In a series of tweets, ZachXBT has brought to light alleged deceptive promotional tactics by certain crypto influencers surrounding the meme CBOT and Shiba Inu family BABYSHIB tokens.
According to the revelations, ZachXBT was provided with specific wallet addresses by an individual named Icarus, which were purportedly linked to the CBOT team’s token transactions. A significant portion of these tokens were reportedly sold off within a short span of 1-2 weeks.
The central issue revolves around the promotional strategies of these influencers. ZachXBT alleges that neither Trader NJ nor PetaByte, who were actively promoting these tokens, disclosed that they were compensated with a percentage of the token supply. Instead, they portrayed themselves as unbiased investors, misleading their followers into believing they had personally invested in the projects.
Further deepening the controversy, ZachXBT claims that these influencers:
Leveraged the names of other notable figures in the crypto community to negotiate a larger percentage of the token supply.
Provided false information to projects and then feigned innocence when confronted.
To back his claims, ZachXBT shared wallet addresses associated with both BABYSHIB and CBOT tokens, allowing for independent verification.
The crypto Twitter community was quick to react. AGT_D10S highlighted a broader concern, suggesting that many high-profile figures in the crypto world might be exploiting their followers, using them as an exit strategy for their investments. ZachXBT concurred with this observation.
The revelations underscore the importance of transparency and ethical practices in the rapidly evolving crypto space, especially as influencers wield significant power over their followers’ investment decisions.
ZachXBT’s Pursuit of Transparency in the Crypto World
ZachXBT, renowned for unveiling scams and deceptive practices in the crypto realm, delved into the FTX hack, dispelling several circulating rumors. On November 20, 2022, he refuted claims that Bahamian authorities orchestrated the FTX attack and that exchanges knew the hacker’s identity. He emphasized that the 0x59 wallet address, linked with the hacker, showed distinct behavior from other addresses, suggesting it wasn’t affiliated with FTX or the Securities Commission of the Bahamas (SCB).
ZachXBT also challenged the narrative that Kraken had identified the hacker, suggesting the identified individual was merely FTX securing assets. He further debunked rumors about the FTX hacker trading memecoins, citing potential “spoofed” Ethereum network transactions.
A few months ago, ZachXBT surpassed his fundraising goal, securing over $1 million in donations from crypto industry giants like Binance CEO Changpeng Zhao and Kraken co-founder Jesse Powell. This support comes amidst a lawsuit filed by Huang Licheng, accusing ZachXBT of defamation. Despite the legal challenge, ZachXBT remains steadfast in defending free speech, highlighting the crypto community’s commitment to truth and transparency.
Image source: Shutterstock