Ever since Bitcoin first emerged, Web3 has been a breeding ground of innovation, creativity and financial independence. However, it’s also seen its share of rogues, scammers and bad actors. One man has made it his mission to investigate these bad apples and bring them to justice. That person is ZachXBT.
Dedicating himself time to the task of probing on-chain fraud, ZachXBT has played a major role in uncovering some of the biggest scams, frauds and thefts in blockchain history. Whether relating to crypto, NFTs or digital collectibles, he has helped to shine a light on the more unsavoury elements of the industry, and assisted countless victims in recovering their funds.
ZachXBT is one of the most widely appreciated figures in Web3 – but how did he first emerge, what are some of his biggest investigations, and what can we expect from him in future?
Here’s our complete guide to ZachXBT.
Key Insights
- A pseudonymous Web3 investigator
- Played a major role in uncovering big Web3 scams and thefts
- Emerged as an on-chain investigator in 2018
- Has recovered or helped to seize over $500 million USD in assets
- One of the most widely appreciated figures in Web3
Who is ZachXBT?
ZachXBT is a pseudonymous cryptocurrency investor and Web3 fraud investigator.
Little is known about the person behind the name. We know that he has been a crypto investor for many years – since at least 2017 – and that he largely began to investigate on-chain activity in 2018.
Since then, ZachXBT has become arguably the most well-known blockchain sleuth in the world. His work has revealed multiple multi-million dollar scams, frauds and thefts, and his name has become synonymous with what’s ‘good’ in the Web3 industry.
His avatar – a cloaked four-eyed platypus – has become a symbol for justice, becoming a well-recognised positive symbol across the Web3 community.
Though we know little about ZachXBT personally, he has earned a peerless reputation for his detailed blockchain analysis, his investigative talent, and the dedication to his craft.
What does ZachXBT do?
In short, ZachXBT is a specialist in tracking stolen digital assets and exposing fraud within crypto and the NFT markets. Utilising his knowledge of blockchain, he follows on-chain trails, monitoring exchanges and networks to track ill-gotten funds.
Typically, his work involves:
- Tracking transactions: Keeping an eye on blockchain activity to spot transactions connected to theft or fraud
- Exposing scams: Identifying crypto projects and NFT collections that mislead investors or make unethical decisions
- Collaborating with authorities: ZachXBT works with law enforcement agencies to help recover stolen funds
- Publishing his investigations: ZachXBT posts detailed reports on social media, demonstrating the evidence he has collected
ZachXBT has largely operated on donations and grants from leading figures in the Web3 community, with his work described as a public service rather than a path to personal gain. In more recent times, ZachXBT has taken more official roles in the industry – though remains an independent investigator.
Since the inception of his work, ZachXBT’s investigations have led to the recovery or seizure of over $500 million USD, as well as the prosecution and arrest of many of the most notorious blockchain-based scammers.
How did ZachXBT emerge?
ZachXBT began like many others – as a crypto enthusiast exploring this new industry.
In 2017, he invested into a number of crypto tokens that would become rug pulls or outright scams. Additionally, 2018 saw one of his wallets be hacked, resulting in a loss of $15,000 USD in crypto.
These losses led ZachXBT to learn more about how blockchain technology works, how these scams and hacks work, and if there was a way to return his funds.
He began by tracking blockchain transactions, uncovering the patterns and methods used to conceal stolen funds. Realising that there were many like him who had also fallen victim to these losses, ZachXBT started to expose these scams in an effort to protect others.
ZachXBT has gone on to expose larger examples of fraud, and has garnered over 850,000 followers on X. Today, he is a full-time blockchain investigator, spending his time analysing fraud, raising awareness within the community, and obtaining justice for victims.
What are ZachXBT’s biggest investigations?
ZachXBT has played a key role in many high-profile Web3 investigations. Some of the most notable investigations include:
The Bitcoin Heist
August 2023 saw ZachXBT uncover one of the largest individual crypto thefts in blockchain history.
Whilst at an airport waiting for a flight, ZachXBT began to receive alerts on a set of Bitcoin transactions that came to a total of $243 million USD. Feeling that something was wrong, he began to track the funds and discovered that they originated from a wallet that hadn’t been active since 2012.
ZachXBT took his flight, and by the time it had landed, he’d identified the three leading suspects: Malone Lam, Jeandiel Serrano and Veer Chetal. Over the next few weeks, he tracked the stolen funds and gathered evidence, and today, all three suspects have been arrested.
Authorities seized or froze $79 million USD of the stolen funds from this theft – and as of writing, the remainder is still being tracked down.
Pixelmon
Pixelmon emerged in 2022, with the goal to build a 3D Pokémon-style game funded through an NFT collection.
The project raised roughly $70 million USD by selling high-quality, interactive 3D NFTs that promised to have utility in the game – but when the NFTs were revealed, their poor visual quality led to huge community outrage.
ZachXBT took a look at the project and discovered they had misappropriated much of the $70 million USD raised. This included spending 400 ETH on Bored Apes and Azuki NFTs. This backlash saw a new leadership team be installed in September 2022, starting a road to recovery that continues to this day.
Rogue Society
Rogue Society is a 15,777-piece NFT collection on Ethereum, with the goal to build a huge space-themed IP.
Released in September 2021, Rogue Society raised $5.5 million USD – but post-mint, they didn’t deliver on their promises. ZachXBT investigated the founder, Jahvin Bowman (@LecheTheMilky), and discovered that the project was a scam from the beginning.
ZachXBT would further uncover that the team had been holding fake pay-to-enter competitions, extracting even more funds from their community.
Logan Paul
At the height of altcoin season, infamous internet personality Logan Paul promoted several memecoins to his legions of followers.
ZachXBT took a look at these memecoins and found out that most of them were ‘pump-and-dump’ scams that saw Paul and the token creators earn huge amounts off the back of his fans.
These projects included DinkDoink, Elongate and $FLOKELON. Accusations of blockchain-based scams follow Paul to this day – with his failed CryptoZoo project continuing to receive major backlash.
BitBoy Crypto (Ben Armstrong)
For much of the initial explosion of interest in Web3, BitBoy Crypto was the #1 crypto influencer, with hundreds of thousands of followers receiving his tips on the latest crypto coins and assets on a daily basis.
ZachXBT investigated BitBoy Crypto and found that he had been paid significant fees – between $2,500 USD and $40,000 USD per project – to promote a variety of scams.
BitBoy claimed that he took a thorough look at any projects that paid him, however ZachXBT provided substantial evidence of his direct involvement in at least seven scam projects that defrauded investors. Future controversies would see BitBoy disappear from Web3 altogether.
Machi Big Brother
Machi Big Brother – real name Jeff Huang – is a Taiwanese entrepreneur and NFT collector.
ZachXBT investigated numerous suspect transactions involving Huang, leading to the publication of an article that accusing him of involvement in multiple fraudulent activities. This included the misappropriation of funds from blockchain treasury platform Formosa Financial.
Huang filed a defamation lawsuit against ZachXBT in June 2023, however leading Web3 names banded together to contribute to his legal defence, including companies such as Coinbase, Binance and OKX.
North Korean hackers
A substantial amount of ZachXBT’s time over the past year has been spent exposing North Korean activity in Web3. This includes a number of scams and hacks originating from the country, as well as citizens of North Korea that have infiltrated the development teams of leading Web3 projects.
These investigations have resulted in the discovery of over $200 million USD in stolen funds across a minimum of 25 thefts, with over half of these thefts yet to be public knowledge prior to ZachXBT’s involvement. His actions helped to freeze millions in stolen assets, and provided crucial knowledge into how North Korean hackers are infiltrating the industry.
What’s next for ZachXBT?
ZachXBT has – and will continue to have – an incredible impact on the Web3 industry.
His reputation as an investigator is unmatched, and thanks to his efforts, the blockchain industry is more secure, aware and transparent place today than ever before. Thanks to his actions and others like him, we’ve seen a noticeable decline in frauds and scams over the past few years – and those that do occur lead to prosecutions and recovered assets in more and more cases.
Though ZachXBT’s identity remains a mystery, his actions speak louder that many in Web3. His name is synonymous with community, support and justice – and long may it continue to be so.
No Comment! Be the first one.