The post Blockchain Investigator ZachXBT Withdraws $4M from Unsolicited Memecoin Project appeared on BitcoinEthereumNews.com.

TLDR ZachXBT, a renowned blockchain investigator, cashed out approximately $4M from a memecoin created in his name The investigator received 500M ZACHXBT tokens (50% of total supply) from an unknown developer He used the tokens to create liquidity in ZACHXBT/SOL pair before withdrawing 91M tokens and 16,059 SOL The SOL tokens were transferred to Wintermute, suggesting an OTC trade The cash-out comes after ZachXBT expressed frustration over lack of financial rewards for his investigative work ZachXBT, a well-known blockchain investigator, withdrew nearly $4 million from a memecoin project bearing his name. The transaction occurred after an anonymous developer created and distributed the token without prior coordination. Blockchain data reveals that ZachXBT’s Solana wallet, identified as investigations.sol, received half of the total supply of the newly created ZACHXBT token. This allocation amounted to 500 million tokens, representing 50% of all tokens in circulation. Following the receipt of these tokens, ZachXBT took steps to establish market liquidity. He used his token allocation to create a trading pair between ZACHXBT and SOL on decentralized exchanges. This move enabled other traders to buy and sell the token. The market responded strongly to the token’s launch, with its total value reaching approximately $97 million at its peak. However, this valuation proved short-lived. Within 24 hours of the token’s creation, ZachXBT’s wallet withdrew about 91 million ZACHXBT tokens along with 16,059 SOL tokens from the liquidity pool. At current market prices, the SOL tokens were worth around $3.81 million. The withdrawn SOL tokens were then moved to a new address before being transferred to Wintermute, a crypto market maker. Industry observers suggest this transfer pattern indicates an over-the-counter (OTC) trade, though the exact details remain private. ZachXBT confirmed his involvement in these transactions to media outlets. He emphasized that he did not promote the token on…

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Filed under: News - @ January 22, 2025 12:23 pm