ZachXBT Turns Unwanted Meme Coin Donations Into $41K for Venezuela Relief

Prominent blockchain investigator ZachXBT mentioned that a number of meme cash utilizing his identify and likeness had been launched throughout a number of blockchains over the previous week to capitalize on the current consideration surrounding him.

He clarified that he had no involvement with any tokens and reiterated his longstanding place that he would by no means endorse or launch a meme coin.

Copycat Tokens Emerge

In his current submit, ZachXBT disclosed that each token despatched to his donation pockets was bought in the marketplace. All proceeds had been directed to charitable causes slightly than saved for private use.

In whole, round $41,000 was donated via The Giving Block to help earthquake aid efforts in Venezuela. The funds included 25,000 USDT despatched to GiveDirectly on July 6, 5,000 USDT despatched to Direct Relief later that day, and 153 SOL, price about $11,000, donated to Direct Relief on June 28.

ZachXBT rose to prominence as one in every of crypto’s most revered investigators after repeatedly exposing scams and dangerous actors. He has persistently distanced himself from meme cash. In April, ZachXBT said he had by no means promoted, deployed, or shared the contract tackle of any meme coin along with his followers. He had additionally added that whereas he maintains a public donation pockets to help his investigative work, he sells all tokens despatched to it.

This stance was additionally evident in December 2023 after he quickly deactivated his X account, warning customers to not purchase meme cash utilizing his identify. Following his transient departure, a number of Solana-based meme cash tied to his persona emerged.

Many group members defended him. Former Wall Street dealer turned crypto artist Ovie Faruq had then said that ZachXBT had finished greater than anybody to guard retail buyers from crypto scams.

Recent Investigations

His newest goal was MemeCore. ZachXBT referred to as out the controversial meme coin and questioned its multibillion-dollar valuation. He additionally requested why insiders appeared to regulate greater than 90% of the token provide and criticized main exchanges for itemizing it regardless of crimson flags.

He has additionally raised related considerations concerning the SIREN and LAB tokens this yr.

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