ZachXBT names Axiom in investigation into alleged employee insider trading

Blockchain sleuth ZachXBT published an investigation on Thursday naming crypto trading platform Axiom and alleging that employees abused internal tools to track private wallet data, following days of speculation sparked by his teaser post previewing a probe into insider trading.

Axiom, founded by “Mist” and “Cal” in 2024 and backed by Y Combinator’s Winter 2025 batch, quickly became one of the most profitable companies in the space, generating more than $390 million in revenue to date, according to ZachXBT. He said he was retained to independently investigate allegations of misconduct at the firm after receiving reports.

In the post, ZachXBT alleged that “Broox,” a senior business development employee based in New York, used internal customer support tools to access private wallet data tied to Axiom users. In recordings cited in the investigation, Broox said he could track any Axiom user via referral code, wallet address, or user ID and described researching wallets gradually “so it does not look that suspicious.”

ZachXBT also alleged that Broox shared screenshots from Axiom’s internal dashboard showing wallet addresses linked to specific traders and helped compile lists of private wallets belonging to key opinion leaders in crypto. Several individuals whose wallet data appeared in leaked screenshots independently confirmed the accuracy of the information attributed to them, according to the sleuth.

The investigation further alleged that Broox and associates discussed plans to use privileged data access to profit from trades, including outlining a plan to help another Axiom team member profit $200,000 by abusing internal tools. ZachXBT said he identified Broox’s primary wallet and linked addresses, though he noted that confirming specific insider trades tied to those wallets would require access to Axiom’s internal logs.

Axiom says it removed employee access after investigation

Axiom acknowledged the allegations and said it had taken steps in response, according to a statement the company provided to ZachXBT.

“We are surprised and disappointed to hear that someone on our team abused internal customer support tools to look up user wallets,” the company said. “We have removed access to these tools and will continue to investigate and hold the offending parties responsible.”

“This does not represent us as a team, we have always tried to put the user first,” Axiom continued. “We’ll share updates on our Twitter as we learn more.”

ZachXBT said he contacted Axiom prior to publishing the report and described the internal access controls at the company as unusually permissive, noting that employees could view extensive wallet and transaction data through internal dashboards. He also suggested the case could fall within U.S. jurisdiction, given the location of the employees involved.

Polymarket activity

The investigation follows intense speculation on prediction markets after ZachXBT teased the probe earlier this week. A Polymarket contract titled “Which crypto company will ZachXBT expose for insider trading?” drew roughly $27.6 million in trading volume ahead of publication, with traders betting on various firms, including Axiom, Meteora, Pump.fun, and others.

Onchain analysts also identified unusual trading activity tied to the speculation. Lookonchain reported that one anonymous trader wagered more than $50,000 on Axiom being named while odds were lower, before closing the position for a $39,000 profit in a single day.

ZachXBT had earlier acknowledged the prediction market dynamic in posts on X and said leaks were possible because “a few people had to be interviewed for the case.”