To Doxx or Not to Doxx: Crypto Sleuth Reignites Fiery Debate

After delivering a 20-minute speech at a crypto conference in Singapore weeks ago, Murad Mahmudov has recently gone viral for predicting a “Meme Coin Supercycle,” turning him into something of a “main character” on Twitter with a growing reach.

On Twitter (aka X), his posts depicting dozens of meme coins that could “dominate the timeline” have gained notable traction. Meanwhile, Mahmudov has argued that “delusional meme coin cults that resonate with a lot of people are the next big thing” for the crypto industry.

ZachXBT, who has gained broad industry respect for exposing scams and hunting hackers, recently dug into Mahmudov’s meme coin holdings—and discovered his apparent wallets.

In a Twitter post, the sleuth identified 11 wallets connected to Mahmudov holding $24 million worth of meme coins on Ethereum and Solana, “so the community can monitor his future activity.”

While crypto supporters purport that blockchain technology benefits from inherent transparency, pseudonymity is also core to the industry’s roots. ZachXBT himself operates under a pseudonym, much like Bitcoin’s mysterious creator Satoshi Nakamoto did, and privacy has long been held up as an important value for many market participants.

Chain reaction

Some Twitter users argued Wednesday that ZachXBT didn’t unmask Mahmudov, who has been a public figure for years. Rather, ZachXBT made Mahmudov’s on-chain holdings known, they said, which could prevent Mahmudov’s followers from being dumped on by the trader.

Still, Taproots Wizards co-founder Udi Wertheimer said it was considered “very poor form” to reveal others’ wallets when he became interested in crypto years ago. On top of that, it “is wild,” he said, to publicly doxx someone’s wallets to deter them from any potential wrongdoing.

The concern was echoed by the pseudonymous influencer Cold Blooded Shiller, who said they’re “not a big fan of painting a target ahead of time on” Mahmudov when he had done nothing wrong. They added that the scrutiny from ZachXBT would create a negative association with any kind of selling, whether it was modest profit taking rather than dumping on followers.

Some Twitter users felt the conversation was pointless, since crypto transactions on chains like Solana and Ethereum are publicly broadcast. The pseudonymous Slorg, project lead of Solana tool Sol Incinerator, asked, “Did you guys really think this shit was hidden?”

While much of Wednesday’s conversation focused on Mahmudov, some users took the opportunity to question one of the industry’s leading investigators.

In a now-deleted Twitter post, MetaLeX founder and lawyer Gabriel Shapiro suggested that ZachXBT’s actions could be “kinda hypocritical,” arguing that the sleuth should fully disclose deals established with analytics companies, government agencies, and any other entities.

In response, a Twitter user pointed out to Shapiro that ZachXBT has made disclosures about investments in various analytics tools and advisory roles. Shapiro countered, stating ZachXBT “doesn't disclose terms,” while wallets doxxed by the sleuth detail the exact flow of funds.

At the end of the day, ZachXBT appeared to be unfazed by the drama, appearing to poke fun at critics.

“How dare ZachXBT put Murad at risk by sharing how much he owns,” the sleuth wrote, sharing a screenshot in which Mahmudov said he owns 2.8% of a meme coin’s circulating supply.

Exit strategy

Meme coins are extremely volatile, and some industry executives believe they are ultimately harmful for crypto’s long-term outlook—painting the space as a “risky casino,” as an Andreessen Horowitz exec alleged earlier this year. Some indeed are outright pump-and-dump scams, spread through hacked celebrity social media accounts.

But Mahmudov has taken a serious approach to meme coins. Online communities that inspire people and build cult-like followings have the opportunity to become big winners, Mahmudov told Farokh Sarmad of Rug Radio, Decrypt’s sister company, in an interview this week.

“Cult-building takes at least seven to eight months,” he said. “The 2023 meme coins are going to be the biggest, because you need that time for sellers to sell and for the [token] supply to be concentrated in the hands of the people.”

While one Twitter user quickly whipped up a Dune dashboard Wednesday for tracking Mahmudov’s future transactions, the trader has been candid about his exit strategy.

“I'm definitely going to sell some in late 2025, early 2026,” he told Sarmad, adding that with others he is “definitely going to hold a bag multicycle.”

Edited by Andrew Hayward