On-Chain Sleuth ZachXBT Alleges Murad Mahmudov Promotes Meme Coins While Controlling Their Supply

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Updated: 10 October 2024

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On-chain investigator ZachXBT alleged that meme coin promoter Murad Mahmudov is promoting microcap meme coins while controlling their supply.

In an Oct. 9 post on X, ZachXBT identified 11 Ethereum and Solana wallets he said are linked to Mahmudov, which collectively hold over $24 million in assets, raising concerns about transparency and potential conflicts of interest in his promotional activities.

“Murad is promoting microcap meme coins to thousands and thousands of followers while controlling the supply and making very lofty predictions,” ZachXBT said. “People deserve to know the wallets so they can make informed decisions.”

Mahmudov, who has almost 217k followers on X, was CIO at crypto hedge fund Adaptive Capital before its collapse in 2020, and has since become a prominent meme coin influencer.

Murad Mahmudov Wallets Identified By ZachXBT Share Same Funding Source

ZachXBT said that he is very confident that the wallets he identified belong to Mahmudov because they “were funded from the same source on Ethereum.”

2/2 Why do I say these 11 wallets belong to Murad.

1) All wallets were funded from the same source on Ethereum

0x93f019699ef400df7dc3477dbb6400ed9445a657

2) Funding source is also directly tied to STFX team address / multisig signer

3) Holdings are similar to his posts

EX:… pic.twitter.com/z3bmQWS4Hw

— ZachXBT (@zachxbt) October 9, 2024

In addition to sharing the same funding source, the wallets display similar holdings to those publicly disclosed by Mahmudov, according to the on-chain sleuth. In an Oct. 8 X post, ZachXBT shared the Solana and Ethereum addresses that he believes belong to the meme coin promoter.

However, he said he suspects that there might be additional unidentified wallets belonging to Mahmudov that are not connected to the “cluster” of addresses uncovered.

ZachXBT’s Findings Spark Debate

Several investors on X questioned ZachXBT on why Mahmudov would dump his meme coin holdings since he has been such a “huge positive” for the meme coin space recently.

Zack you have been a gift to the space n we all appreciate everything you do to keep it clean

But this is NOT good.

A reach n influence like yours comes with accountability.

First With ansem. Regardless of your view of him an accusation from you really hurts people. U know…

— W3Q (@Web3Quant) October 9, 2024

One X user even criticized the on-chain investigator for putting Mahmudov in harm’s way after revealing his balances and addresses. The X user also warned that ZachXBT’s supposed findings could lead to a mass sell-off if Mahmudov decides to book some profits due to investor panic.

Other investors said that Mahmudov is entitled to sell his meme coin holdings whenever he wants since he bought all of the tokens himself, as opposed to other influencers who promote projects that gave them free tokens.