ZachXBT published a major insider trading exposé at Axiom. Here’s the report details and what happened before its publishing. | Credit: CCN.com
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Key Takeaways
On-chain investigator ZachXBT published findings on Feb. 26 alleging that employees at Axiom Exchange abused internal dashboard access to look up sensitive user wallet data and trade on that information.
According to the report, internal tools exposed extensive user data, including wallet lists, tracked addresses, transaction history and linked accounts — with little to no monitoring or access controls.
A recorded February 2026 call and leaked chats allegedly show employees discussing plans to generate illicit profits by exploiting privileged access.
The case underscores ongoing concerns about insider risk and weak governance controls at crypto platforms amid fragmented global regulation.
Crypto markets are reacting to a detailed report from prominent blockchain investigator ZachXBT, who has now publicly identified Axiom Exchange as the company at the center of his insider trading allegations.
After previously teasing an investigation into a “highly profitable” crypto firm, ZachXBT on Feb. 26 released findings alleging that certain Axiom employees abused internal dashboard access to obtain non-public user wallet data and trade based on that information.
The claims stem from what he says was an independent investigation he was retained to conduct into alleged misconduct at the firm.
Alleged Abuse of Internal Dashboard Tools
According to ZachXBT, internal Axiom tools granted business development and moderator-level employees unusually broad visibility into user data. The dashboard allegedly exposed:
A user’s entire wallet list, with associated date and time data
Wallets a user was tracking
Transaction history
Wallet nicknames
Linked accounts
1/ Meet @WheresBroox (Broox Bauer), one of the multiple @AxiomExchange employees allegedly abusing the lack of access controls for internal tools to lookup sensitive user details to insider trade by tracking private wallet activity since early 2025. pic.twitter.com/KwICQMJL1q
ZachXBT claims there was “little to no monitoring or access controls” in place to prevent misuse of this information.
In one example detailed in the thread, a Google Sheet was allegedly created compiling wallet addresses of multiple key opinion leaders (KOLs). The sheet reportedly mapped wallet activity using data accessed via Axiom’s internal dashboard. Several KOLs named in leaked screenshots were contacted and independently confirmed the information, according to ZachXBT.
6/ One of the targeted KOLs was Marcell, a trader with a poor reputation for using his followers on X and Telegram as exit liquidity.
He was targeted due to buying a large portion of the token supply for meme coins (known as bundling) from private wallets before promoting them… pic.twitter.com/7Jcb1laojE
One of the targeted individuals was identified as “Marcell,” described as a trader known for purchasing large portions of meme coin supply from private wallets before promoting the tokens, a practice commonly referred to as “bundling.”
Recorded Call and $200K Profit Plan
ZachXBT also referenced a recorded February 2026 call involving an employee identified as “Broox” and a recently hired moderator named “Gowno” (Seb). In the recording, Broox allegedly outlines a plan to help Gowno generate $200,000 quickly by abusing his access at Axiom.
The investigator claims this conduct was consistent with similar illicit activity dating back to early 2025.
Broox’s main wallet address was identified and mapped, along with related addresses, though ZachXBT noted that the high volume of meme coin trading activity made isolating specific high-confidence trades more complex.
Another employee, identified as “Ryan” (Ryucio), was allegedly accused in the call of using the internal dashboard to look up users on behalf of others.
Axiom Responds, Legal Implications Raised
ZachXBT said he reached out to Axiom for comment prior to publication and attached the company’s statement to his thread. While he did not allege that Axiom’s co-founders were directly involved, he criticized what he described as a failure to implement adequate oversight and internal controls.
3/ Broox is a current Axiom senior BD employee based in New York.
In the clip Broox states he can track any Axiom user via ref code, wallet, or UID and claims he can "find out anything to do with that person".
He further suggested that, given Broox is reportedly based in New York City, the case could fall within the jurisdiction of the U.S. Attorney’s Office for the Southern District of New York (SDNY), which has historically pursued high-profile financial misconduct cases.
“Whether or not criminal charges are filed,” ZachXBT wrote, “I hope the Axiom co-founders further investigate the abuse and consider taking legal action against the employees involved.”
“We are shocked and disappointed to hear that someone on our team abused internal customer support tools to look up user wallets,” said Axiom in a brief comment on X.
“We have removed access to these tools and will continue to investigate and hold the offending parties responsible. This does not represent us as a team, we have always tried to put the user first. We’ll share updates on our twitter as we learn more.”
Governance Risks Back in Focus
The allegations have reignited broader industry concerns about insider access risk at crypto firms, particularly where internal tooling provides granular user-level blockchain intelligence.
While blockchain transactions are publicly visible, centralized platforms often aggregate and enrich that data with behavioral, identity-linked, or cross-account insights not readily available to retail traders.
The episode underscores persistent governance vulnerabilities across parts of the crypto industry, especially as global regulatory frameworks remain uneven and enforcement standards continue to evolve.
At the time of publication, no criminal charges have been filed, and the full legal implications of the allegations remain unclear.
Prediction Markets Ignited a Guessing Game
Before the news was published, with few hard details available, traders have turned to crypto prediction markets to wager on which firm could be implicated. These markets, which aggregate crowd sentiment rather than confirmed facts, currently point to a handful of high-revenue crypto businesses.
Among the names most frequently discussed in market chatter:
Pump.fun, a fast-growing memecoin launchpad that generated hundreds of millions in fees during the recent memecoin boom
World Liberty Financial (WLFI), a Trump-linked crypto venture that has faced recent volatility and online scrutiny.
Binance, the world’s largest crypto exchange by volume and historically one of the industry’s most profitable companies.
Really hope this is about:
-Binance -WLFI/USD1 or -PumpFun
Interesting times, and Zach is dropping this article at the perfect time. Whoever it’s about, everyone is so cynical right now that they will likely not be able to recover from it 😂 https://t.co/fDGBXKiEuc
Polymarket Bets Revealed Top Suspects in ZachXBT Probe Speculation
According to Polymarket data, Meteora currently leads the field with roughly 40% odds and more than $123,000 in trading volume, making it the clear front-runner in crowd speculation. The sizable gap between Meteora and the rest of the pack suggests traders see it as the most plausible, though still unconfirmed, candidate.
Meteora is a Solana-based liquidity platform that allows users to supply capital for newly launched tokens to trade. The protocol gained major attention during the launches of the $TRUMP and $MELANIA memecoins, where much of the early liquidity activity was concentrated.
Retail participation in the $TRUMP and $MELANIA memecoin launches was highly uneven, according to blockchain analytics cited by market observers. Estimates suggest retail traders collectively lost roughly $4.3 billion, while early, well-positioned participants captured about $1.2 billion in profits.
Because many of those strategies were routed through Meteora pools, some market observers argue that if any informational advantage existed during those launches, it may have been most visible in activity around the platform.
Importantly, there is currently no public evidence linking Meteora to the insider trading allegations teased by ZachXBT (yet).
Which crypto company will ZachXBT expose for insider trading? | Source: Polymarket
Pump.fun, which had previously dominated much of the social media chatter, now trails at about 16% odds with over $222,000 in volume, indicating meaningful but declining conviction among bettors.
A second tier of candidates follows at much lower probabilities:
MEXC: 11%
Axiom: 8%
World Liberty Financial: 7%
Binance: 7%
Further down the list, platforms such as Jupiter, Upbit, Coinbase, and Bybit each sit in the low single digits, reflecting relatively weak market confidence in those outcomes.
Meanwhile, firms including Wintermute, Ethena, Hyperliquid, Aave, Tether, OpenSea, Flashbots, and Grayscale are priced at 1% or below, signaling that traders currently view them as unlikely targets.
What the Odds Really Mean
Importantly, Polymarket probabilities represent crowd speculation rather than verified investigative findings. Prediction markets can be influenced by liquidity, narrative momentum, and trader positioning, not just fundamental evidence.
With ZachXBT yet to publish his full report or name any company, the market remains firmly in hypothesis mode. Still, the shifting odds underscore how closely the crypto community is watching for what could become one of the sector’s most closely scrutinized insider trading allegations.
For now, Meteora may be leading the betting boards, but until on-chain proof emerges, the identity of the alleged firm remains an open question.
Why Pump.fun Is Being Discussed
Pump.fun has emerged as a focal point largely because of its extraordinary revenue growth and central role in the memecoin trading surge. The platform’s fee generation reportedly crossed the $600 million mark in 2025, placing it among the most profitable crypto businesses by some measures.
Its rapid ascent and relatively young operational history have made it a natural subject of scrutiny whenever governance questions surface in the memecoin ecosystem.
However, there is currently no public evidence linking Pump.fun to the allegations teased by ZachXBT. The platform has not been formally accused of wrongdoing in connection with the upcoming report.
WLFI Enters the Rumor Mill
World Liberty Financial has also appeared in speculation cycles following recent turbulence involving its USD1 stablecoin. Online discussion intensified after a brief price dip prompted claims of a coordinated attack and coincided with social media post deletions tied to high-profile supporters like Eric Trump.
Because the project has drawn significant political and retail attention, it has become a frequent subject of market rumor during periods of uncertainty.
Still, there has been no confirmation from ZachXBT that WLFI is connected to his investigation, and no formal allegations have been made against the firm in this context.
Why Binance Is Frequently Mentioned
Whenever major crypto investigations are teased without naming targets, Binance often appears in speculation simply due to its scale, profitability and global footprint.
The exchange has previously faced regulatory scrutiny in multiple jurisdictions, which tends to keep it near the top of rumor lists during industry controversies. Its status as one of the most profitable crypto companies also fits the limited description provided by ZachXBT.
That said, there is currently no evidence that Binance is the subject of the forthcoming report, and the company has not publicly commented on the speculation.
Why Insider Trading Fears Continue to Shadow Crypto Markets
Regardless of which firm, if any, is ultimately named, the episode underscores a recurring concern in crypto markets: the risk that employees at high-volume trading platforms could potentially misuse privileged information.
In traditional finance, insider trading rules are well-established and heavily enforced. In crypto, the regulatory framework remains fragmented across jurisdictions, and enforcement standards can vary widely depending on where a company operates.
Independent investigators like ZachXBT have increasingly filled part of that oversight gap by analyzing on-chain data for suspicious patterns. His previous investigations have, at times, preceded enforcement actions or prompted internal reviews at crypto firms.
Still, social media teasers, even from respected investigators, do not constitute proof of wrongdoing. Market participants typically wait for detailed transaction analysis and verifiable evidence before drawing firm conclusions.
Legal and Reputational Risks
If substantiated, insider trading allegations can carry significant consequences for crypto companies, including:
Regulatory investigations
Civil litigation
Loss of user trust
Liquidity impacts
Increased compliance scrutiny
Even unproven rumors can move markets in the short term, particularly in crypto, where sentiment shifts rapidly and information spreads quickly across social platforms.
For that reason, legal experts often caution against treating preliminary online speculation as an established fact.
ZachXBT’s upcoming insider trading report is expected to detail alleged misuse of privileged internal data by employees at a highly profitable crypto company. The on-chain investigator has teased the findings publicly, but has not yet named the firm or released supporting on-chain evidence.
Which crypto firm is rumored to be the target of ZachXBT’s exposé?
No crypto company has been officially identified. However, speculation in prediction markets and social media discussions has frequently mentioned Pump.fun, World Liberty Financial (WLFI) and Binance. These remain unverified rumors and should not be treated as confirmed targets.
Why does insider trading remain a major risk in crypto markets?
Insider trading concerns persist in crypto because global regulation is still fragmented compared with traditional finance. High-volume trading platforms and token launch venues can create opportunities for employees with privileged information, which is why on-chain monitoring and compliance controls are increasingly important.
When will ZachXBT release proof or name the company?
The market is awaiting ZachXBT’s full report, which is expected to include detailed on-chain analysis if the allegations are substantiated. Until that evidence is published and independently verified, the claims remain speculative and unconfirmed.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
Onkar Singh has three years of experience as a digital finance content creator. Throughout his career, he has collaborated with various DeFi projects and crypto media outlets. In his leisure time, he enjoys fitness activities at the gym and watching movies across different genres. Balancing his professional and personal interests, Onkar continues to contribute to the digital finance landscape while pursuing his hobbies.
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