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

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Prominent blockchain investigator ZachXBT said that several meme coins using his name and likeness were launched across multiple blockchains over the past week to capitalize on the recent attention surrounding him.

He clarified that he had no involvement with any tokens and reiterated his longstanding position that he would never endorse or launch a meme coin.

Copycat Tokens Emerge

In his recent post, ZachXBT zverejnené that every token sent to his donation wallet was sold on the market. All proceeds were directed to charitable causes rather than kept for personal use.

In total, around $41,000 was donated through The Giving Block to support earthquake relief efforts in Venezuela. The funds included 25,000 USDT sent to GiveDirectly on July 6, 5,000 USDT sent to Direct Relief later that day, and 153 SOL, worth about $11,000, donated to Direct Relief on June 28.

ZachXBT rose to prominence as one of crypto’s most respected investigators after repeatedly exposing scams and bad actors. He has consistently distanced himself from meme coins. In April, ZachXBT said he had never promoted, deployed, or shared the contract address of any meme coin with his followers. He had also added that while he maintains a public donation wallet to support his investigative work, he sells all tokens sent to it.

This stance was also evident in December 2023 after he temporarily deactivated his X account, warning users not to buy meme coins using his name. Following his brief departure, several Solana-based meme coins tied to his persona emerged.

Many community members defended him. Former Wall Street trader turned crypto artist Ovie Faruq had then said that ZachXBT had done more than anyone to protect retail investors from crypto scams.

Recent Investigations

His latest target was MemeCore. ZachXBT called out the controversial meme coin and questioned its multibillion-dollar valuation. He also asked why insiders appeared to control more than 90% of the token supply and criticized major exchanges for listing it despite red flags.

He has also raised similar concerns about the SIREN and LAB tokens this year.

Príspevok ZachXBT Turns Unwanted Meme Coin Donations Into $41K for Venezuela Relief sa objavil ako prvý na CryptoPotato.

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