Solana News: ZachXBT Withdraws $3.8 Million from Donated Meme Coin

ZachXBT, a prominent crypto investigator, has recently come under scrutiny after withdrawing approximately $3.81 million worth of SOL tokens from a meme coin project. The meme coin, named ZACHXBT, was created by an anonymous developer who allocated half of its supply to ZachXBT. This move comes after ZachXBT expressed dissatisfaction with the lack of financial rewards for his significant fund recoveries, some of which exceeded $10 million. The liquidity operations he managed with the meme coin have sparked discussions within the crypto community about the ethics and implications of such actions.

ZachXBT Under Fire After Making $3.8 Million From Donated Meme Coin

ZachXBT, a well-known crypto investigator, has recently expressed dissatisfaction with the lack of financial reward for his significant fund recoveries, some exceeding $10 million. In response, an anonymous developer created a meme coin named ZACHXBT and allocated half of its supply to ZachXBT. Utilizing this, ZachXBT managed liquidity operations that culminated in the withdrawal of SOL tokens worth approximately $3.81 million, significantly impacting the token's value. This action has sparked a debate within the crypto community, with critics labeling it as a 'rug pull' while supporters argue it's a legitimate profit-making strategy. The incident underscores the evolving ethical standards in the cryptocurrency space.

Solana Core Developer Leaves to Create Unto Labs and a New L1 Chain

A core developer of Solana (SOL), known pseudonymously as Cantelopepeel, has left the project to start his own initiative, Unto Labs. Cantelopepeel, who has contributed to the Firedancer upgrade, plans to develop a new high-performance Layer 1 (L1) blockchain from scratch. This move comes at a time when another prominent developer, Eric Conner from Ethereum, has also parted ways with his respective foundation due to disagreements. Cantelopepeel's new project aims to capitalize on the anticipated growth in demand for high-performance blockchain solutions by 2025, starting with a small, agile team.

Birmingham Mechanic Set to Make Millions with BlockDAG After Earning $390K from Solana

Jason Carter, a 34-year-old mechanic from Birmingham, Alabama, turned his financial situation around by investing in cryptocurrencies. Introduced to the crypto market in mid-2022, Jason began investing small amounts from his paycheck. In November 2022, during a market downturn, he invested $14,250 in Solana (SOL), purchasing 1,500 SOL at an average price of $9.50. His investment paid off significantly during the 2024 bull run, earning him $390,000. Now, Jason is looking to replicate his success with BlockDAG, aiming to make millions.

Coinbase and Solana Execs Clash Over Network Downtimes

During the inauguration weekend, the launch of TRUMP and MELANIA tokens caused a significant surge in activity, leading to network congestion and transaction delays on Solana. Mert Mumtaz, CEO of Helium Labs, criticized Coinbase executives on social media platform X for positioning Base as a superior network to Solana. The values of the TRUMP and MELANIA tokens have since fallen by 50%. This event has sparked a debate between Coinbase’s Jesse Pollak and Helius Labs’ Mert Mumtaz regarding network performance and reliability.