Blockchain investigator ZachXBT recently cashed out $4 million from a memecoin using his name, sparking surprise and discussion in the crypto community.
Key Details of the Transaction
A memecoin named 'ZACHXBT' was recently created by an anonymous developer on the Solana blockchain. According to on-chain data, the wallet 'investigations.sol,' tied to ZachXBT, received 500 million ZACHXBT tokens, half of the coin's total supply. Rather than burning or holding onto the tokens, ZachXBT reportedly used half of the supply to add single-sided liquidity to the ZACHXBT/SOL trading pair. However, he later withdrew 91 million ZACHXBT tokens along with the associated SOL from the liquidity pool. This activity occurred less than 24 hours after the token's launch, initially peaking at a market cap of about $97 million, which dropped significantly to roughly $19 million following the liquidity removal.
$4 Million OTC Trade
Following these events, on-chain data also reveals that Zach transferred 16,000 SOL, worth about $3.9 million, to a new address before routing it to market maker Wintermute. This appears to have been an over-the-counter trade, signaling an exit from the memecoin frenzy.
ZachXBT’s Reaction to This Transaction
Addressing the situation, ZachXBT shared his reaction on X following these transactions. He expressed regret over not prioritizing financial gains earlier in his career, stating, “One of my biggest regrets is not prioritizing making money.”
ZachXBT's transactions and his subsequent comments have sparked a wide range of reactions, dividing opinions in the crypto community. Some criticized the actions, while others defended him, noting that his work in exposing scams and helping users recover stolen funds justifies his earnings.
