ZachXBT, a well-known blockchain researcher, has reportedly cashed out $4 million from a memecoin linked to his name. Onchain data reveals surprising details about this move, sparking conversations in the crypto community. This bold move offers a glimpse into ZachXBT’s changing views on money and priorities.
Important details of the transaction
A memecoin called “ZACHXBT” was recently created by an unknown developer on the Solana blockchain. According to data from the chain, the wallet ‘investigations.sol’, linked to ZachXBT, 500 million received ZACHXBT tokens, half of the coin’s total supply.
Instead of burning or holding the tokens, ZachXBT reportedly used half of the supply to add one-sided liquidity to the ZACHXBT/SOL trading pair.
However, things took an interesting turn when he later withdrew almost 91 million ZACHXBT tokens along with the associated SOL from the liquidity pool.
Although the ZACHXBT token was launched less than 24 hours before this activity. Because it initially reached a peak market capitalization of about $97 million. After the removal of liquidity, the token’s market capitalization dropped significantly to around $19 million.
$4 million OTC trading
After this event, on-chain data also shows that Zach transferred 16,000 SOL, worth approximately $3.9 million, to a new address before being forwarded to market maker Wintermute. This appears to have been an over-the-counter (OTC) transaction, signaling an end to the memecoin frenzy.
ZachXBT’s response to this transaction
ZachXBT addressed the situation and shared his reaction to X after these trades. He expressed regret for not prioritizing financial gain earlier in his career, saying, “One of my biggest regrets is not prioritizing making money.”
He also said he felt “cooked” and complained about the time he spent doing work that, in his words, “never rewarded me at all and only distorted my view of doing good.”
While some criticized the removal of liquidity and payout as harmful to the meme coin’s community, others defended Zach, arguing that his work in exposing scams and helping users recover stolen money justifies his income.