Renowned on-chain investigator ZachXBT has stirred up controversy once again, this time by revealing the on-chain wallets of Murad Mahmudov, a popular memecoin promoter with over 200,000 followers on X (formerly Twitter). The crypto sleuth, known for his high-profile investigations into scams and hacks, shared details of 11 wallets allegedly linked to Mahmudov, holding around $24 million worth of memecoins. ZachXBT’s goal? To allow the community to "monitor [Murad’s] future activity" and provide transparency around Mahmudov’s bold predictions concerning micro-cap memecoins, which he has been actively promoting.

This revelation has ignited a heated debate across Crypto Twitter, with some praising ZachXBT for shining a light on memecoin promoters, while others condemned the move as a form of doxxing. Critics argue that revealing wallet addresses could potentially put Mahmudov at risk, despite blockchain transparency being a cornerstone of the crypto industry. Still, ZachXBT defended his actions, emphasizing the need for followers to make more informed decisions about the coins they invest in, particularly given Mahmudov's influence in the volatile memecoin space.

Murad Mahmudov, a former Bitcoin fund manager whose previous venture, Adaptive Capital, failed, has recently gained significant attention after promoting what he calls a "Meme Coin Supercycle." During a speech at the TOKEN2049 conference, Mahmudov predicted that meme coins, often driven by cult-like communities, would dominate the crypto landscape in the coming years. His social media posts have fueled excitement, with Mahmudov suggesting that certain meme coins could "dominate the timeline."

Not everyone was upset with ZachXBT’s exposure. Several users on X supported the move, noting that Mahmudov’s on-chain activities were already publicly available due to the inherent transparency of blockchain technology. Some pointed out that Mahmudov has shared his purchases online in the past, while others argued that the debate over doxxing is irrelevant in a space where transactions are always visible. However, memecoin influencers and traders loyal to Mahmudov were quick to push back, with some labeling ZachXBT’s actions as reckless and unnecessary.

This isn’t the first time ZachXBT has clashed with memecoin promoters. Just days earlier, the investigator called out popular crypto influencer Ansem for frequently shilling low-cap memecoins to his 600,000 followers. Ansem fired back, questioning why discussing low-cap tokens was considered "grifting." ZachXBT didn’t hold back, accusing Ansem of contributing to pump-and-dump schemes while he, in contrast, helps the community by tracking down criminals and recovering stolen funds.

The debate has now evolved into a broader discussion on the ethics of revealing on-chain information. Cold Blooded Shiller, a pseudonymous influencer, cautioned that painting a target on someone’s back—especially when they’ve done nothing wrong—could create a toxic environment where any form of selling is viewed with suspicion. Others, like Udi Wertheimer, co-founder of Taproot Wizards, echoed this sentiment, adding that it was "wild" to publicly expose someone's wallets to discourage wrongdoing.

Interestingly, Mahmudov seems unfazed by the scrutiny. In a recent interview, he doubled down on his bullish stance on meme coins, suggesting that meme coin projects with strong communities and time to build cult-like followings will become the "next big thing." While he admits to planning an exit strategy, including selling some of his holdings in late 2025 or early 2026, Mahmudov has no intention of abandoning the space anytime soon.

As the memecoin debate rages on, the lines between transparency, privacy, and ethics in the crypto space continue to blur. One thing is clear: both ZachXBT and Mahmudov have cemented their positions as key players in this ongoing saga, with no signs of slowing down.