ZachXBT's doxxing of Bitcoin maximalist turned memecoin investor Murad Mahmudov has ignited significant debate within the crypto community. Over the past 24 hours, reactions have varied, with some claiming the action was unnecessary while others argue that transparency is vital given the public nature of blockchain.
The controversy arose after Mahmudov's prominent talk on the "memecoin supercycle" at Token2049 last month, which helped spark renewed interest in the crypto niche and elevated him to the status of a key figure in discussions on Crypto Twitter. This status is often linked to individuals who dominate conversations due to their controversial views, major trades, or bold forecasts.
According to blockchain analytics platform Lookonchain, Mahmudov has amassed millions in recent months, suggesting that memecoins could achieve market caps of $100 billion, rivaling the top three cryptocurrencies.
Previously, Mahmudov led the crypto hedge fund Adaptive Capital until its closure in 2020, when it suffered significant losses attributed to the market's downturn during COVID-19. In a recent post on X, ZachXBT revealed he had discovered 11 addresses linked to Mahmudov, holding approximately $24 million in memecoins on Ethereum and Solana, to allow the community to monitor his activities.
ZachXBT emphasized that this was to prevent Mahmudov from potentially "dumping" on his followers, given his significant holdings in various memecoins. Mahmudov has not directly responded but has made remarks about the resilience of "diamond-handed believers" in the market.
Critics of ZachXBT's actions argue that he overstepped by exposing Mahmudov without evidence of wrongdoing, potentially endangering him. In contrast, supporters assert that this move enhances transparency and helps protect investors from scams and market manipulation.
Many in the crypto community argue that doxxing is justified when it aids in identifying scams and protecting investors. Some believe that if Mahmudov’s memecoin holdings are robust, his potential withdrawal should not adversely affect their investments.
Overall, the discussion continues with varied opinions on the ethics of doxxing in the crypto space, highlighting the complexities of privacy and transparency in this rapidly evolving market.
