Blockchain practitioner ZachXBT said Thursday that an executive at onchain trading platform Axiom Exchange allegedly abused internal access to user data to track private wallets and potentially trade memecoins using insider information.
In a thread posted to X, ZachXBT said that Broox Bauer, a New York-based senior business development officer at Axiom, used internal dashboards to look up sensitive user information — including linked wallet addresses — and shared that data with a small group that mapped trades of prominent crypto influencers.
Founded in 2024 by Mist and Cal and a member of Y Combinator’s winter 2025 cohort, Axiom has generated more than $390 million in revenue to date, according to ZachXBT.
ZachXBT said he was retained to investigate allegations that internal tools were being misused. He did not say who retained him.
In audio clips shared in the thread, someone said to be Bauer allegedly claims he can track “any Axiom user” by referral code, wallet address or UID and “find out what’s associated with that person.” In the same recording, he describes initially examining 10-20 wallets and gradually increasing the activity “so it doesn’t look so suspicious.”
Axiom did not respond to CoinDesk’s request for comment. In a post on X, Axiom said it was “shocked and disappointed” that someone on the team misused internal customer support tools.
“We have removed access to these tools and will continue to investigate and hold the offending parties accountable,” Axiom continued. “This does not represent us as a team, we have always tried to put the user first. We will share updates on our twitter as we learn more.”
The investigator alleged that Bauer shared screenshots in April and August 2025 showing private wallet data linked to specific merchants, including associated addresses and registration information. He also claimed that a group compiled the wallet addresses of several crypto key opinion leaders (KOLs) in a Google Sheet using data obtained from Axiom’s internal dashboard.
Several of the people named in the leaked material independently confirmed the accuracy of the wallet information, according to ZachXBT.
The alleged strategy focused on traders known to accumulate large memecoin positions from private wallets before promoting the tokens publicly. By identifying previously unknown wallets, the group could theoretically monitor accumulation patterns and position ahead of expected price movements.
ZachXBT identified what he said was Bauer’s primary wallet and mapped related addresses, noting that money was flowing to multiple deposit addresses on centralized exchanges. However, he cautioned that without access to Axiom’s internal logs, it is difficult to establish reliable examples of insider trading based solely on onchain data.
The allegations emerged amid increased scrutiny of trading practices in crypto. Earlier this week, a widely followed Polymarket bet on the firm’s identity in the survey shifted strongly against Axiom, with the market generating more than $30 million in volume.
Solana-based liquidity platform Meteora was the leading contender at around 43% odds earlier this week, with Axiom, Pump.fun, Jupiter and MEXC trailing behind at lower odds.
As of the European morning hours on Thursday, these odds changed, with Axiom leading the pack at 35%, followed by Meteora at 26% and the ‘other’ category at 15%.
Although predictive market odds reflect trader sentiment, they do not provide any confirmed insight into the underlying evidence or the outcome of the investigation.
