separately denominated.
Analytical estimate using memo values and documented market/reference-rate fallbacks—not an audited accounting value.
Core plus 332 HBD and 22,979.614 HIVE for appearances independently linked to the Rally car or driver.
Three mistaken or informational rows are excluded; rows are not independent races or vendors.
Core Rally transfer surface by year
Each bar has its own scale and must not be compared by length across assets. The estimate uses memo-stated final HBD values where available, applies explicit percentage uplifts, uses ECB USD/EUR reference rates for euro-only memos, and uses daily HIVE/USDT VWAP only when a HIVE memo gives no fiat value. USDT≈USD≈HBD is an approximation. An additional 332 HBD plus 22,979.614 HIVE for Web3 Berlin, HiveFest and Conf3rence is linked by public reports to Rally-car or driver appearances, disclosed in the reconciliation file and kept outside these bars because those conference memos do not classify the transfers as core race/car spending. Adding them produces the separately reported expanded activation scope of 108,209.822 HBD plus 1,794,229.998 HIVE.
| Date | Raw transfer | Recipient | Memo / classification | Record |
|---|---|---|---|---|
| 4 Jul 2022 | 7,580 HBD | @ssekulji | First partial-season sponsorship | Inspect |
| 2 Nov 2022 | 4,224 HIVE | @ssekulji | Car instalment; later memo says the prior intended value was 2,000 HBD before conversion fee | Inspect |
| 2 Nov 2022 | 4,224 HIVE | @ssekulji | Second instalment; memo states €2,000 plus 2% and corrects the prior memo to 2,000 HBD | Inspect |
| 15 Nov 2022 | 12,645 HIVE | @ssekulji | 2021/22 donations; memo states 4,080 HBD | Inspect |
| 24 Nov 2022 | 9,581 HIVE | @ssekulji | Tyres; memo states 3,468 HBD | Inspect |
| 24 May 2023 | 24,423.019 HIVE | @ssekulji | Sardinia and logistics; memo states 8,655.12 HBD | Inspect |
| 9 Jun 2023 | 31,274.220 HIVE | @ssekulji | Suspension and Berlin; review annotates 10,418.099 HBD | Inspect |
| 20 Jan 2024 | 18,126.888 HBD | @ssekulji | Asset/memo mismatch: memo says Rally3 downpayment of 6,000 HBD; recipient then opened an HBD-for-HIVE limit order | Inspect |
| 20 Jan 2024 | 18,750 HIVE | @ssekulji | Same Rally3 downpayment memo; separate transfer followed later that day | Inspect |
| 11 Feb 2024 | 31,828.584 HBD | @ssekulji | Asset/memo mismatch: memo says “10,000 HBD in HIVE”; no matching refund located | Inspect |
| 13 Feb 2024 | 31,828.584 HIVE | @ssekulji | Rally3 program; memo states 10,000 HBD | Inspect |
| 12 Mar 2024 | 36,419.426 HIVE | @ssekulji | Tarmac kit; memo states 16,175 HBD plus 2% | Inspect |
| 29 Mar 2024 | 27,430.232 HIVE | @ssekulji | Croatia team, tyres and logistics; partial memo total 11,904 HBD | Inspect |
| 15 Apr 2024 | 39,039.574 HIVE | @ssekulji | Insurance; memo final total 13,159.85 HBD | Inspect |
| 14 Apr 2025 | 25,909.469 HIVE | @ssekulji | WRC Italy entry; memo states 5,788.02 HBD | Inspect |
| 6 May 2025 | 20,832.465 HIVE | @ssekulji | Repairs and parts; memo states 5,000 HBD | Inspect |
| 29 May 2025 | 25,673.546 HIVE | @ssekulji | Insurance for two races; memo states 6,808.65 HBD | Inspect |
| 11 Oct 2025 | 34,957.701 HIVE | @ssekulji | Central European Rally fuel, transport and accommodation; memo states 5,000 HBD | Inspect |
| 14 Oct 2025 | 21,552.349 HIVE | @ssekulji | Central European Rally remainder; memo states 3,211.3 HBD | Inspect |
This table illustrates major rows and data-quality issues. The annual totals derive from 151 tagged outbound rows, of which 148 are counted after the stated controls. Download the full transaction ledger
Reconciliation control
1,000.046 HBD returned; 1,000 HIVE replacement counted
Reconciliation control
0.100 HBD test and full 11,018.401 HBD returned
Reconciliation control
1,061.660 HBD unused amount returned; 938.340 HBD net
Reconciliation control
Only @valueplan repayments are counted; the loans are not double-counted
On 20 January 2024, @valueplan transferred 18,126.888 HBD with a 6,000 HBD Rally3-downpayment memo. The recipient then opened an order to sell 18,129.352 HBD for HIVE, and a separate 18,750 HIVE transfer with the same purpose followed later that day. On 11 February, 31,828.584 HBD carried a “10,000 HBD in HIVE” memo; 31,828.584 HIVE followed two days later. No direct return of either HBD transfer to @valueplan was located, so the raw transfers remain visible and require invoice and conversion reconciliation. The records establish accounting questions, not personal appropriation.
Competition record
This selected table pairs material starts, restarts, retirements and points finishes with contemporaneous reports and independent result pages. Class labels can differ between raw RC3 finish lists and championship-eligible WRC3 classifications, so team-reported points positions are attributed rather than silently merged.
Restarted after early retirement and classified 48th of 48
Retired after a cut brake line on the penultimate stage; no final classification
Retired after an SS10 accident, restarted under Rally2 rules and classified 49th
Classified 54th of 54 after suspension, wheel-stud and driveshaft problems
Restarted and classified 63rd of 64
11th in the team’s WRC3 classification; 18 class finishers reported
Retired with gearbox failure
Entry cancelled / did not start; a 23 May Value Plan memo earmarked 5,000 HBD-equivalent for Italy tyres and fuel
Retired; independent record lists the crew without a final classification
Restarted after an SS2 issue; 39th of 40 overall and team-reported 8th WRC3 / four points
7th WRC3 and six points in the championship classification, as reported by the team
Retired on SS2; available public sources differ on the cause
Did not start after a technical issue, according to Hive’s year review
Asset question
Value Plan’s retrospective says the original car cost €60,000 less a €20,000 trade-in, leaving a stated net car cost of €40,000; it does not state the exact Hive/driver split. It also says the early co-branding developed into a WRC program.
A later bridge proposal says Šekuljica was a partial investor, the car was not 100% Hive-owned, and it was scheduled for sale after the 2024 Central European Rally. The located record does not close the loop with a sale status or price, ownership-share calculation or disposition of any Hive-funded portion.
Publicity and outcomes
A news appearance, branded photograph or race result can be a genuine marketing output. It becomes an acquisition claim only when a reproducible measurement connects exposure to a defined Hive outcome.
Value Plan calls Rally a flagship and lists television, newspaper, online coverage and one documentary.
The report counts publicity items, not independently audited reach, sign-ups, retained users or attributed economic value.
Inspect sourceThe Rally KPI is described as publicity.
No target, baseline, acquisition definition or retention threshold is attached to that KPI.
Inspect sourceŠekuljica says co-branded car footage appeared on Croatian national television in prime time.
The post estimates an audience of up to one million; no broadcaster measurement or Hive conversion cohort is supplied.
Inspect sourceHive’s official account cites WRC3 points and says the program produced notable registrations.
The number, attribution method, activation rate and retained cohort are not published.
Inspect sourceWRC Rally Car Races and Rally Car Conference Booths are both marked “Transitioning.”
A status label does not provide a final financial account, asset-disposal record or outcome evaluation.
Inspect sourceA testable Rally KPI would publish
Community activity and retention
The dataset includes 3,258 observed root posts in community hive-109272 from May 2020 through the snapshot. It describes publishing inside one community—not rally spectators, passive readers, subscribers or campaign-attributed Hive users.
Annual output
The community predates Value Plan sponsorship. 2026 is partial through 30 July and consists entirely of @ssekulji posts.
First-post cohorts
A return requires another root post in the exact offset month. M+12 excludes cohorts without a full year of observation.
Publisher concentration
Community authorship is not a Rally-attributed acquisition cohort. The figures cannot show who encountered Hive through a car, broadcast or booth, who already had an account, or who became an active user elsewhere on the network.
Chronology
The program moved from national-level co-branding into WRC competition, then into a reduced niche-promotion strategy. Funding peaks in 2024; the public outcome and asset accounts remain incomplete.
The first observed root post in community hive-109272 predates Value Plan sponsorship by more than two years.
Community feedA 7,580 HBD transfer funds a first partial season. The core transfer ledger begins here.
TransactionCar instalments, donations and tyres appear in transaction memos. A later memo corrects the intended value of the first two instalments.
Correction memoValue Plan says the team was removed after the WRC overbooked the service area. It was a cancelled entry, not a retirement.
Value Plan reflectionThe Hive-branded entry completes Croatia Rally after rejoining under restart rules.
Result recordValue Plan reports broad press and television publicity, but no Rally-attributed acquisition or retention cohort.
Value Plan reviewTwo HBD transfers carry HIVE-denominated or much smaller HBD memo values, followed by separate HIVE transfers with the same purposes. The recipient opened on-chain HBD-for-HIVE orders; no direct refund of either HBD row to Value Plan was located.
TransactionValue Plan says the original car was only partly Hive-financed and would be sold after the 2024 Central European Rally, with the Hive-funded share of proceeds discussed publicly.
Value Plan proposalThe team reports eighth in WRC3 and four championship points at Central European Rally.
Team reportThe team reports seventh in the championship’s WRC3 classification and six points.
Team report21,552.349 HIVE is sent for the remainder of Central European Rally costs; its memo states 3,211.3 HBD in HIVE. A technical issue later prevents the start.
TransactionValue Plan says it is reducing or pivoting niche promotional activities. No 2026 Rally race funding was located through the snapshot.
Value Plan reviewClaim matrix
A real campaign can still lack a public return model. A high cost can justify scrutiny without proving misappropriation. These distinctions keep the record useful and correctable.
Claim tested: the Rally program received DHF support.
The DHF-funded @valueplan account sent Rally-related payments whose adjusted raw total is shown in both assets.
Question tested: did documented WRC competition occur?
Independent results and contemporaneous team reports document WRC entries, finishes, retirements and points.
Claim tested: the spending produced measurable Hive user growth.
Located reports identify publicity and claim registrations, but publish no numeric Rally-attributed registration, activation or retention cohort.
Question tested: can community authorship establish broad Rally-attributed adoption?
One account authored 95.2% of observed root posts and exact-month M+1 return was 18.9%; this dataset cannot measure Rally-attributed users active elsewhere.
Claim tested: the public record reconciles the co-branded car asset.
Value Plan describes mixed financing and an intended sale, but no final sale price, ownership split or Hive-share proceeds record was located.
Claim tested: the ledger establishes theft or personal enrichment.
The chain establishes transfers, recipients and memos. It does not reveal every off-chain vendor payment, beneficial owner, contract or private intent.
What would close the case
Sources and method
The case pairs raw transaction rows with Value Plan publications, team reports and independent result records. Corrections, conversions and activity definitions are disclosed rather than hidden inside one headline number.
Rally-tagged and directly linked @valueplan transfers are summed in their actual asset. Mistaken outflows are excluded up to their matching amount; over-return or test dust is not negative funding. Self-information rows are excluded. Value Plan repayments of traced bridge loans are counted once because the linked loans went directly to Rally recipients. Conference-memo transfers linked by event reports to the car or driver are reported separately in a reconciliation file.
HIVE uses explicit memo HBD totals first, then percentage adjustments, ECB euro conversion and daily HIVE/USDT VWAP as documented fallbacks. Row-level estimates control; displayed annual figures are rounded. It is not an accounting valuation.
Team claims are paired with independent result pages. Championship WRC3 positions are attributed where a raw RC3 finishing list can include non-eligible crews.
Hivemind root posts in hive-109272 were paginated and de-duplicated by author/permlink, then grouped in UTC. Comments, votes, deleted posts and off-chain audiences are outside the dataset.
Right of reply / corrections
Value Plan, Slaven Šekuljica, vendors, race organizers and measurement partners can resolve individual rows by publishing redacted contracts, invoices, ownership documents, sale records or reproducible acquisition cohorts. New evidence should narrow or overturn findings where warranted.