Renowned blockchain investigator ZachXBT has drawn mixed reactions after withdrawing nearly $4 million from a memecoin project associated with his name. The transactions were linked to a Solana wallet publicly tied to ZachXBT, where he received 500 million ZACHXBT tokens — half of the total supply.
Withdrawal and Liquidity Impact
Shortly after receiving the tokens, ZachXBT added liquidity to the ZACHXBT/SOL trading pair. On-chain data reveals he later withdrew 91 million ZACHXBT tokens and approximately $3.81 million worth of SOL from the pool. The SOL was then transferred to another wallet, sparking speculation of a possible over-the-counter (OTC) trade.
Community Divided Over Actions
The move caused the ZACHXBT token to experience a significant price drop after an initial surge. Some community members accused ZachXBT of performing a “rug pull” by withdrawing liquidity, a claim he has not addressed directly. Critics noted similarities to past scenarios where other prominent figures, like Vitalik Buterin, liquidated airdropped meme tokens to avoid complications.
Support for ZachXBT
Others defended ZachXBT’s actions, highlighting his unpaid contributions to the crypto space. Notable figures like Andre Cronje pointed out that ZachXBT has consistently aided projects and recovered stolen funds without financial gain.
Airdrop and Fundraising Context
The controversy emerged alongside a community-led fundraiser to support ZachXBT’s investigative work. While some saw the memecoin airdrop as a gesture of appreciation, others viewed it as an ill-conceived fundraising method prone to volatility.
This incident underscores the complexities surrounding decentralized finance and community-driven initiatives, raising broader questions about transparency and accountability in the crypto space.
