Crypto sleuth ZachXBT receives a newly tokenized fundraising coin on Flaunch.gg that is said to give 96% of the swap fees to the investigator.
At the time of writing, ZACH has gained a market cap of around $49,300 since its launch on Feb. 1. The token is described as “a support fund” dedicated to renowned crypto sphere investigator, ZachXBT, for his work in uncovering crypto-related scams and rug-pulls in the community.
Flaunch.gg is a new meme coin launch platform on the Base (BASE) network and is powered by Uniswap (UNI) V4. Unlike other launchpads, Flaunch.gg allows users to buy, sell, and launch tokens with 100% of the trading fees going to developers rather than centralized entities. In the case of the ZACH token, it claims that 96% of the trading fees will be paid to ZachXBT in Ethereum, while the other 4% goes to the community in the form of buybacks.
“Zach doesn’t have to hold or sell a single coin. This is an entirely new way to fundraise for others,” wrote X user @0xCaps, one of the main supporters of Flaunch.gg.
According to data on Flaunch.gg, ZACH has yielded more than $2,000 in total revenue. This means that ZachXBT will receive at least $1,920 from the 96% of revenue. In the past 24 hours, the token’s price has gone down by nearly 11% and is owned by 222 holders.
Many traders were quick to jump into the conversation regarding the new ZachXBT token on Flaunch.gg. Rohit Chauhan from Polygon Labs asked Caps if he was the one who launched the token, while Account Director of Hype Partners, Jayrabs.eth also chimed in with “let me guess, launched on flaunch.gg.”
“Flaunch is a better mechanism,” wrote Bankless Venture’s David Hoffman on X, responding to the ZachXBT token.
Ex-Polygon and current Base developer @Sir_Damilare said the token’s launch was “interesting,” highlighting that Zach has earned around $2,400 revenue so far, based on a screen-capture taken on launch day.
Other traders have also tagged Zach’s account and called the token a “new method of donation.” At the time of writing, ZachXBT has not posted anything on his socials acknowledging the Flaunch token’s existence or whether he has received the funds.
ZachXBT meme coin controversy
This is not the first time developers have launched a token dedicated to the crypto sleuth with the purpose of raising funds for his investigative efforts. In mid-January this year, a Solana (SOL)-based meme coin was created called Justice for ZachXBT or ZACHXBT. According to data on CoinGecko, ZACHXBT has gone down by 11.2% and is currently trading hands at $0.0004276.
The anonymous developers sent Zach 50% of the token supply. ZachXBT sold a portion of his holdings, bringing the meme coin’s value down.
Many accused him of rug-pulling the token, even though the token was launched to support him. He denied being behind the token’s creation as he claimed to not know the developers and never promoted the token on his socials.
The internet investigator has been candidly honest about not getting paid for his past efforts in maintaining safety and transparency in the crypto community. One such instance was when the crypto sleuth uncovered $12 million linked to the Caesar ransomware incident in September 2023.
“Wasted my time on bs like this which never rewarded me at all and only warped my view of doing good,” wrote ZachXBT on his post.
So far, ZachXBT’s X account bio has a link for people to send donations in Solana for his efforts and a link to his public Telegram channel.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
