Recently, well-known on-chain detective ZachXBT revealed that the prominent crypto trader Murad Mahmudov may be holding millions in memecoins. According to ZachXBT, Mahmudov is likely managing 11 wallets on Ethereum and Solana, with a value exceeding $24 million.

Why This Revelation?

In a post on X (formerly Twitter), ZachXBT stated that he linked Mahmudov to the wallets because they were funded from the same source. The tokens in the wallets also matched what Mahmudov had previously shared in his posts. ZachXBT highlighted that he made this information public to allow the crypto community to monitor Mahmudov’s transactions. “He makes bold predictions about small memecoins to his thousands of followers, while holding a significant amount of these coins himself,” explains ZachXBT.

What Was Discovered?

One striking example was the purchase of almost half a million dollars worth of MINI coins on July 16. Just an hour later, Mahmudov posted on X that he had acquired 1% of the coin’s total supply. On Solana, there are additional clues pointing to Mahmudov. The wallets frequently use the tool deBridge and are funded by an address linked to STFX, a platform in which Mahmudov has invested.

Memecoins and Transparency

Memecoins, like the ones associated with Mahmudov, are popular but also stir debate. Some praise the transparency of ZachXBT’s revelation, while others are concerned about Mahmudov’s privacy given the large sums involved. However, some believe that this disclosure could actually be positive for Mahmudov, as it shows he is genuinely invested in these coins.

Memecoins remain a controversial topic in the crypto world. Critics warn that beginners often fall victim to insiders who pump up coins and then cash out when the price rises. Although Mahmudov has been vocal about his optimism toward memecoins, he has not yet responded to the recent allegations.