Blockchain investigator ZachXBT, known for his exposés in the crypto world, unexpectedly became the unintentional creator of a meme coin with a market cap of $15 million.
Blockchain investigator ZachXBT, known for his exposés in the crypto world, unexpectedly became the unintentional creator of a meme coin with a market cap of $15 million. Originally conceived as a free NFT collection documenting his investigation, the tokens unexpectedly became tradable due to an automatic setting on the Zora platform.
In August, ZachXBT launched an NFT on the Base platform as part of an investigation into a $243 million fund theft.
The goal was to create free tokens that would permanently preserve details of the case, including allegations against one of Genesis's creditors. However, instead of simply archiving information, the NFTs created through Zora protocol were automatically converted into a tradable asset — an ERC-20 token accessible on decentralized exchanges.
ZachXBT explained that Zora's interface doesn’t provide a clear understanding for creators, as issuing an open NFT edition also creates tradeable tokens. Approximately 3,500 were released, and their price surged to $4,300 each, leading to a $15 million market cap. As of publication, the valuation has dropped to $2.5 million, with token prices down to $725 each, according to DEX Screener.
The expert expressed frustration that his investigation became the subject of speculation. He stated he is prepared to take measures to reduce interest in trading the asset. Specifically, he plans to generate additional tokens to devalue the current ones or replace the NFT images with blank visuals.
