Blockchain detective ZachXBT said Thursday that a senior employee at on-chain trading platform Axiom Exchange allegedly abused internal access to user data to track private wallets and potentially trade memecoins using inside information.
In a thread posted on
Axiom, founded in 2024 by Mist and Cal and a member of Y Combinator’s Winter 2025 cohort, has generated more than $390 million in revenue to date, according to ZachXBT.
ZachXBT said it was retained to investigate allegations that internal tools were misused. He did not say who detained him.
In audio clips shared in the thread, a person named Bauer allegedly claims to be able to track “any Axiom user” by referral code, wallet address or UID and “find out everything related to that person.” In the same recording, he describes initially searching 10 to 20 wallets and gradually increasing the activity “so it doesn’t seem so suspicious.”
Axiom did not respond to CoinDesk’s request for comment. In a post on X, Axiom said it was “shocked and disappointed” that a team member abused internal customer support tools.
“We have removed access to these tools and will continue to investigate and hold violators accountable,” Axiom continued. “This doesn’t represent us as a team, we’ve always tried to put the user first. We’ll share updates on our Twitter as we learn more.”
The investigator alleged that Bauer shared screenshots in April and August 2025 showing private wallet data linked to specific traders, including connected addresses and registration details. He also claimed that a group compiled the wallet addresses of several crypto key opinion leaders (KOLs) into a Google Sheet using data from Axiom’s internal dashboard.
Several of the individuals named in the leaked documents have independently confirmed the accuracy of the wallet information, according to ZachXBT.
The alleged strategy focused on traders known to amass large memecoin positions from private wallets before publicly promoting the tokens. By identifying previously undisclosed portfolios, the group could theoretically monitor accumulation patterns and position ahead of anticipated price movements.
ZachXBT identified what it said was Bauer’s main wallet and mapped the associated addresses, noting that funds were flowing to multiple deposit addresses on centralized exchanges. He cautioned, however, that without access to Axiom’s internal logs, it is difficult to establish reliable examples of insider trading based on on-chain data alone.
The claims surfaced amid increased scrutiny of crypto business practices. Earlier this week, a widely followed bet by Polymarket on the identity of the company involved in the investigation tilted heavily toward Axiom, with the marketplace generating more than $30 million in volume.
Solana-based liquidity platform Meteora was the leading contender with around 43% odds earlier in the week, with Axiom, Pump.fun, Jupiter and MEXC trailing behind with lower odds.
On Thursday morning in Europe, these odds changed and Axiom became the favorite with 35%, followed by Meteora with 26% and the “other” category with 15%.
Although market quotes reflect trader sentiment, they offer no verified insight into the underlying evidence or survey results.
