The crypto world is buzzing with controversy after a well-known influencer, Ansem, was accused of running pump-and-dump schemes with memecoins.
The Spark: Memecoin Hype
It all started when a prominent crypto personality, Murad Mahmudov, talked about the rise of memecoins in the current market. This sparked a debate about whether memecoins are a good investment.
Andrew Kang, from Mechanism Capital, suggested that Mahmudov’s speech might have triggered a new wave of memecoin investments. This is when ZachXBT, a crypto investigator known for exposing scams, stepped in.
ZachXBT Calls Out Ansem
ZachXBT accused Ansem of repeatedly promoting new memecoins with low market caps, claiming that Ansem doesn’t have real trading skills and is simply using his followers to make quick profits.
ZachXBT pointed out that when someone with a large following talks about a small crypto project, the price can skyrocket. But once they stop talking about it, the price often crashes, leaving regular investors holding worthless tokens.
Ansem’s Defense
Ansem defended himself, saying that it’s perfectly acceptable to talk about small crypto projects. He even boasted about his success with WIF, a memecoin that saw a massive increase in value.
However, ZachXBT quickly reminded him of the many other coins he had promoted that turned out to be worthless.
The Bigger Picture
This fight is more than just a Twitter spat. It highlights a serious problem in the crypto world: influencers have immense power to move markets, especially for smaller cryptocurrencies.
While some argue that influencers are simply giving people what they want (memecoins are popular right now), others worry that they are taking advantage of their followers.
ZachXBT sees himself as an exposer of fraud, helping to get stolen funds back. He argues that Ansem is focused on potential profits and that his actions have hurt more people than helped.
This debate raises important questions about what’s right and wrong in crypto promotion. When does sharing investment ideas become manipulation? This is especially tricky because the crypto market is not as regulated as traditional finance.
The Aftermath
Ansem tried to have the last word, claiming that ZachXBT was exaggerating and that they could argue about memes all day. But the damage was done. This public feud exposed the murky world of crypto influencers and the power they wield over investment decisions.
