ZachXBT’s address apparently cashes out nearly $4 million on memecoin

An address on the Solana blockchain associated with famed onchain sleuth ZachXBT has apparently cashed out on a memecoin created by an unknown individual.According to onchain data, investigations.sol received 500 million memecoins distributed by the token's developer — which accounted for 50% of the total supply.Instead of burning or holding onto the tokens, ZachXBT reportedly used 50% of the supply to add single-sided liquidity to the ZACHXBT/SOL pair.Later, Zach removed nearly 91 million ZACHXBT tokens and the associated SOL from the liquidity pool.The ZACHXBT token was deployed less than 24 hours ago. Its market capitalization hit a high of approximately $97 million. Following the withdrawal of the aforementioned ZACHXBT and SOL, the former's market capitalization fell to roughly $19 million.Investigations.sol has transferred 16,000 SOL — worth roughly $3.9 million — to an address tied to market maker Wintermute through a new address in what appears to be an OTC trade."One of my biggest regrets is not prioritizing making money," ZachXBT posted yesterday. They also responded that they are "cooked" and stated that they "wasted time" on work that "never rewarded me at all and only warped my view of doing good."Reactions on social media have been somewhat mixed, with some claiming ZachXBT "deserves far more money than this for what he's done for the space."The Block reached out to ZachXBT for comment.The story is developing and will be updated with additional information.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.