The onchain sleuth teased proof of insider trading within “one of crypto’s most profitable businesses.”
High-revenue altcoins such as MET, HYPE, and PUMP are leading the selloff today as traders react to onchain sleuth ZachXBT’s new investigation teaser on X.
Earlier today, Zach said, “Major investigation dropping February 26 on one of crypto’s most profitable businesses where multiple employees abused internal data to insider trade over a prolonged period of time,” and MET, HYPE, and PUMP subsequently started selling off.
Since the post, MET is down 6.5%, HYPE is down 4.4%, and PUMP is down 6.6%, as the market recognizes the tokens as some of DeFi’s largest revenue generators with business models that could enable potential insider activity.
There is even a Polymarket tracking “Which crypto company will ZachXBT expose for insider trading?” that has attracted more than $600,000 in volume in just three hours.
Currently, the market is labeling memecoin platforms pumpfun and Axiom Trading Terminal as the frontrunners, at 22% and 15% respectively, while Meteora sits at 11%.