In recent revelations, ZachXBT, a notable blockchain detective, has unveiled alleged evidence linking four well-known online traders to a pump-and-dump conspiracy centered around the Ethereum token, PAAL AI.
The Damning Evidence
From an insider telegram conversation, one line stands out: “We could potentially reach up to 2.67m organic followers.” This leak further strengthens ZachXBT’s claims.
On September 11, a storm arose when ZachXBT made a series of allegations on X. The traders in the spotlight? TraderNJ, PetaByte, XO, and Trader SZ. It’s insinuated they aimed to maximize profits, disregarding the potential detriment to their vast pool of followers.
Cryptographic Trails Identify Key Traders
In a compelling move, ZachXBT shared a detailed diagram on social media, meticulously tracing various crypto transactions. A spotlight shone on the PAAL AI project.
Moreover, there’s an interesting chronology. After receiving a hefty 4M PAAL tokens on August 10, Trader SZ rapidly began its promotion. The revelation? “Trader SZ began shilling shortly after receiving the tokens and soon initiated the dumping process,” noted ZachXBT. As a result, PAAL AI’s valuation catapulted from $0.017 on August 10 to an impressive peak of $0.0451 by September 3.
The release of telegram texts and audio snippets further fueled the investigation. A particular message from Petabyte was interesting: “Many of these individuals are our close acquaintances in real life. Their participation? Almost guaranteed on our recommendation.“
Furthermore, he highlighted their combined influence: 2.67 million genuine followers.
ZachXBT: A Torchbearer Against Crypto Deceit
Over the years, ZachXBT has emerged as a fearless whistleblower, exposing deceitful endeavors within the volatile crypto realm. Such audacity, though commendable, hasn’t been without repercussions.
In an earlier encounter, Jeffrey Huang, or MachiBigBrother on Twitter, legally challenged ZachXBT over a 2022 investigative piece. Swiftly dismissing it as a “baseless attempt to stifle free expression,” ZachXBT remained resolute in confronting the lawsuit. Yet, the financial burden was immense.
His plea for community support was overwhelmingly met, amassing over $600,000 within hours. Luminaries like Binance’s CEO, Changpeng ‘CZ’ Zhao, and Kraken’s founder, Jesse Powell, were among the notable backers.
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