ZachXBT offered a $10K bounty for insider information on HSBG over alleged CEX manipulation tied to tokens like $RIVER.
Author: Akshat Thakur
May 18, 2026- Crypto investigator ZachXBT announced a personal bounty of up to $10,000 for insider information tied to Heisenberg Guru (HSBG), a Hong Kong-based market maker accused of involvement in alleged centralized exchange manipulation schemes.
The bounty specifically seeks chat logs, contracts, internal communications, or other evidence linking HSBG to manipulation activity across exchanges including Binance, Bitget, and Gate.
High Signal Summary For A Quick Glance
Brave
@Brave1449856
@SolanaFloor @zachxbt Does he pay for telling who buys the accounts that are used to manipulate trade on those cexs?
JUST IN: @zachxbt is offering up to $10K for intel on Hong Kong market maker Heisenberg Guru, also known as HSBG, over alleged links to multiple CEX market manipulation incidents, including $RIVER. https://t.co/Y1xrTJoAuP
02:02 PM·May 18, 2026
prodip
@potu_eth
@SolanaFloor @zachxbt thats a serious bounty. must be some major manipulation behind it.
JUST IN: @zachxbt is offering up to $10K for intel on Hong Kong market maker Heisenberg Guru, also known as HSBG, over alleged links to multiple CEX market manipulation incidents, including $RIVER. https://t.co/Y1xrTJoAuP
01:50 PM·May 18, 2026
Nane
@0xNaneless
@SolanaFloor @zachxbt if there are chat logs and contracts out there, this could get messy fast
JUST IN: @zachxbt is offering up to $10K for intel on Hong Kong market maker Heisenberg Guru, also known as HSBG, over alleged links to multiple CEX market manipulation incidents, including $RIVER. https://t.co/Y1xrTJoAuP
01:49 PM·May 18, 2026
According to ZachXBT, HSBG has been linked to multiple alleged market manipulation incidents involving centralized exchanges.
The latest bounty specifically requests whistleblowers to provide verifiable evidence such as contracts, internal chats, and communications tied to trading activity.
ZachXBT described active market makers operating across some Asian exchanges as “a cancer to the industry.”
The investigator also claimed exchanges continue ignoring suspicious activity tied to certain market-making firms.
The bounty is reportedly funded using ZachXBT’s personal money.
“Offering up to $10K bounty for intel about the Hong Kong market maker Heisenberg Guru aka HSBG linked to multiple CEX market manipulation incidents such as $RIVER,” ZachXBT wrote on X.
Heisenberg Guru, commonly referred to as HSBG, is described as a Hong Kong-based market maker operating with limited public visibility.
Unlike larger trading firms, HSBG does not appear to maintain widely known corporate profiles or public-facing information.
ZachXBT named Sion and Chao as core team members connected to the operation.
No public statements from HSBG, Sion, or Chao have appeared following the accusations.
The latest allegations reference $RIVER as one example tied to suspected manipulation activity.
RIVER is associated with the River protocol, a DeFi project focused on cross-chain stablecoin infrastructure.
The token experienced extreme volatility earlier in 2026.
Reports at the time described rallies exceeding 750%, followed by sharp reversals and liquidation events.
Independent analyses highlighted unusually concentrated ownership and futures trading volumes significantly larger than spot activity.
ZachXBT had previously grouped $RIVER alongside other tokens with what he called “highly questionable price action.”
Market manipulation on centralized exchanges can take multiple forms.
One method involves wash trading. This occurs when controlled accounts trade against each other to inflate volume artificially.
Another tactic is spoofing. Traders place large orders without intending to execute them, influencing market sentiment.
Manipulators may also accumulate supply quietly before driving leveraged activity in perpetual futures markets.
As prices rise, retail traders enter positions while liquidations accelerate momentum.
Insiders can then exit into increased liquidity.
Unlike decentralized exchanges, much of this activity remains difficult to verify publicly because centralized order books are not fully transparent.
That is partly why insider evidence such as contracts or chat logs becomes important.
Key milestones in $RIVER manipulation claims and ZachXBT’s escalation toward HSBG
River attributes abnormal price swings to coordinated short positions and concentrated conversions, marking one of the first public allegations around recurring manipulation patterns.
The token expands to large centralized exchanges, creating deeper liquidity and broader exposure similar to later controversial listings.
The token reaches all-time highs amid extreme leverage imbalance, concentrated ownership concerns, and liquidation-driven trading activity.
Private discussions around alleged supply manipulation in $RAVE establish the groundwork for later public investigations and bounty programs.
After RAVE crashes more than 95%, ZachXBT publicly groups $RIVER with several tokens showing similar price behavior and offers a bounty tied to market-maker evidence.
Observers link $LAB’s rapid rise and collapse to the same alleged manipulation playbook previously associated with RAVE and RIVER activity.
ZachXBT offers a public bounty seeking contracts, chats, and insider evidence tied to the entities behind LAB trading activity.
ZachXBT identifies Hong Kong-based HSBG as the alleged repeat market maker behind multiple incidents including $RIVER and launches another bounty targeting internal evidence.
Neither HSBG, named individuals, exchanges, nor affected projects issue public statements. Previous RAVE and LAB investigations remain unresolved publicly.
The bounty reflects a broader escalation in ZachXBT’s recent investigations into alleged market manipulation.
Previous efforts targeted projects linked to LAB, RAVE, and other tokens showing unusual trading patterns.
The latest move shifts attention toward the market makers themselves rather than only projects or tokens.
If whistleblowers provide verifiable evidence, the investigation could increase scrutiny on exchange practices, listing standards, and relationships with market makers.
However, as of now, the accusations remain allegations without publicly released documentary proof tied directly to HSBG.
The next stage depends on whether whistleblowers provide evidence supporting the allegations.
If contracts, internal messages, or trading agreements emerge, the focus could expand beyond HSBG toward exchanges and additional market-making operations.
Without new evidence, the story may remain limited to community discussion and speculation.
The investigation also raises a larger question for crypto markets: where does legitimate market making end and manipulation begin?
That debate is likely to continue as ZachXBT increases pressure on market makers and centralized exchanges.
This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
Our Crypto Talk is committed to unbiased, transparent, and true reporting to the best of our knowledge. This news article aims to provide accurate information in a timely manner. However, we advise the readers to verify facts independently and consult a professional before making any decisions based on the content since our sources could be wrong too. Check our Terms and conditions for more info.
Raydium Exploit Drains $1.34M From Legacy AMM Pools
Humanity Protocol Hack Drains $30M as $H Crashes 90%
Polymarket MicroStrategy Dispute Sparks $500K Loss Claim
Alephium Bridge Exploited for $815K via Forged VAAs
Raydium Exploit Drains $1.34M From Legacy AMM Pools
Humanity Protocol Hack Drains $30M as $H Crashes 90%
Polymarket MicroStrategy Dispute Sparks $500K Loss Claim
Alephium Bridge Exploited for $815K via Forged VAAs
