Insiders cashed in before Axiom reveal, Wallets bagged $1M on Polymarket

After keeping crypto investors waiting for 3 days, on-chain sleuth ZachXBT finally made a massive revelation of insider trading being done within Axiom Exchange. However, roughly three hours before the investigation report came out, several newly created wallets made big money by placing bets.

ZachXBT announced on February 23 that multiple employees abused internal data to insider trade in one of crypto’s most profitable businesses. Data shows that two fresh wallets placed a combined $59,800 bet on a related prediction market. Within just three hours, those wallets generated about $109,000 in profit. Now, the timing of bets has raised questions about who knew what and when.

Suspicious wallets score big

According to the data shared by Lookonchain, the activity may not have been isolated. Twelve suspected wallets appear to have wagered on which crypto company ZachXBT would expose. Together, those addresses bagged approx $1.02 million in profits.

The wallets include 0x1d9af60c679cd0b577c3c4ccb4b1a4be4174426d, 0xe56526b27b96f009b31ddb46558a134047bfce48 and more. Meanwhile, one X user questioned whether a single wallet that made over $600,000 could belong to ZachXBT himself. There is no evidence to support that claim, as of now. ZachXBT has not been linked on-chain to the listed addresses yet.

The insider trading controversy emerged from a thread posted by ZachXBT. It is alleged that Broox Bauer, a senior business development employee at Axiom Exchange, abused internal access to user data. The suspect allegedly used internal dashboards to look up private wallet information tied to users. He even shared it within a small group.

The sleuth shared audio clips from the investigation purportedly show Bauer claiming he could track “any Axiom user.” This was possible by getting a hold of referral codes, wallet addresses, or unique IDs. ZachXBT said he was retained to investigate the allegations, though he did not disclose by whom.

Solana slips amid Axiom insider claims

Axiom in an X post stated it was “shocked and disappointed” by the alleged misuse of internal tools. The exchange said access had been removed and an internal investigation was underway. It stated that the behavior did not reflect the team’s values. The On-chain sleuth reported that after going through Y-Combinator’s Winter 2025 batch, the exchange generated more than $390 million in revenue.

These allegations come into light alongside a heavily traded prediction market on Polymarket. Users were betting on which company would be named. Volume reportedly exceeded $30 million. A few days ago, another  Solana-based liquidity platform, Meteora, was topping the bets. Suddenly, Axiom had moved to the top position with odds near 35%.

ZachXBT cautioned that without access to internal Axiom logs, high-confidence insider trading conclusions cannot be drawn solely from on-chain flows.

After the major expose, Solana traded in red. SOL price dropped by more than 4% over the last 24 hours. It is trading at an average price of $86.08 at the press time. Its 24 hour trading volume stood at $4.8 billion. The global crypto market saw a minor recovery rally on the last day. However, the cumulative market cap dipped by 2.5% over the last day to stand at $2.32 trillion.

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