ZachXBT, a well-known blockchain investigator, has reportedly withdrawn $4 million worth of memecoin associated with his name. Onchain data reveals surprising details about the move, sparking conversations in the cryptocurrency community. This bold move offers a glimpse into ZachXBT’s changing views on money and priorities.
Main details of the deal
A memecoin named “ZACHXBT” was recently created by an unknown developer on the Solana blockchain. According to on-chain data, the wallet “investigations.sol” associated with ZachXBT, Received 500 million ZACHXBT tokens, half of the total supply of the coin.
Rather than burning or holding the tokens, ZachXBT reportedly used the half supply to unilaterally add liquidity to the ZACHXBT/SOL trading pair.
However, things took an interesting turn when he later withdrew approximately 91 million ZACHXBT tokens as well as the associated SOL from the liquidity pool.
Although the ZACHXBT token was launched less than 24 hours before this activity. It initially reached a peak market value of about $97 million. After the liquidity was removed, the coin’s market cap dropped significantly to approximately $19 million.
OTC trade worth $4 million
Following this event, on-chain data also reveals that Zach transferred 16,000 SOL, worth around $3.9 million, to a new address before directing it to market maker Wintermute. This appears to have been an over-the-counter (OTC) trade, signaling an exit from the memecoin craze.
ZachXBT reacted to this deal
Addressing the situation, ZachXBT shared his reaction to X after these transactions. He expressed his regret for not prioritizing financial gain earlier in his career, saying, “One of my biggest regrets is not prioritizing making money.”
He also noted his feeling of “cooking” and lamented the time spent working, which, as he put it, “did not reward me at all and only distorted my view of doing good.”
While some have criticized demonetization and cashout as harmful to the meme community, others have defended Zack, arguing that his work detecting scams and helping users recover stolen funds justifies his profits.
