Crypto Investigator Exposes Meme Coin Analyst's Strategy of Concealing Holdings Across 11 Wallets

Crypto investigator ZachXBT recently uncovered something intriguing. He found that Murad, a well-known meme coin analyst, uses at least 11 different wallets. Why? To hide his personal holdings.

This strategy allows him to promote these assets while potentially making a lot of money. In fact, data from Lookonchain shows that Murad’s involvement with SPX tokens led to a massive 61-fold increase in his holdings.

ZachXBT is no stranger to the crypto world. He’s recognized for his investigations into fraud. His latest findings suggest that Murad Mahmudov, the meme coin trader, manages these multiple wallets, which together hold around $24 million in meme coins.

While ZachXBT didn’t directly accuse Murad of being paid to promote any specific coin, his criticism was clear. He stated, “Murad is promoting microcap meme coins to thousands of followers while controlling the supply and making very lofty predictions. People deserve to know the wallets so they can make informed decisions.”

Lookonchain data illustrates the situation further. Between June and August, Murad bought 35.69 million SPX tokens from various wallets. He frequently posted about SPX’s potential growth. By October, those holdings had skyrocketed in value.

This case highlights a broader trend in the meme coin market. However, opinions vary on whether such actions are ethical. One user on X defended Murad, saying, “Zach clearly has some philosophical objection to folks talking about their bags, and meme coins specifically. Murad has done nothing wrong. This is putting him in harm's way for no good reason.”

Such schemes are common during new token launches. As crypto becomes more integrated into traditional finance, we might see fewer of these tactics.

This news follows another investigation by ZachXBT, where he discovered that a single operator was running 16 social media accounts to promote meme coins.