Did ZachXBT Exploit a Meme Coin Gift? The Crypto World Reacts

The Investigations.sol wallet, believed to be tied to ZachXBT, was credited with 500 million ZACHXBT tokens by the coin’s creator. Instead of burning them, the tokens were placed into a liquidity pool. When the market cap surged, approximately 90 million tokens were withdrawn as ZACHXBT and SOL, leading to a dramatic drop in valuation from $97 million to $19 million.

Shortly after, 16,000 SOL ($3.9 million) was routed to Wintermute through several wallets, ostensibly for an OTC trade aimed at safeguarding the assets against possible malicious actors.

One of my biggest regrets is not prioritizing making money,

ZachXBT wrote in a prior post.

His statement and subsequent actions have sparked heated debates within the crypto world. Many supporters argue that he deserves to profit from tokens gifted to him, considering his extensive contributions to blockchain research. Others, however, criticize him, saying that selling “questionable” coins betrays the principles of honesty he has always advocated.

This incident highlights the grey areas in crypto, particularly when high-profile individuals and meme coins are at the center of attention, even if they’re uninvolved in the token’s creation. Despite the controversy, ZachXBT’s standing as a respected blockchain sleuth appears unshaken.