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jayplayco
@jayplayco
Summary of the ZachXBT Meme Token Incident ZachXBT, a well-known "on-chain detective," is respected for uncovering scams and helping protocols recover stolen funds. Initially starting as a hobby, his work eventually became a professional endeavor. Recently, Zach expressed frustration over the lack of fair compensation for his efforts, which led to a unique fundraising initiative. A meme token, $ZachXBT, was launched, with 50% of the tokens allocated to Zach as a form of donation. Investors hoped the token's price increase would serve as compensation for his contributions. This initiative was reminiscent of $SHIBA’s allocation to Vitalik Buterin, though with a different outcome.
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jayplayco
@jayplayco
Zach used the token allocation to provide Single-Sided LP (liquidity provision) on a decentralized exchange. This meant that as $ZachXBT tokens were sold, Solana (SOL) accumulated in the LP. When the token price surged, Zach removed all liquidity, effectively cashing out significant SOL, sparking debate within the crypto community. Critics labeled it an LP rug pull, arguing that someone fighting scams shouldn’t engage in such practices. Supporters countered that the token was meant as a donation, and Zach acted within his rights. Ultimately, Zach gained substantial SOL, leaving the community divided on whether his actions were justified or exploitative. Was this a legitimate form of compensation, or should it be seen as a breach of trust?
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Nithin
@nith567
he did gain 1M profit and again put into liquidity
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Jacque(she|her).⌐◨-◨
@jacque
cc @bizarrebeast
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