Recently, the well-known on-chain crypto detective @zachxbt seems to be standing on the opposite side of retail investors and the community.

Not long ago, when the token RAVE of the @RaveDAO project surged significantly, he publicly pointed out issues such as a high concentration of tokens in addresses related to RAVE, the flow of funds involving multiple CEXs, and team-associated wallets participating in trading. He offered a bounty of $10,000, which the community later increased to $25,000 to gather related internal materials.

This action caused market panic, leading to RAVE plummeting by more than 90%, resulting in significant losses for many holders and sparking strong dissatisfaction in the market.

On May 6, ZachXBT began publicly scrutinizing on-chain addresses, token distribution, and capital flows related to the popular project LAB @LABtrade_, suspecting the project itself of being heavily controlled and manipulated, and he did not receive a reply from the innovator through private messages.

Subsequently, ZachXBT issued another $10,000 bounty, soliciting project founder passports/IDs, market maker contracts, or chat records, and notably labeled his statements with “War time mode,” which triggered further controversy.

In fact, in the early days, ZachXBT maintained a positive image alongside retail victims.

For instance, after DeFi Summer, he exposed numerous NFT and DeFi scam projects attempting to evade regulation, protecting retail investors from potential losses of millions of dollars. He also helped recover $275,000 from a Coinbase social engineering scam, repeatedly exposed pig-killing scam networks, collaborated with BNB Chain and Paradigm to combat fraud, and warned Bybit to avoid losses, among other things. Additionally, many victims of the security incidents he participated in were ordinary retail investors, so he generally did not charge, establishing this positive persona.

Therefore, his recent frequent whistleblowing behaviors inevitably raise questions about his motives.

Of course, there’s little meaning in our moral criticism here; the purpose of this article is to hope to dissect ZachXBT from multiple aspects such as background, era, and the chain of interests, allowing for a unique perspective to rationally view this matter.

How did ZachXBT become an “on-chain detective”?

I believe that the behavior of any individual can actually be explained by their past.

ZachXBT’s real name is Zachary Wolk; he is an ordinary young tech geek from America who entered the crypto space during the ICO boom of 2017 as a naive retail investor, just like many young people, drawn in by stories of getting rich quickly and hoping to score a fortune in crypto.

However, things did not go as planned, as almost all the tokens he bought in 2017, which were claimed to be “world-changing,” turned out to be rug pulls. Furthermore, in 2018, he lost $15,000 due to a malicious update attack on the Electrum wallet (you can look this up; I remember that a total of 200 BTC was lost). For a typical young person at that time, this was certainly a substantial amount.

Image Source: https://www.secrss.com/articles/7475

After being scammed and losing all his money, Zachary Wolk developed a bitter hatred for crypto scammers and hackers. He began to self-learn tools like Etherscan and Arkham, gradually analyzing wallet addresses, tracking fund flows, and gathering evidence, subsequently exposing those scam projects publicly on Twitter (now X platform). Indeed, it seemed like Zachary Wolk discovered something remarkable.

So, you see, he is not a born "on-chain detective." Essentially, this is a victim’s self-rescue that inadvertently opened a new door.

From his initial small foray in 2018 to the explosive crypto bull market of 2021, he found his niche as an on-chain version of a "folk Sherlock Holmes."

In fact, 2020 was a significant turning point, as DeFi Summer brought a massive migration of users from exchanges to on-chain platforms. However, most people lacked the ability to analyze on-chain data, and at that time, on-chain data analysts were considered a very valuable role.

Therefore, one must admit that the era provided Zachary Wolk with the best stage:

At that time, the on-chain crypto space had almost zero regulation; once retail investors were exploited, they could only concede. The market desperately needed someone to act as a "restorer of justice."

Moreover, during that period, the X platform was one of the largest strongholds in the crypto market, allowing the exposure of the anonymous geek ZachXBT to spread rapidly throughout the entire industry due to the amplifier effect.

Combined with the transparency of on-chain data, he had the weapon for "counterattack"; he did not need to rely on regulatory bodies or attach to institutions; through his own skills and persistence, he could instill fear in those who harvested profits.

So for ZachXBT, I believe this is where it all began:

This world never produces heroic figures out of thin air; rather, he is a "hunter of the on-chain" born from the wave of "retail investors being exploited" in 2017-2018.

It is like in a barbaric era, where the oppressed lower class takes up arms to protect themselves; what he seized was the weapon of on-chain data and public exposure.

If we say that without that $15,000 loss, there would definitely not be the ZachXBT we see today, and without that era of wild growth, I believe his "detective persona" would have no soil to exist.

If we place him within the profit chain of the crypto world, what can we see?

In this world, human nature is like water; if the rules change, human nature will also change. A person's actions are fundamentally driven by their interests.

Thus, to understand the essence of ZachXBT's behavior, we must place him within the complete profit chain of the crypto world and analyze the logic.

The profit chain of the crypto world usually divides into three levels:

The upstream typically includes project parties, CEXs (e.g., Binance, Bitget, BNB Chain), VCs, large holders/whales, and internal project insiders. They hold the power over token supply, liquidity, and trading channels, dictating the discourse in the entire chain or industry.

The midstream consists of on-chain data tools, crypto media, KOLs, and even the X platform, etc. They act as "amplifiers" in the chain, responsible for conveying information, amplifying emotions, serving as both "promotional tools" for upstream actors while also potentially revealing hidden truths.

The downstream includes global retail investors and the exploited victims.

They are at the end of the chain, lacking informational advantages and technical capabilities, passively following trends, serving as stepping stones for upstream profit, and often play the role of "the exploited."

So where does ZachXBT fit in? Initially, he was more positioned as an independent on-chain investigator at a high-value node, belonging to the mid-lower stream.

However, nowadays, he holds an additional identity as a semi-official clean-up worker. Starting in 2025, he officially became an advisor to Paradigm and, in November of the same year, collaborated with BNB Chain to combat hackers and scams.

This new identity has elevated his position in the chain, moving him towards the upper-midstream.

Thus, this upward shift in his coordinates directly determines his entire behavior pattern. At this point, it should be becoming clearer, so let’s continue our analysis.

Ongoing "whistleblowing" behavior is a necessity for survival and upward mobility

In fact, you can see that his persistent exposure of hidden issues essentially represents a "win-win," as he not only does good but also earns prestige and profits while continuously elevating his position in the chain.

From a positive value perspective, he has indeed accomplished many tangible things:

He helped exchanges track hackers and exposed the internal turmoil of Axiom, cumulatively assisting victims and governments in recovering over $100 million in funds, including helping the US government recover $20 million in 2025, without taking a penny for himself.

However, while these actions have earned him significant industry prestige, they have also brought him tangible benefits, such as community donations (in the Huang Licheng incident, crowdfunding reached the million-dollar level), institutional collaboration invitations (as an advisor for Paradigm), and opportunities for official partnerships (with BNB Chain).

Of course, the collaboration between ZachXBT and BNB Chain has sparked considerable controversy. He had previously been vocal against internal corruption at CEXs and manipulation related to Binance but then partnered with BNB Chain targeting scam fighting and fund tracing.

The community regards him as a "hypocrite" and a "CZ shill," doubting his condemnation of centralization while taking advantages from upstream resources. His response is to ensure that the ecosystem remains cleaner, yet criticism continues to this day, representing a typical double standard arising from economic chain associations.

Nevertheless, regardless of the circumstances, this progression allowed him to move from an anonymous bottom-level geek to a "semi-official" position, achieving an elevation in his coordinates, which he has leveraged through his skill of revealing hidden truths, generating positive cash flow in the chain.

Of course, we cannot overlook one core aspect:

The crypto market is fundamentally an attention economy and a highly volatile "casino."

The more aggressively, quickly, and impactfully one exposes issues, the more traffic one can gain, which translates to power in discourse;

Once one stops, the traffic will diminish, prestige will decline, and one may even be eliminated from the chain.

This necessitates that he keeps voicing concerns and blowing the whistle to ensure he doesn't drop from the midstream to lower stream, thereby maintaining his interests.

This has led to many of his whistleblowing actions being continuously controversial, even causing resentment, such as:

Publishing a lengthy article accusing Huang Licheng of misappropriating 22,000 ETH (approximately $38 million at the time), promoting over 10 failed projects, and manipulating Squid DAO, after which Huang Licheng counter-sued him for defamation.

Publicly exposing memecoin analyst Murad Mahmudov’s ( @MustStopMurad ) 11 ETH/SOL wallet addresses (holding over $24 million). Many questioned why he strictly protects his own anonymity while frequently unveiling others' complete on-chain trails, criticizing him for wielding "information asymmetry" to his own advantage.

Publicly criticizing the Keeta testnet as “completely fake," driven by "sketchy KOLs," and claiming concerning supply control, which led to KTA tokens plummeting by 20-26%. After the price collapse, he deleted all related tweets (including the accusation thread). The Keeta team responded by labeling this as FUD, conducting public stress tests. Many on the community and Reddit captured screenshots to accuse him of “making FUD then deleting posts to flee,” encapsulating the classic controversy of “firing and retreating.”

Also, there are recent events like the RAVE incident and the LAD incident, etc.

As I mentioned earlier, many call him a "hypocrite," but from the perspective of the economic chain, such behaviors are quite rational—he is not an "angel" existing independently from the chain but rather a part of it, needing to make compromises to maintain his position.

Collaborating with BNB Chain is not a "betrayal" but a binding between upstream and downstream—BNB Chain, as an upstream platform, can provide him with more resources and exposure, while also making his investigations more impactful.

Protecting his anonymity while publicly exposing others' information is due to his core asset being “information asymmetry”; safeguarding himself is essential to continue surviving in this industry and avoid retaliation.

By exposing others, he can exchange for traffic and prestige, maintaining his “detective” persona.

As for deleting posts and reconciling, it fundamentally comes down to weighing interests. When accusations may lead to legal risks or offer better cooperation conditions, compromise becomes the most rational choice; after all, preserving one’s position is more crucial than “rigorously fighting for justice.”

Image Source: https://www.wired.com/story/meet-zachxbt-243-million-crypto-theft/

Rules are fluid; he is merely a "natural product" within the chain

Therefore, we do not engage in moral judgments but rather state the facts:

ZachXBT conceals the most authentic human nature—possessing a sense of justice, but justice must serve survival; having abilities, but those abilities must be used to maintain status; having principles but allowing those principles to give way to interests.

His sense of justice is genuine—rooted in his experience of being scammed in 2017, he understands the pain of retail investors being exploited, so his goals consistently include helping victims recover funds and severely punishing scammers;

Yet his sense of justice is not pure—within the economic chain, he must prioritize ensuring his own survival and elevating his position, which explains his compromises and controversies.

He is very intelligent and hardworking—his on-chain tracking abilities are among the best in the world, capable of uncovering hidden issues from a massive number of wallet addresses and transaction flows that others cannot see;

However, intelligent individuals are often blinded by their own positions; he firmly believes that “what I expose is justice, while anyone who questions me is covering up,” and this obsession is part of maintaining his persona.

In reality, if another person were to sit in his position, they would likely act similarly.

The rules of the crypto world operate in this manner:

Anonymity protects the strong; information asymmetry exploits the weak; attention determines discourse power. He simply aligned with the rules, exploited the rules, and found his means of survival within the chain, both clearing the "toxicity" in the industry and profiting. He is simultaneously a "folk hunter" and a "semi-official clean-up worker."

ZachXBT's existence is indeed a necessary product of the wild growth era of the crypto market: In a regulatory vacuum, with no rules in the industry and no support for retail investors, the emergence of such "folk hunters" is inevitable.

He is neither a hero nor a fraud, but rather the sharpest thorn within the profit chain, piercing both the harvesters and adhering to the chain, cleansing toxins while also seeking profit.

The "War time mode" he invokes is his normal state of survival. As long as the rules of the crypto space remain unchanged and the logic of harvesting within the chain persists, he will not stop—stopping would mean acknowledging being eliminated from the chain and admitting that "the crypto world is forever a jungle."

LAB is just the latest shot in his arsenal; there will certainly be more to come.

And the wartime mode will never leave the scene—perhaps this is the only way for him to survive within the profit chain of the crypto world.

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