TL;DR :
- Investigator ZachXBT targets a major protocol for alleged insider trading.
- Polymarket odds place Meteora as the top suspect with a 53% probability.
- The MET token is already reflecting negative sentiment with a price drop exceeding 15%.
ZachXBT’s investigation is expected to be released within a few hours, promising to reveal compelling evidence of illicit practices. The crypto market is currently on high alert. Recently, the on-chain detective suggested he would expose data regarding a large-scale protocol allegedly involved in insider trading cases.
ZachXBT’s announcement triggered a frenzy on prediction platforms. On Polymarket, for instance, bets are leaning heavily toward the Solana-based exchange. While other names like Binance and Coinbase were considered, the signs point strongly toward Meteora’s liquidity infrastructure.
Market Impact and Manipulation Suspicions
The hype and rumors have taken a toll on the project’s financial performance, sparking extreme volatility in its native assets. In just 24 hours, MET fell 15% as traders adjusted their positions ahead of a potential official confirmation from the analyst.
Meanwhile, volume in the prediction market exceeded $5 million, underscoring the significance of ZachXBT’s investigation into Meteora. One market “whale” even established leveraged short positions, betting on a larger collapse if the accusations materialize.
It is worth noting that Meteora has been a primary hub for trading tokens like TRUMP and MELANIA, assets frequently linked to suspicious movements. If ZachXBT confirms the suspicions before March 2, the reputational blow could permanently weaken its standing within the Solana network.
In summary, with Solana already losing some of its prior momentum, this scandal emerges at the worst possible time for the protocol. The community is cautiously awaiting the final data, which could redefine trust in high-volume decentralized exchanges (DEXs).
