ZachXBT, a well-known figure in the crypto community for his in-depth investigations, recently deactivated his social media account. This sudden move caused a surge in the creation of unauthorized memecoins claiming association with him.
ZachXBT, renowned for exposing numerous crypto and NFT scams and assisting law enforcement agencies, temporarily left X (formerly Twitter) without providing specific reasons for his departure. He simply urged his followers to avoid scams and warned against purchasing any ZachXBT memecoins.
Speculation arose within the crypto community regarding the reasons behind ZachXBT’s exit. Adam Cochran, a partner at Cinneamhain Ventures, suggested that harassment from projects labeled as “pump and dump” might be the cause. Cochran praised ZachXBT’s contributions to the industry, emphasizing that his departure would leave a void and potentially lead to unsolved scams.
Crypto trader OSF echoed Cochran’s sentiment, highlighting ZachXBT’s efforts to protect naive retail investors. Despite these positive sentiments, multiple unauthorized memecoins emerged across various blockchain networks, including Ethereum, Solana, and BNB Chain, despite ZachXBT’s clear statement that he would never initiate a token.
Dextools data revealed the creation of over 180 memecoins trying to capitalize on ZachXBT’s popularity. Furthermore, Pop Punk, co-founder of Gaslite, shared a screenshot showing a memecoin on the Solana blockchain experiencing an astounding 13,000% surge in value.
While ZachXBT’s social media account has reappeared, no new content or updates have been posted. The crypto community eagerly awaits his return and hopes that his absence won’t result in an increase in fraudulent activities.