Distinguished blockchain investigator ZachXBT stated that a number of meme cash utilizing his title and likeness have been launched throughout a number of blockchains over the previous week to capitalize on the current consideration surrounding him.
He clarified that he had no involvement with any tokens and reiterated his longstanding place that he would by no means endorse or launch a meme coin.
Copycat Tokens Emerge
In his current publish, ZachXBT disclosed that each token despatched to his donation pockets was bought available on the market. All proceeds have been directed to charitable causes quite than saved for private use.
In whole, round $41,000 was donated by The Giving Block to help earthquake reduction efforts in Venezuela. The funds included 25,000 USDT despatched to GiveDirectly on July 6, 5,000 USDT despatched to Direct Aid later that day, and 153 SOL, value about $11,000, donated to Direct Aid on June 28.
ZachXBT rose to prominence as one among crypto’s most revered investigators after repeatedly exposing scams and unhealthy actors. He has persistently distanced himself from meme cash. In April, ZachXBT stated he had by no means promoted, deployed, or shared the contract deal with of any meme coin together with his followers. He had additionally added that whereas he maintains a public donation pockets to help his investigative work, he sells all tokens despatched to it.
This stance was additionally evident in December 2023 after he quickly deactivated his X account, warning customers to not purchase meme cash utilizing his title. Following his transient departure, a number of Solana-based meme cash tied to his persona emerged.
Many group members defended him. Former Wall Avenue dealer turned crypto artist Ovie Faruq had then stated that ZachXBT had executed greater than anybody to guard retail traders from crypto scams.
Current Investigations
His newest goal was MemeCore. ZachXBT known as out the controversial meme coin and questioned its multibillion-dollar valuation. He additionally requested why insiders appeared to regulate greater than 90% of the token provide and criticized main exchanges for itemizing it regardless of crimson flags.
He has additionally raised comparable considerations concerning the SIREN and LAB tokens this 12 months.
The publish ZachXBT Turns Undesirable Meme Coin Donations Into $41K for Venezuela Aid appeared first on CryptoPotato.