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 insider 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 hired to investigate allegations of misuse of internal tools. He did not say who held him.
In audio clips shared in the thread, a person said to be Bauer allegedly claims that he can track “any Axiom user” by referral code, wallet address or UID and “find out anything that has to do with that person.” In the same recording, he describes initially investigating between 10 and 20 wallets and gradually increasing the activity “so it doesn’t look 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 someone on the team abused internal customer support tools.
“We have removed access to these tools and will continue to investigate and hold violating parties accountable,” Axiom continued. “This does not represent us as a team, we have always tried to put the user first. We will share updates on our Twitter as we know more.”
The researcher alleged that Bauer shared screenshots in April and August 2025 that showed private wallet data linked to specific merchants, including connected addresses and registration details. He also claimed that a group compiled wallet addresses for multiple crypto key opinion leaders (KOLs) on a Google Sheet using data obtained from Axiom’s internal dashboard.
According to ZachXBT, several of the people named in the leaked material independently confirmed the accuracy of the wallet information.
The alleged scheme targeted traders known for accumulating large memecoin positions in private wallets before promoting tokens publicly. By identifying previously undisclosed portfolios, the group could, in theory, monitor accumulation patterns and position itself ahead of anticipated price movements.
ZachXBT identified what it said was Bauer’s main wallet and mapped related addresses, noting that funds flowed to various deposit addresses on centralized exchanges. However, he cautioned that without access to Axiom’s internal records, it is difficult to establish high-confidence examples of insider trading based solely on on-chain data.
The claims emerged amid increased scrutiny of cryptocurrency business practices. Earlier this week, a widely followed bet by Polymarket on the company’s identity in the investigation veered sharply toward Axiom, with the market generating more than $30 million in volume.
Solana-based liquidity platform Meteora was the leading candidate with odds of around 43% earlier in the week, with Axiom, Pump.fun, Jupiter and MEXC trailing behind with lower odds.
As of Thursday morning in Europe, those odds changed with Axiom becoming the favorite at 35%, followed by Meteora at 26% and the “other” category at 15%.
While market prediction probabilities reflect traders’ sentiment, they do not provide verified information about the underlying evidence or research outcome.
