On-chain detective ZachXBT has been accused of being a core enforcer of an "organized short-selling team," facing multiple allegations of engaging in "dog eat dog" tactics.

Recently, on-chain data analysis has directed some skepticism toward the anonymous investigator ZachXBT, who claims to be an "anti-fraud crusader." Some on-chain behavior studies show that around the time of his multiple "pre-announced exposures," the prices of related tokens experienced significant fluctuations, sparking market speculation about whether there is a coordinated short-selling force. Some analyses suggest a high degree of alignment between the timing of his exposures and short positions, but so far, there is no conclusive evidence proving his direct involvement in market manipulation.

At the same time, ZachXBT's own on-chain operations have also come under scrutiny. In 2025, the account received approximately 50% of the supply of the Meme token ZACHXBT. After the token's market cap once surged to $88 million, he withdrew nearly $4 million in liquidity—an operation some observers have called a "detective-style Rug Pull." Additionally, records show that he has long received various airdrops from project teams and victim tokens, subsequently choosing to sell them for cash. According to estimates, the anonymous account's annual income exceeds $10 million, yet he has never disclosed his wallet address or full interest affiliations.

At present, there remains a lack of authoritative conclusions regarding whether ZachXBT is an independent investigator or a "front-facing spokesperson" operating as part of a team, as well as the causal relationship between his exposures and market price fluctuations. His refusal to make his financial chain transparent stands in tension with the "industry oversight" stance he publicly advocates.