Here's what concerns me right now: how vulnerable is user data on crypto platforms? ZachXBT just published an investigation showing that the risks are much more serious than we thought.

It turns out that Axiom Exchange employee — Brooks Bower, a business development specialist — used internal dashboards to access confidential user information. This isn’t just about viewing data, but about an entire scheme of tracking private wallets through address indexing and sharing this information with a select group of people.

How did it work? Bower tracked wallets of well-known crypto influencers and traders who hold large positions in meme coins. The group compiled these addresses into spreadsheets, then used this information for front-running trades, anticipating public token promotions. In April and August of last year, he shared screenshots containing sensitive data — registration details, addresses, anything.

In the audio recordings ZachXBT published, you can hear Bower himself explaining: he can track any Axiom user by referral code or UID and obtain any related information. He allegedly started with 10-20 wallets, then gradually expanded his activity so it wouldn’t look suspicious.

Axiom was founded in 2024, is a Y Combinator participant, and generates hundreds of millions in turnover. The company responded with a statement saying they were shocked by the allegations, limited access to the relevant tools, and promised an investigation. But the damage to their reputation has already been done.

What’s important here? ZachXBT honestly admits that without internal logs from Axiom, it’s difficult to prove insider trading with 100% certainty based solely on blockchain data. However, the facts about access and using address indexing to track wallets seem convincing — several individuals mentioned independently confirmed the accuracy of the information.

This once again shows that the crypto industry is increasing its focus on trading practices and data protection. On Polymarket, bets on the culprit shifted sharply toward Axiom — the market volume exceeded $30 million. Earlier this week, Solana-based platform Meteora led with 43%, but by Thursday, Axiom took the lead with 35%.

While the investigation continues, it reminds us that even on young, rapidly growing platforms, serious work on data security and internal controls is essential. Because if insiders can simply access private addresses and track traders, this is a problem not only for Axiom.