Blockchain investigator ZachXBT has reported that over the past week, multiple meme coins have been falsely using his likeness across various chains.

According to ZachXBT, these copycat meme coins leveraged his name without his endorsement. After selling the tokens that were sent to his donation wallet, he generously donated approximately $41,000 to various charitable organizations.

Response to Imitation Tokens

The situation has raised awareness about how creators of meme coins tend to harness the names of trusted figures in the cryptocurrency world to garner interest. ZachXBT made it clear that he did not advocate for or initiate any of the tokens related to him. He took to his Telegram channel to provide updates after traders began creating ZACHXBT-themed tokens.

“I have always stated I will never support or launch a meme coin,” he wrote, emphasizing his stance on the matter.

Charitable Donations from Proceeds

All tokens that ended up in his donation wallet were sold off in the market. Subsequently, ZachXBT sent the total amount, which equaled nearly $41,000, to charity via The Giving Block. These contributions were directed to Direct Relief and GiveDirectly to help fund the response efforts following the earthquake in Venezuela. He posted transaction receipts demonstrating the donations made in USDT and SOL during the period from June 28 to July 6.

  • On July 6 at 4:16 a.m. UTC, ZachXBT donated 25,000 USDT to GiveDirectly.
  • Later that morning, at 4:51 a.m. UTC, he contributed 5,000 USDT to Direct Relief.
  • Additionally, a donation of 153 SOL, worth about $11,000, was also sent to Direct Relief on June 28.

These donations bring the overall contribution tally to approximately $41,000.

Concern Over Misleading Connections

This incident follows previous discussions regarding tokens associated with ZachXBT. In a report from crypto.news, it was noted that a ZACH token had recently been launched on Flaunch.gg, claiming to allocate a majority of trading fees to ZachXBT. Another controversy arose from a Solana-based ZACHXBT meme coin that had developers sharing part of the token supply with him. However, he has consistently denied being involved with or promoting these tokens.

The latest developments exemplify how meme coin creators often exploit well-known names and narratives to entice traders. In ZachXBT's situation, his recognized role in identifying scams amplifies the implications of using his name without approval.

Amid ongoing challenges, ZachXBT's contributions to charity are part of a broader trend in cryptocurrency donations. According to data from The Giving Block, over $1 billion in crypto donations were made to various charities in 2024.

In ZachXBT's case, the donations stemmed from assets he did not seek to receive, turning what could have been an unwanted allocation into substantial help for others.