30s Summary

Crypto detective ZachXBT allegedly identified 11 Ethereum and Solana wallets, containing over $24m in tokens, belonging to crypto enthusiast Murad Mahmudov. Comparison of funding sources and token types suggests Mahmudov’s ownership. Some transactions even directly preceded Mahmudov’s online posts about specific tokens. ZachXBT has previously accused Mahmudov of manipulating his large online following for personal gain. This recent revelation has sparked mixed reactions online about the necessity for transparency in the cryptocurrency industry. Mahmudov is known for advocating memecoins, whose popularity and impacts have been contentious, as critics argue they exploit less tech-savvy users.

Full Article

Crypto detective ZachXBT has allegedly found 11 Ethereum and Solana wallets belonging to Murad Mahmudov, a well-known crypto enthusiast and advocate of memecoins. These wallets reportedly contain over $24 million in various tokens.

ZachXBT says he was able to establish Mahmudov as the owner of the wallets due to them having similar funding source on Ethereum and the fact that the held tokens resemble Mahmudov’s crypto posts. ZachXBT shared this information so everyone could watch Mahmudov’s future activities.

ZachXBT argues that this level of transparency should be common, as he believes people should be better informed about the cryptocurrencies they’re purchasing.

For example, he pointed to a purchase of almost $450,000 in MINI coins by one of the wallets an hour before Mahmudov posted about owning 1% of the coin’s supply. More clues suggesting Mahmudov’s ownership include the repeated use of deBridge for each Solana wallet address, with the funding source being directly connected to an address tied to STFX, a company in which Mahmudov is an investor.

This isn’t the first time ZachXBT has raised concerns about Mahmudov’s actions. He has previously accused Mahmudov of using his large online following to push coins instead of presenting a real edge on the market.

ZachXBT’s latest detective work has caused mixed reactions online. While some people criticized him for potentially endangering Mahmudov by revealing his wallets, others praised the move, saying it created more transparency in an industry that needs it.

Lastly, the popularity of memecoins and their role in the market has been a hot topic in recent times. While some see them as a way to introduce newcomers to cryptocurrencies, critics argue they mainly benefit insiders and early investors who profit at the expense of less tech-savvy users. This comes as Mahmudov, a huge memecoin fan, has built a large following by sharing his favorite memecoin picks.

Source: Cointelegraph