In a series of tweets, ZachXBT has exposed alleged deceptive promotional tactics by certain crypto influencers surrounding the CBOT meme and the Shiba Inu family’s BABYSHIB tokens.
According to the revelations ZachXBT was provided with specific wallet addresses by an individual named Icarus, which were allegedly linked to the CBOT team’s token transactions. A significant portion of these tokens were reportedly sold within a short period of 1-2 weeks.
The central question revolves around the promotional strategies of these influencers. ZachXBT claims that neither Trader NJ nor PetaByte, who actively promoted these tokens, disclosed that they were being compensated with a percentage of the token supply. Instead, they portrayed themselves as unbiased investors, leading their followers to believe that they had personally invested in the projects.
To deepen the controversy even further, ZachXBT claims that these influencers:
Used 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 substantiate its claims, ZachXBT shared wallet addresses linked to both BABYSHIB and CBOT tokens, allowing for independent verification.
The crypto Twitter community responded quickly. AGT_D10S highlighted a broader concern, suggesting that many leading figures in the crypto world could be exploiting their followers and using them as an exit strategy for their investments. ZachXBT agreed 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 commitment to transparency in the crypto world
ZachXBT, known for exposing scams and deceptive practices in the crypto space, dug into the FTX hack and dispelled several circulating rumors. On November 20, 2022, he refuted the claim that Bahamian authorities orchestrated the FTX attack and that the exchanges knew the hacker’s identity. He highlighted that the wallet address 0x59 associated with the hacker exhibited different behavior than other addresses, suggesting it was not connected to FTX or the Securities Commission of the Bahamas (SCB).
ZachXBT also challenged the narrative Cracking had identified the hacker, suggesting that the identified individual was merely FTX securing assets. He further debunked rumors about the FTX hacker trading memecoins, citing possible “spoofed” Ethereum network transactions.
A few months ago, ZachXBT surpassed its fundraising goal by bringing in more than $1 million in donations from crypto industry giants like Binance CEO Changpeng Zhao and Kraken co-founder Jesse Powell. This support comes amid a lawsuit filed by Huang Licheng accusing ZachXBT of defamation. Despite the legal challenge, ZachXBT remains steadfast in defending freedom of expression, highlighting the crypto community’s commitment to truth and transparency.
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