ZachXBT's In-Depth Investigation: A Complete Record of the Axiom Insider Trading Scandal

Author: ZachXBT

Compiled by: WolfyXBT

This article is a complete Chinese translation of the article just published by @zachxbt . I have only translated the text, video, and images; I have not changed any other information.

@WheresBroox is one of the employees on the @AxiomExchange team involved in insider trading. Starting in early 2025, these individuals exploited a lack of access control over internal company tools to privately access sensitive user information and engage in insider trading by tracking private wallet activity.

Axiom is a cryptocurrency exchange founded by Mist and Cal in 2024. After being incubated by Y Combinator in the Winter Batch in 2025, Axiom quickly became one of the most profitable companies in the industry, with cumulative revenue exceeding $390 million.

Following the relevant allegations, ZachXBT was commissioned to investigate the allegations of misconduct by Axiom.

Broox is currently a senior business development employee at Axiom in New York.

In the video clip, he claimed that he could track any Axiom user through referral codes, wallet addresses, or user IDs, and that he could "find all the information related to this person."

He also mentioned that he initially studied 10 to 20 wallets, and then gradually increased the number over time, doing so "to avoid appearing too suspicious."

In another segment of the same recording, Broox outlines the procedures for requesting queries from him, then says he will send over a complete list of wallets.

This full recording comes from a private phone call between members of the group, in which they discussed strategies.

In April 2025, Broox posted a screenshot of Axiom's internal backend, which showed the private wallet information of trader "Jerry".

In August 2025, he posted a second image, this time showing the registration information and associated wallet of trader "Monix".

In August 2025, Broox discussed querying Axiom users who had traded meme tokens $AURA .

This small group created a Google Sheet and compiled the wallet addresses of multiple KOL targets into it. All of this data was retrieved by Broox from Axiom's internal backend.

Several KOLs mentioned in the table or leaked screenshots have been contacted individually, and they have independently confirmed that the wallet data related to them in the table is accurate.

One of the KOLs targeted is Marcell, who has a terrible reputation in the industry and is notorious for treating his X and Telegram followers as suckers.

He was targeted because he had a habit of buying large amounts of meme coins from his private wallet before publicly recommending them (a so-called "bundling" operation).

Traders like Marcell are prime targets for such abuses because they rarely reuse wallet addresses and their private wallets are almost never publicly disclosed, which greatly increases the value of inside information.

Through private chat logs, Broox's main wallet was successfully identified, and all directly associated addresses were organized into a relationship diagram.

• FarpaWkzio7WQVpQeu2eURvNQZ3pCBZupJ95wUjoHcUN

However, due to the sheer volume of meme coin transactions on the associated addresses, it is difficult to identify high-confidence insider trading cases based solely on wallet data without Axiom's internal logs, as the specific order placement time still needs to be verified.

Funds from the associated addresses primarily flowed to the following CEX deposit addresses:

• 9HtKkLzTVUGMS9BDMSXbVjooP1rVoeiFPj3tEtmj7Qn4

• A8XSEaZXYo8eidAMivoAonf8skBeW1QkfprdBJm6eVz

• HPr1MSrSB2i9r9Vcsj8Cmx2sUFGudpDum6kY9dp2ePCN

• Afp4DargofX8K67BRUuhVuoBy1DJn9vTbH3ico9CaNs1

• 6rv1iSZ7YyR18R7EPvXwHdDkNp3qzrE9YPQtPnLVaYbv

In addition to Broox, his friend Gowno (Seb), a moderator who recently joined Axiom, was also involved in the call.

In the first segment, Broox alleges that another Axiom business development employee, Ryan (Ryucio), used the internal backend to retrieve user information for others and helped his friend Mystery join Axiom as a moderator.

In the second segment, Broox discusses how Gowno's responsibilities will gradually expand over time, and indicates that he will eventually be able to assist with user queries.

Neither Ryan nor Mystery appeared in the recorded call.

In a recorded call in February 2026, Broox detailed a plan to use Gowno's internal access to Axiom to quickly make $200,000, a scheme consistent with similar violations he had been engaging in with others since early 2025.

In the private chat logs, he also shared a screenshot of his exchange account balance, implying that this operation had already started to generate profits.

ZachXBT was commissioned to conduct an independent investigation into Axiom's alleged misconduct, and the above is the result of that investigation.

Earlier today, ZachXBT contacted the Axiom team for a response, and their statement has been attached.

Whether Cal and Mist were aware of it or not, the root of the problem lies in the fact that the company had almost no monitoring mechanisms or access control to prevent such abuses from the very beginning.

It is rare for business development staff to have access to such a large amount of data in a readily available backend interface, including a complete list of users' wallets and timestamps, the wallets they are tracking, transaction history, wallet nicknames, and associated accounts.

Given Broox's New York-based position, ZachXBT saw this case as a good opportunity for the SDNY (U.S. Attorney's Office for the Southern District of New York) to intervene, as it was likely within their jurisdiction.

Regardless of whether criminal charges are ultimately brought, ZachXBT hopes that Axiom's two co-founders will thoroughly investigate this abuse of power and consider taking legal action against the employees involved.