Crypto sleuth ZachXBT revealed that Murad, a prominent meme coin analyst, uses at least 11 separate wallets to disguise personal holdings. Murad’s analysis would include bullish coverage of these holdings, allowing him to reap astronomical rewards.
Lookonchain data reveals that Murad’s SPX purchases and shilling led to a 61x increase in his own holdings.
Meme Coin Pump and Dumps
ZachXBT, a well-known figure in the crypto community recognized for his investigative work on fraud, has uncovered what could be a significant scandal involving meme coins.
According to his findings, Murad Mahmudov, a meme coin analyst and trader, is allegedly managing 11 different crypto wallets. These wallets reportedly contain about $24 million in meme coins.
Read More: Who Is ZachXBT, the Crypto Sleuth Exposing Scams?
Although ZachXBT did not directly state that Murad was paid to run a marketing campaign for any of these coins, his disapproval was still very clear.
“Murad is promoting microcap meme coins to thousands and thousands of followers while controlling the supply and making very lofty predictions. People deserve to know the wallets so they can make informed decisions,” he stated.
Data from Lookonchain helped illustrate the nature of Murad’s scheme. From June to August, Murad bought 35.69 million SPX tokens from multiple wallets while frequently posting about SPX’s potential growth.
By October, these SPX holdings had grown 61 times their initial value. This purchase is just one example of a broader trend. Still, not everyone in the meme coin community considers this sort of activity unethical.
“Zach clearly has some philosophical objection to folks talking about their bags, and meme coins specifically. Murad has done nothing wrong. This is putting Murad in harms way for no good reason,” an X user claimed.
Read More: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Schemes like this are very common for new token launches. As crypto becomes more well-integrated into traditional finance, operations like this will likely decrease.
This news follows another ZachXBT investigation, in which he discovered that a single operator was running 16 social media accounts to shill meme coins.
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