Crypto sleuth ZachXBT revealed that Murad, a memecoin analyst, uses at least 11 separate wallets to disguise his own assets. Furthermore, Murad was making bullish analyses of memecoins, allowing him to reap astronomical rewards.

Data from Lookonchain reveals that the analyst’s purchases and promotions of SPX led to a 61x increase in the value of his own assets.

Memecoin manipulation and dumping

ZachXBT, recognized in the crypto community for his investigative work on fraud, has revealed what could be a significant scandal involving memecoins.

According to their findings, Murad Mahmudov, a meme coin analyst and trader, is allegedly managing 11 different crypto wallets. These wallets reportedly contain around $24 million worth of memecoin.

Read more: 6 tips to protect your cryptocurrencies from hacks and theft

Murad Wallet Network. Source: ZachXBT

While ZachXBT did not directly state that Murad was paid to run a marketing campaign for any of these coins, his disapproval was still very clear.

“Murad is promoting microcap memecoins to thousands and thousands of followers while controlling the supply and making very high predictions. People deserve to know the wallets so they can make informed decisions,” he said.

Data from Lookonchain helped illustrate the nature of Murad’s scheme. From June to August, Murad purchased 35.69 million SPX tokens from various wallets while frequently posting about the token’s growth potential.

By October, these SPX assets had grown 61 times their initial value. This purchase is just one example among many other schemes carried out by the analyst.

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Still, not everyone in the meme coin community considers this type of activity unethical.

“Zach clearly has some philosophical objection to people talking about their assets, and specifically memecoins. Murad has done nothing wrong. This is putting Murad in danger for no good reason,” one X user stated.

Schemes like this are very common for new token launches. As crypto becomes more integrated into the traditional financial system, operations like this will likely decrease.

This news follows another investigation by ZachXBT, in which he discovered that a single operator was managing 16 social media accounts to promote memecoins.

The article ZachXBT Exposes Memecoin Analyst’s Pump’n Dump Scheme appeared first on BeInCrypto.