tl;dr
Renowned blockchain investigator ZachXBT is facing scrutiny for withdrawing nearly $4 million from a memecoin project associated with his name. The controversy arises as the community had been raising funds to support his effective investigative work. Blockchain data reveals that ZachXBT's wallet re...
Blockchain Investigator ZachXBT Faces Scrutiny for Memecoin Exit
Renowned blockchain investigator ZachXBT is under scrutiny for withdrawing nearly $4 million from a memecoin project associated with his name. The controversy arises as the community had been raising funds to support his effective investigative work. Blockchain data reveals that ZachXBT's wallet received half of the memecoin's total supply and later withdrew a significant amount, sparking speculation about a possible over-the-counter trade.
However, some industry figures defended ZachXBT, emphasizing his significant, unpaid contributions to the crypto space. His frustration over the lack of financial rewards for his investigative efforts led to a fundraising campaign in his support, which quickly raised over $50,000 in the first hour.
Solana Wallet Withdraws $4M from Memecoin Project
A Solana wallet tied to ZachXBT withdrew nearly $4 million from the memecoin project, causing mixed reactions within the community. The controversy comes amid a community-led effort to raise funds for his investigative work, which has garnered widespread recognition for its effectiveness.
ZACHXBT Token Controversy
Blockchain data shows that an address belonging to ZachXBT, identified as investigations.sol, received half of the total supply of a memecoin — equating to 500 million ZACHXBT tokens — created by an unknown developer. Shortly after, the investigations.sol wallet used these tokens to create liquidity in the ZACHXBT/SOL trading pair and later withdrew approximately 91 million ZACHXBT tokens and 16,059 SOL tokens (around $3.81 million) from the liquidity pool.
Sonic Labs co-founder Andre Cronje defended ZachXBT’s actions, highlighting his years of unpaid contributions to the crypto space. He argued that ZachXBT had every right to benefit from a token created in his name, given his track record of aiding projects and recovering funds for fraud victims.
Industry Recognition and Fundraising Campaign
ZachXBT recently expressed frustration over the lack of financial rewards for his investigative efforts, prompting a fundraising campaign initiated by Joey Moose, which raised over $50,000 in the first hour. This showcased widespread appreciation for his work within the crypto community.