ZachXBT Nets $3.8 Million from $80 Million Memecoin Created in His Name

Jan 21, 2025, 11:16 AM

On-chain investigator ZachXBT received 500 million tokens, or 50% of the supply, of a memecoin named after him, $ZACHXBT, sent to his public address investigations.sol. After expressing regret about not prioritizing making money, following his uncompensated recovery of $20 million from a hack, he added his tokens to a liquidity pool on the Solana blockchain. The coin's market capitalization surged to $80 million. ZachXBT later withdrew 16,130 SOL, approximately $3.8 million, from the pool by removing liquidity. He transferred the funds to an address associated with Wintermute, a cryptocurrency market maker. The coin's market cap dropped significantly following his actions.