Crypto detective ZachXBT recently claimed that he had discovered 11 Ethereum and Solana wallets belonging to prominent memecoin trader Murad Mahmudov, reportedly containing over $24 million worth of tokens. The self-proclaimed blockchain investigator stated that he attributed the wallets to Mahmudov due to their funding source and because the holdings corresponded to Mahmudov’s posts.
The intention behind unearthing these alleged wallets, according to ZachXBT, is to allow the crypto community to keep track of Mahmudov’s future activities. He expressed his concerns about Mahmudov’s significant influence, specifically his ability to control the supply of certain memecoins and sway a significant number of followers with his bold predictions.
ZachXBT spotlighted Mahmudov’s specific activity, such as purchasing $449,886 worth of MINI coins just an hour before announcing his acquisition of 1% of its supply. He also noted the regular use of deBridge for each Solana address and the funding source connected to a team address STFX, of which Mahmudov is an investor, as hints that the owner of the wallets could indeed be Mahmudov.
Mixed reactions followed ZachXBT’s allegations, with some criticizing him for potentially endangering Mahmudov by revealing the enormous value of the assets in the wallets. Others justified the move as creating greater transparency, citing that all the revealed information was already accessible due to the public nature of blockchain.
Notably, memecoins have been the subject of intense debate within the crypto industry. Though some argue they help introduce new people to cryptocurrency, others warn of the risks to less technically savvy investors who may be lured by market hype and promise of high returns, potentially resulting in losses if insiders decide to cash out.