ZachXBT Under Fire After Making $3.8 Million From Donated Meme Coin

In a social media commotion, popular crypto investigator ZachXBT is under fire over a meme coin. He was rewarded half of the ZACHXBT token supply after complaining about his finances, and took $3.8 million from it.

Opponents have accused him of carrying out a cynical rug pull, while supporters defend his ability to make a profit. The whole dispute highlights shifting values in the crypto community.

ZachXBT Earns From Meme Coin

ZachXBT, the famed crypto sleuth, has been unsatisfied with the space lately. Yesterday, he raised concerns that he received no money for his major fund recoveries, many of which were in excess of $10 million.

In response to his public statements of frustration, an anonymous developer created a ZACHXBT meme coin and gave him half the supply.

According to data from Lookonchain, ZachXBT then added and removed liquidity to this meme coin, finally withdrawing SOL worth $3.81 million. This massive withdrawal plummeted the token’s value.

He immediately then transferred these funds to Wintermute, which may be a method of keeping them in his possession. Following this sequence of events, several community members accused him of doing a rug pull.

ZACHXBT Meme Coin Crash. Source: DEX Screener

However, others have come to his defense. For one thing, ZachXBT has struggled with burnout several times due to the strictly volunteer nature of his work, which he balances with a full-time job.

The ZACHXBT meme coin was explicitly created to reward him financially, as one supporter claimed in an argument.

“ZachXBT is one of the backbones of our industry. He often doesn’t even get paid for his investigations. Timeline says he needs to be rewarded. Token is launched. And when he then does the one thing the token was meant for, everyone turns against him. We want him to take profit but not really. I wouldn’t be surprised if he decides to quit the space one day,” it read.

He personally thanked this supporter for the spirited defense. ZachXBT has repeatedly expressed dissatisfaction with the current direction of the crypto industry, and the proceeds of this meme coin may help him continue his investigations.

Ultimately, this dispute highlights a discrepancy in the community’s core values. The crypto space has changed dramatically in the last year, and new tokens are attracting huge inflows from newcomers.

For an industry veteran like ZachXBT, this meme coin might help him remain in the game. However, it also reflects a more profit-focused general philosophy in the crypto market.

The post ZachXBT Under Fire After Making $3.8 Million From Donated Meme Coin appeared first on BeInCrypto.