Crypto sleuth ZachXBT has revealed what he claims are 11 Ethereum and Solana wallets of memecoin bull Murad Mahmudov, which hold over $24 million worth of tokens.
The self-titled onchain sleuth claimed in an Oct. 8 X post that he linked Mahmudov to the wallets because they are “funded from the same source on Ethereum” and the “holdings are similar to his posts.”
ZachXBT said he revealed the claimed Mahmudov wallets “so the community can monitor his future activity.”
“Murad is making very bold predictions about micro cap memecoins to thousands and thousands of followers while controlling the supply,” he alleged in a follow-up post.
“People deserve to make more informed decisions about the coins they buy,” he added.
ZachXBT specifically pointed to the purchase of $449,886 of MINI coins on July 16 — an hour before Mahmudov made an X post about acquiring 1% of the supply.
He added the continued usage of deBridge for each Solana address and the funding source being “directly tied” to a team address STFX are clues that the owner might be Mahmudov. He is an investor in STFX, a platform and DeFi and SocialFi protocol for short-term asset management.
Mahmudov was previously the chief information officer of Adaptive Capital. The crypto hedge fund collapsed in March 2020 amid a broader market downturn.
He has since created a large following on X by advocating for memecoins and posting lists of his top memecoin picks for his followers.
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ZachXBT previously raised concerns about Mahmudov’s strategies, accusing him of using his following and promoting coins instead of having a legitimate “edge” on the market.
The blockchain sleuth saw a mixed reaction online to his post, with some accusing him of “doxing” Mahmudov’s wallets, airing concerns it could endanger him due to the significant value of assets he allegedly holds.
Others, meanwhile, praised the move claiming it created more transparency, with some claiming the nature of the blockchain space means the information ZachXBT shared was already public knowledge.
Some X users noted that the reveal could be a boon for Mahmudov as the wallets — if they’re his — could show he’s legitimate as he invested in memecoins.
Memecoins have become a hotly debated topic over the last year as critics and advocates go back and forth over whether they have a role in the market.
Some executives think memecoins have an essential role in onboarding people into crypto, but the bumper returns that have been drawing in new investors might not last.
Critics say memecoins allow insiders and early investors to profit from less tech-savvy users who follow market hype, invest in a coin without understanding it, then lose when the insiders cash out and disappear.
Mahmudov did not immediately respond to a request for comment.
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