ZachXBT’s Social Media Exit Ignites Surge in Unauthorized Memecoins

10 months ago 6

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ZachXBT, a prominent figure known for his thorough on-chain investigations, recently deactivated his social media account.

The renowned crypto sleuth temporarily removed his presence from X (formerly known as Twitter), sparking the emergence of numerous memecoins claiming ties to him.

Why ZachXBT Deactivated His X Account

ZachXBT is a prominent figure in the crypto community with a significant track record. He has exposed over 100 crypto and NFT scams, and his investigations have aided law enforcement agencies. He has also been named a potential Polygon protocol committee candidate.

The crypto sleuth said he would be leaving X for an unspecified period. The blockchain investigator did not provide specific reasons but encouraged his followers to avoid scams.

“Just deactivated on X/Twitter for an unspecified amount of time. Do not purchase any of these ZachXBT memecoins people are creating as I will never launch a coin,” ZachXBT said.

His actions led to speculation within the crypto community, garnering praise for his contributions to the industry. For instance, Adam Cochran, a partner at Cinneamhain Ventures, suggested that ZachXBT’s departure might be linked to harassment from projects he labeled as “pump and dump.”

“Zach is a better human being than 99% of you and did great work for this space thanklessly. Treating memecoins and failed projects the same as literal crime wasn’t great on his part. But, the space will be worse off without him and many scams will go unsolved with no asset return,” Cochran added.

Likewise, crypto trader OSF highlighted that the crypto sleuth had done more to shield naive retail investors than most.

“Yet it is the very same dumb retail investors who want to blame him for the fact that they have over-invested in memecoins. Make it make sense,” OSF remarked.

Although ZachXBT’s account has reappeared on X, he has not posted any new content or updates on his timeline. Still, multiple memecoins emerged across Ethereum, Solana, and BNB Chain. This was despite his clear statement that he would never initiate a token.

Data from Dextools indicates the creation of more than 180 memecoins attempting to capitalize on ZachXBT’s popularity. Meanwhile, Pop Punk, Gaslite’s co-founder, shared a screenshot of a memecoin, which experienced a 13,000% surge in value on the Solana blockchain.