Key Takeaways
- ZachXBT called out the Aster community’s ties to “known grifters.”
- Singapore economist Anndy Lian defended Aster, claiming that wash trading is common across crypto projects.
- Data aggregator DefiLlama removed Aster from its platform after detecting trading patterns that mirrored Binance’s perpetual markets.
Blockchain investigator ZachXBT has criticized defenders of the decentralized exchange Aster amid growing concerns that the platform is inflating its trading volumes through wash trading.
The on-chain sleuth also highlighted the project’s connections to “known grifters,” including James Wynn and Alex “Shillin_Villain,” calling these associations the worst move Aster has made so far.
ZachXBT vs. Anndy Lian
ZachXBT’s comments followed remarks from Singaporean economist Anndy Lian, who defended the exchange and claimed that “all crypto projects have washed trades,” arguing such practices are commonplace in the industry.
“All crypto projects have washed trades. Only those that did not make it are not washed. No one is a saint here. Also, it depends on how much is washed,” Lian wrote on X.
- Singapore Anndy Lian defended Aster on X | Source: X, @anndylian
Wash trading occurs when a trader or automated system simultaneously buys and sells the same asset to create the illusion of high trading volume, misleading investors about market liquidity and activity.
In response, ZachXBT wrote, “Such an awful take—normalizing wash trading is bad for the industry.”
He also questioned Lian’s claim of being “an observer,” suggesting bias in his commentary.
ZachXBT shared screenshots showing that Lian had written “zero posts about HYPE and only two posts mentioning Hyperliquid,” while “almost every other post is about Aster,” implying a lack of neutrality.
ZachXBT Calls Out Grifters
ZachXBT further alleged that Aster’s collaboration with “known grifters” in its promotional efforts was “the worst thing” the project could have done. He specifically named crypto traders Wynn and Shillin.
James Wynn, a pseudonymous trader, gained notoriety earlier this year for making massive leveraged bets on perpetual futures exchanges such as Hyperliquid.
His high-risk strategies attracted a large online following but also criticism after several well-documented liquidations reportedly wiped out most of his holdings.
Wynn has also faced accusations of promoting speculative tokens and memecoins without disclosing his potential financial interests.
“Shillin Villain,” another pseudonymous influencer, derives his name from the crypto slang term “shilling,” meaning the undisclosed promotion of a project for personal gain.
Aster’s DefiLlama Delisting
The controversy follows Aster’s delisting from data aggregator DefiLlama amid concerns about potential wash trading.
On Sunday, Oct. 5, DefiLlama’s founder, 0xngmi, wrote on X that the platform’s investigation had found Aster’s trading volumes “starting to mirror Binance perp volumes almost exactly.”
The founder shared charts showing Aster’s volume patterns, closely tracking Binance’s perpetuals market from late Saturday through Sunday.
“Aster doesn’t make it possible to get lower-level data such as who is making and filling orders. Until we can verify if there’s wash trading, Aster’s perpetuals will be delisted,” 0xngmi wrote.
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
