ZachXBT donates US$41K from meme coin sales

• Blockchain investigator ZachXBT sold unsolicited meme coins using his name and donated about US$41,000 to charity.
• The proceeds were donated through The Giving Block to Direct Relief and GiveDirectly for Venezuela earthquake relief.
• The incident highlights the risks of meme coins that use public figures' names without their approval.

ZachXBT sold unsolicited meme coins sent to his donation wallet and donated about US$41,000 to Direct Relief and GiveDirectly through The Giving Block, saying he did not support or create any of the tokens.

The blockchain investigator said traders had launched multiple meme coins using his name without his approval, prompting him to sell the tokens and redirect the proceeds to charity rather than retain the assets.

“I have always stated I will never support or launch a meme coin,” said ZachXBT.

Transaction records shared by ZachXBT showed donations of 25,000 USDT to GiveDirectly, 5,000 USDT to Direct Relief and 153 Solana (CRYPTO:SOL), worth about US$11,000, to Direct Relief between 28 June and 6 July.

The donations converted unsolicited token allocations into charitable funding while distancing ZachXBT from the meme coins, and as ZachXBT is not a publicly listed entity there is no share price available.

The latest incident follows previous cases in which developers launched meme coins using ZachXBT's name, despite the investigator repeatedly stating that he does not endorse or promote such projects.

The case also highlights the need for investors to verify whether public figures have officially endorsed a cryptocurrency before trading, as tokens using well-known names can be created without their knowledge or involvement.

At the time of reporting, Solana price was $81.12.