Two days ago, ZachXBT, the famous crypto Twitter detective, teased the publication of his investigation into one of the most profitable companies in the ecosystem where several employees abused confidential information to engage in insider trading over an extended period. In other words, they profited from internal data to make gains in the market over a long period.
Meteora
Since his tweet, speculation has multiplied about which company it is. One of the most cited is the statistics of prediction markets, which are decentralized betting spaces. The most recent state of affairs (real-time odds, aggregated from direct Polymarket sources + recent reports) places Meteora at the top of the list with about 31-38%, here are some reasons:
It's one of the most profitable Solana protocols in recent months thanks to explosive fees on memecoins and launches (dynamic pools, single-sided LP, etc.).
ZachXBT's tease explicitly mentions 'multiple employees', 'prolonged period of time' and 'abused internal data'.
which perfectly aligns with a setup where insiders could have seen/positioned on the big pools/liquidity events before the public (especially on narratives like $TRUMP , $MELANIA or other Solana hype cycles).
The token $MET has already taken a hit (-20–25 % since the tweet), which shows that the market is already pricing the risk very high.
Quite a few whispers on-chain: wallet activity patterns / fund flows / transaction timings that seem too perfect or too well synchronized to be random.
There’s also the fact that Meteora has become hyper central in the Solana memecoin/DeFi ecosystem lately:
Almost all major launches go through their Dynamic Liquidity Pools / DLMM (asymmetric liquidity bootstrapping).
It's often the place where the first real liquidity is seeded -> the one who controls or sees this stage in advance has a huge edge (knowing which token will be promoted, which KOL will shill, etc.).
The generated fees are enormous (Meteora is one of the most profitable protocols on Solana in the last 12–18 months).
Quasi-monopolistic position on the "launch liquidity layer" -> if employees/contributors/insiders abuse internal access (knowledge of projects before public, preferential routing, etc.), the impact is systemic.
In short, the market consensus still says that Meteora is the favorite.
Pump fun
Other speculations mention Pump fun, the flagship memecoin launch platform on Solana. The platform is one of the most profitable protocols in the sector (several hundred million, even close to a billion dollars in cumulative fees since 2024-2025, with peaks like ~74 M$ in Q4 2025 and massive off-chain cash-outs estimated at ~615 M$ in a quarter, often placing it in the global top 7 alongside major institutions like Tether). Most importantly, it has a concrete history of suspicious insider trading activities:
a 'class action lawsuit' (active in 2025-2026) accuses it of allowing insiders/employees to front-run via Jito MEV bundles to sniper memecoins right from the first block of launches on bonding curves, thanks to prior knowledge of internal metadata or impending launches, before regular users.
Leaks of over 5000 internal messages are said to have revealed close ties with Solana Labs and Jito, reinforcing suspicions of systematic abuse of internal data over more than 2 years of explosive activity (millions of tokens launched). All of this is traceable on-chain (early sniper wallets, coordinated trades), right in the style of ZachXBT exposés.
Even if Meteora dominates the Polymarket odds (~40-47 % end of February 2026), Pump.fun remains a solid candidate (around 9-12 %, with strong betting volume and immediate dumps on $PUMP of ~6-7 % after the tease), as its hyper-profitable model and pattern of allegations 'early sniping + internal knowledge' ideally match the wording of the tease.
If Zach releases the employee wallets + PnL over 25 months of bonding curves, it’s a black swan for everything related to pumpfun.
If it’s pump.fun, it cascades to pumpfun + Solana + PumpSwap + Jupiter + Raydium, and this should be taken into account if you are exposed to $PUMP / $SOL / $JUP / $RAY.
All the most suspicious projects in this ZachXBT affair (Meteora, Pump.fun, Axiom, Jupiter, etc.) revolve around the same universe: memecoins and launch/liquidity platforms on Solana (or related to quick listings/memecoin hype).
The insider trading narrative fits perfectly with this ecosystem and should be considered for risk management if you are exposed.
Which one do you think has the best chance of being featured?