ZachXBT’s Social Media Hiatus Sparks Unauthorized Memecoin Craze
Impersonators Exploit ZachXBT’s Exit to Scam Users
Prominent crypto sleuth ZachXBT recently took a break from his social media presence, causing a wave of unauthorised memecoins to flood the market. This abrupt departure left the crypto community speculating about the reasons behind his absence and the impact it could have on the industry.
ZachXBT, widely recognised for his meticulous on-chain investigations, has a commendable track record of uncovering over 100 crypto and NFT scams. His work has exposed fraudulent activities and assisted law enforcement agencies. He was also being considered a potential candidate for the Polygon protocol committee.
ZachXBT’s Message on Telegram
In a surprising move, ZachXBT temporarily deactivated his X (formerly Twitter) account, stating that he would be away for an unspecified period. While he did not disclose the exact reasons for his break, he urged his followers to steer clear of any memecoins claiming to be associated with him, explicitly stating that he had no intention of launching his cryptocurrency.
1. Zach is a better human being than 99% of you and did great work for this space thanklessly.
2. Treating meme coins and failed projects the same as literal crime wasn’t great on his part.
3. But, the space will be worse off without him and many scams will go unsolved with no…
The crypto community reacted strongly to ZachXBT’s decision. Adam Cochran, a partner at Cinneamhain Ventures, expressed admiration for ZachXBT’s contributions to the industry and suggested that his exit might be related to harassment from projects he had criticised as “pump and dump.”
.@ZachXBT has done more to protect dumb retail investors in this space than any other human being.
Yet it is the very same dumb retail investors who want to blame him for the fact that they have over-invested in memecoins.
Similarly, crypto trader Ovi Faroq commended ZachXBT for protecting naive retail investors and questioned those who blamed him for their over-investment in memecoins.
Despite ZachXBT’s social media account reappearing on X, he refrained from posting new content or updates. Surprisingly, this did not deter opportunists from creating numerous memecoins across Ethereum, Solana, and BNB Chain, falsely claiming ties to the crypto sleuth.
ZachXBT deletes his account and within 30 minutes there's already a shitcoin on Solana with the ticker "zachwifoutacc".
Data from Dextools revealed the emergence of over 180 unauthorised memecoins, all attempting to capitalise on ZachXBT’s popularity. Pop Punk, co-founder of Gaslite, shared a screenshot of one such memecoin on the Solana blockchain, which experienced a staggering 13,000% surge in value.
In summary, ZachXBT’s temporary exit from social media had unintended consequences, giving rise to many unauthorised memecoins. Despite his clear statement against launching tokens, opportunistic actors sought to profit from his reputation, underlining the challenges and risks in the crypto space.
