A senior employee of on-chain trading platform Axiom Exchange allegedly abused internal access to user data to track private wallets and may have used insider information to trade meme coins, blockchain sleuth ZachXBT said on Thursday.
ZachXBT said in a post to
Founded in 2024 by Mist and Cal, Axiom is a member of Y Combinator’s Winter 2025 team and has generated more than $390 million in revenue to date, according to ZachXBT.
ZachXBT said he was hired to investigate allegations that internal tools were being misused. He did not reveal who retained him.
In the audio clip shared in the post, a person who calls himself Bauer allegedly claims that he can track “any Axiom user” through a referral code, wallet address, or UID and “find out any information about that person.” In the same recording, he described initially researching 10-20 wallets and gradually increasing activity “so it didn’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 its team was abusing its internal customer support tools.
“We have removed access to these tools and will continue to investigate and hold the offending parties accountable,” Axiom continued. “This is not representative of who we are as a team and we are always trying to put our users first. We will share updates on Twitter as we learn more.”
Investigators say Bauer shared screenshots in April and August 2025 showing private wallet data related to specific traders, including connection addresses and registration details. He also claims that one group compiled wallet addresses for multiple cryptocurrency key opinion leaders (KOLs) in Google Sheets using data from Axiom’s internal dashboard.
According to ZachXBT, several people included in the leaked materials independently confirmed the accuracy of the wallet information.
The alleged strategy is primarily aimed at traders who have accumulated large memecoin positions from private wallets before promoting the coins publicly. By identifying previously undisclosed wallets, the group could theoretically monitor accumulation patterns and positions in advance of expected price movements.
ZachXBT identified what he said was Ball’s primary wallet and mapped the associated addresses, noting that funds flowed to multiple deposit addresses on centralized exchanges. But he warned that without access to Axiom’s internal logs, it would be difficult to establish high-confidence examples of insider trading based on on-chain data alone.
The accusations come amid heightened scrutiny of cryptocurrency trading practices. Earlier this week, bets on the identity of companies under investigation shifted sharply toward Axiom on the widely watched Polymarket, which saw trading volume exceed $30 million.
Earlier this week, Solana-based liquidity platform Meteora emerged as the leading candidate with about 43% probability, with Axiom, Pump.fun, Jupiter and MEXC having lower odds.
As of early European trade on Thursday, that likelihood had changed, with Axiom the frontrunner with 35%, followed by Meteora (26%) and 15% in the “other” category.
While forecast market odds reflect trader sentiment, they do not provide verified insights into underlying evidence or findings.
