- ZachXBT accused Ansem of promoting memecoins, raising alarms about potential “pump and dump” schemes in the crypto space.
- Ansem claims his memecoin promotions, like Dogwifhat, offer valuable opportunities, but Zach warns of the risks for followers.
- This debate highlights the ethical concerns of influencer practices in crypto, questioning where promotion ends and manipulation begins.
In a clash on X, blockchain investigator ZachXBT accused crypto influencer Zion “Ansem” Thomas of promoting memecoins through questionable practices. Ansem, who boasts over 507,000 followers, allegedly engaged in “pump and dump” schemes, promoting numerous low-market-cap memecoins.
Consequently, many of these coins experienced dramatic losses, with BODEN plummeting nearly 99% since April's peak. The heated exchange highlights issues within the crypto community regarding influencer accountability.
The Accusations Unfold
Mahmudov gained popularity by promoting memecoins, which has led to a thriving following on social media. Zach asserted that Thomas’s frequent promotion of low-cap tokens indicates a lack of genuine trading skills. Instead, Thomas appears to leverage his followers for profit.
Memecoins and Market Influence
Ansem defended his strategies, pointing to his success with Dogwifhat (WIF), which surged from a $100,000 market cap to $4.8 billion. He argued that this approach was more beneficial than promoting utility-based tokens like Chainlink (LINK), which is down year-to-date. Nevertheless, Zach countered this point by highlighting numerous coins Thomas had promoted that lost nearly all their value.
Furthermore, ZachXBT positions himself as a protector against crypto fraud. He claims to expose scams and aid victims in recovering stolen funds. Conversely, Thomas maintains that he has provided valuable trading opportunities, helping many navigate the volatile market.
The Need for Clarity
As the debate concluded, Ansem attempted to downplay the conflict, asserting that the discussions could continue indefinitely. Nevertheless, this exchange has illuminated the complex dynamics at play in the crypto community and the critical role influencers hold in shaping investment decisions.