ZachXBT released nearly a dozen wallets under the control of memecoin trader Murad Mahmudov, which elicited various responses on the internet.
ZachXBT, a crypto sleuth, has disclosed that Murad Mahmudov, a memecoin supporter, maintains 11 Ethereum and Solana wallets with over $24 million tokens.
In an Oct. 8 X post, the self-titled onchain sleuth asserted that he had connected Mahmudov to the wallets because they are “funded from the same source on Ethereum” and the “holdings are similar to his posts.”
ZachXBT disclosed alleged Mahmudov wallets
In a subsequent post, he alleged that Murad is making extremely bold predictions about micro-cap memecoins to thousands of followers while manipulating the supply.
“People should be able to make more informed decisions about the coins they purchase,” he continued.
ZachXBT specifically referenced the acquisition of $449,886 in MINI coins on July 16, an hour before Mahmudov’s X post, regarding the acquisition of 1% of the supply.
He also noted that the funding source is “directly tied” to a team address STFX, and the continued use of deBridge for each Solana address indicates that the owner may be Mahmudov. He is an investor in STFX, a platform that utilizes the DeFi and SocialFi protocols for short-term asset management.
Mahmudov served as the chief information officer of Adaptive Capital in the past. In March 2020, the crypto hedge fund imploded due to a more general market downturn.
He has since amassed a substantial following on X by advocating for memecoins and providing his followers with lists of his top memecoin choices.
ZachXBT has previously expressed apprehensions regarding Mahmudov’s strategies, alleging that he is utilizing his following to promote coins rather than possessing a legitimate “edge” in the market.
There was a mixed response to the blockchain sleuth’s post on the internet, with some accusing him of “doxing” Mahmudov’s wallets and expressing concerns that it could endanger him due to the substantial value of the assets he purportedly possesses.
Meanwhile, some individuals praised the action, asserting that it increased transparency. They also asserted that the information ZachXBT provided was already public knowledge due to the nature of the blockchain space.
Some X users observed that the disclosure could be advantageous for Mahmudov, as the wallets, if they are his, could demonstrate his legitimacy, given that he invested in memecoins.
The function of memecoins in the market has been intensely debated among critics and advocates in the past year.
Some executives believe that memecoins are crucial for introducing individuals to cryptocurrency; however, the substantial returns that have attracted new investors may not persist indefinitely.
Critics contend that memecoins enable insiders and early investors to capitalize on less technologically adept users who invest in a coin without comprehending its potential. They only lose when the insiders payout and vanish.
Mahmudov did not promptly address a request for a remark.
