Synopsis: On 26 February 2026, blockchain investigator ZachXBT published findings alleging that multiple employees at the crypto trading platform Axiom Exchange abused internal tools to access private user wallet data and potentially profit from insider trading. However, as this article examines in depth, definitively establishing that insider trading occurred remains difficult without access to the company’s internal logs.
ZachXBT is a well-known pseudonymous blockchain investigator with a track record of exposing fraud and misconduct across the crypto industry. On 26 February 2026, he published a detailed thread on X (formerly Twitter) naming employees at Axiom Exchange as the subjects of his latest probe.
Axiom Exchange is a Solana-based crypto trading platform co-founded in 2024 by Henry Zhang (known online as “Mist”) and Preston Ellis (known as “Cal”) both recent college graduates at the time of founding. The platform joined Y Combinator’s Winter 2025 batch and launched in early access shortly after. It quickly became one of the most profitable platforms in decentralised finance, generating over $390 million in revenue to date, according to data from DeFiLlama.
The Allegations: Internal Tools Used to Track Private Wallets
ZachXBT stated he was retained by Axiom itself, according to DL News to investigate allegations that internal tools were being misused. He did not publicly name who engaged him.
The investigation centres on Broox Bauer, identified as a senior business development employee based in New York. According to ZachXBT, Bauer exploited Axiom’s internal dashboard to look up sensitive user information including private wallet addresses, linked accounts, transaction histories, wallet tracking lists, and user-defined wallet labels and shared that data with a small group of associates.
In audio clips shared in the thread, a person alleged to be Bauer claims he could track “any Axiom user” via referral code, wallet address, or user ID (UID) and could “find out anything to do with that person.” In the recordings, the individual also describes starting by looking up 10–20 wallets and gradually increasing activity “so it does not look that suspicious.”
Evidence Presented: Screenshots, Spreadsheets, and Recordings
ZachXBT presented several layers of evidence in his investigation:
Screenshots from April and August 2025 showing internal Axiom dashboard data, including private wallet addresses and registration details tied to specific traders. Multiple individuals named in the leaked screenshots independently confirmed the accuracy of the wallet information attributed to them.
A Google Sheet allegedly compiled by the group, listing wallet addresses of multiple prominent crypto key opinion leaders (KOLs) obtained via Axiom’s internal tools.
A recorded February 2026 call in which a person identified as Bauer and a recently hired Axiom moderator named “Gowno” (Seb) discuss using internal access to generate illicit profits. In the recording, Bauer allegedly outlines a plan to help Gowno earn $200,000 by leveraging internal dashboard access. Another employee, identified as “Ryan” (Ryucio), was also named in the leaked material as having used the dashboard to look up users on behalf of others.
ZachXBT also traced what he identified as Bauer’s primary on-chain wallet and mapped related addresses, noting that funds from associated wallets flowed to deposit addresses on several centralised exchanges.
Front-Running Memecoin Traders
The group’s alleged strategy targeted traders known for accumulating large memecoin positions from undisclosed private wallets before publicly promoting those tokens a practice commonly called “bundling.” By identifying the hidden wallets of these traders early, the group could theoretically monitor buying patterns and position themselves ahead of anticipated price increases.
One targeted individual was identified as a trader named “Marcell,” described as someone with a reputation for this type of bundling activity. Another involved lookups of Axiom users trading a memecoin called AURA in August 2025.
Axiom’s Response
Following the publication of ZachXBT’s findings, Axiom posted an official statement on X. The company said it was “shocked and disappointed” to learn that a member of its team had abused internal customer support tools to look up user wallet data. Axiom confirmed it had removed access to those tools and said it would continue to investigate and hold the responsible parties accountable. The company stated the behaviour does not reflect its values and that it has always aimed to put users first.
ZachXBT noted, regardless of whether co-founders Mist or Cal were directly aware of the conduct, that “there was little to no monitoring or access controls in place to mitigate this abuse from happening in the first place.” He also noted that because Bauer is based in New York, the case could potentially fall under the jurisdiction of the Southern District of New York, even if no criminal charges are ultimately filed.
Why Proving Insider Trading Is Difficult
Despite the weight of evidence presented, ZachXBT himself cautioned that definitively proving insider trading is challenging. While blockchain data records all transactions publicly, it cannot on its own confirm that someone used confidential company information to place those trades. The high volume of memecoin activity across the wallets in question makes i ting specific insider trades particularly difficult without access to Axiom’s internal employee logs.
ZachXBT acknowledged this limitation explicitly: without those internal records, high-confidence proof of insider trading based solely on on-chain data remains elusive.
Also Read: Viral Baby Monkey Memecoin Climbs 80,000% to Become the Best-Performing Meme Coin of the Month
The Polymarket Angle
The allegations surfaced amid heightened scrutiny of trading practices across the crypto industry. Days before ZachXBT publicly named Axiom, he had teased that an exposé was coming, which prompted the creation of a Polymarket prediction market “Which crypto company will ZachXBT expose for insider trading?” that generated over $27.6 million in trading volume before the investigation was published.
Earlier in the week, Solana-based liquidity platform Meteora held the highest odds at around 43%, with Axiom, Pump.fun, Jupiter, and MEXC trailing. By the morning of 26 February 2026, the odds had shifted sharply, with Axiom becoming the frontrunner at approximately 35% and Meteora dropping to 26%.
Notably, Lookonchain reported that just hours before ZachXBT named Axiom, two newly created anonymous wallets bet $59,800 on Axiom on Polymarket and turned it into $109,000 within three hours a detail ZachXBT suggested could implicate one of his own informants.
It bears emphasising, however, that prediction market odds reflect crowd sentiment and trader positioning, not verified investigative conclusions.
Case Progress
The situation remains under active investigation. ZachXBT’s findings present substantial evidence of the misuse of private user data by multiple Axiom employees, weak internal access controls, and a coordinated effort to gain an unfair trading advantage.
What has not yet been established with certainty and may require access to Axiom’s internal logs to confirm is whether the data abuse directly translated into provable insider trading. Further developments are expected as both Axiom’s internal review and any potential regulatory scrutiny proceed.
Written by Parvati Anilkumar
