ZachXBT's address cashes out nearly $4 million on memecoin

Quick Take

  • Well-known blockchain investigator ZachXBT has cashed out on a memecoin that an unknown individual dropped to their Solana wallet.
  • “One of my biggest regrets is not prioritizing making money,” ZachXBT wrote yesterday.

An address on the Solana blockchain associated with famed onchain sleuth ZachXBT has cashed out on a memecoin created by an unknown individual.

According to onchain data, investigations.sol received 500 million memecoins distributed by the token's developer — which accounted for 50% of the total supply.

Instead of holding onto the memecoins, ZachXBT reportedly used 50% of the supply to add single-sided liquidity to the ZACHXBT/SOL pair.

Later, Zach removed nearly 91 million ZACHXBT tokens and the associated 16,000 SOL from the liquidity pool. 

The ZACHXBT token was deployed less than 24 hours ago. Its market capitalization hit a high of approximately $97 million. Following the withdrawal of the aforementioned ZACHXBT and SOL, the former's market capitalization fell to roughly $19 million.

Investigations.sol has burned the previously held memecoins and transferred 16,000 SOL — worth roughly $3.9 million — to an address tied to market maker Wintermute through a new address in what appears to be an OTC trade.

ZachXBT confirmed to The Block that they were behind the onchain movements, adding they did not promote the token on X, Telegram or other social media channels. They also stated that they do not know the identity of the memecoin's deployer.

"One of my biggest regrets is not prioritizing making money," ZachXBT posted yesterday. They also responded that they are "cooked" and stated that they "wasted time" on work that "never rewarded me at all and only warped my view of doing good."

Reactions on social media have been somewhat mixed, with some claiming ZachXBT "deserves far more money than this for what he's done for the space."

The story is has been updated with confirmation and new information from ZachXBT.


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About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].

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