Crypto sleuth ZachXBT claims he found nearly a dozen wallets, worth $24 million, belonging to Murad Mahmudov, a prominent memecoin trader. This discovery got a lot of attention online, attracting mixed reactions here and there.
Details of the allegation
According to ZachXBT via an X post, the details of 11 wallets are supposedly owned by Mahmudov and these wallets are on two blockchain platforms, Ethereum and Solana holding millions in memecoins. ZachXBT said he linked the wallets to Mahmudov because they share the same funding sources and hold coins that Mahmudov has talked about publicly.
ZachXBT went further to share his reasons for revealing the claimed Mahmudov wallets, which is “so the community can monitor his future activity.”
“Murad is making very bold predictions about micro cap memecoins to thousands and thousands of followers while controlling the supply,” he alleged in a follow-up post.
Read Also: Full Guide to Meme Coin Fair Launch on SUI: Get Started as Memes Skyrocket on the SUI Blockchain.
“To corroborate his accusations, ZachXBT pointed out Mahmudov’s purchase of 449,886 of MINI coins on July 16 just an hour before telling his followers that he owned 1% of all MINI tokens. This raised suspicions that Mahmudov may have been influencing the price after buying.
ZachXBT also mentioned another fact which is Mahmudov’s use of the same tool, deBridge, for each Solana address and the funding source being “directly tied” to a team address STFX.
These he hinted could be clues that the owner might be Mahmudov as he is an investor in STFX, a DeFi platform and a SocialFi protocol for short-term asset management.
This isn’t the first time ZachXBT is raising concerns or doubts over Mahmudov’s strategies.
Comments and reactions to ZachXBT’s allegations
ZachXBT’s post on X gained a wide range of responses and reactions. While some persons criticized him for revealing private information about Mahmudov’s wallets, which they felt could put Mahmudov at risk especially considering the significant value of assets he allegedly holds, others supported and lauded ZachXBT, saying it promotes transparency in the crypto space. Some others were passive and claimed the information ZachXBT shared was already public knowledge.
About Mahmudov
Mahmudov used to be the CIO (chief information officer) of Adaptive Capital, a crypto hedge fund that collapsed in March 2020 amid a broader market downturn.
He has since created a large following on X by advocating for memecoins and posting lists of his top memecoin picks for his followers.
What You Should Know
Memecoins (cryptocurrencies that are often created as jokes or based on internet memes) have been a controversial subject recently. While some think they help introduce new people to crypto, others warn that the massive returns memecoins can offer might not last, and people could lose money.
Critics, however, argue that memecoins often benefit insiders or people who invest early. These early investors profit when others, who don’t fully understand the risks, buy into the hype. When the insiders sell their coins, the price usually crashes, causing the new investors to lose money.
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