Zack XPT, A well-known on-chain forensic investigator is intensifying his efforts against alleged price market manipulation and will use personal funds to pursue what he calls “systematic abuse” committed by many trading platforms.
newly, He announced the launch of a $10,000 reward for information about capital gains team at Hong Kong-based market maker Heisenberg Gurus (HSBG), which sparked a heated debate within cryptocurrencies.
The ransom was posted on its social media portals, presented as a narrowly tailored investigation but also part of a larger project to put pressure on opaque business practices. ZachXBT said HSBG has been linked to several suspicious trading activities, such as manipulating $RIVER token contracts.
His full statement, ZachXBT’s bounty announcement, was released here, reflecting growing frustration from independent analysts who claim centralized platforms have lost the ability to prevent wrongdoing.
Allegations linking HSBG to mass market manipulation
At the heart of the controversy is Heisenberg Guru (HSBG), a cryptocurrency exchange market maker in Asia. ZachXBT claims that the existence of this entity goes much further in creating price discrepancies around an allegedly unfair process on several centralized exchanges (CEXs).
It highlights the episode surrounding the $RIVER token, where trading activity associated with HSBG has been observed to reflect characteristics consistent with coordinated manipulation. While no formal accusation or regulatory authority has been made yet, these allegations add pressure to growing concerns about the potential dark jobs of market makers.
ZachXBT’s approach is a case study for a new form of decentralized oversight, using the transparency built into blockchain to hold the largest trading companies accountable.
Key members of the process referred to by name
The core members of HSBG, identified as Sion and Chao in ZachXBT results. Combined with the fact that their names have been publicly mentioned (although little public information has been released about their precise roles), this conveys a narrowly focused investigation, moving from broad allegations to identifying specific actors within the organization.
By exposing HSBG in these numbers, ZachXBT is amplifying the seriousness and effectiveness of this bounty, making it clear that the investigation into Union is not in its infancy but rather at a stage where physical data is being obtained.
However, it should be noted that these claims remain unconfirmed at this point. However, naming specific individuals can motivate insiders or whistleblowers who may have the information you need.
Internal evidence from chats and contracts are reward targets
In order to advance his investigation, ZachXBT provides details on what type of evidence is eligible for the bounty reward. He says HSBG would need reliable insider documents to support the accusations.
Eligible materials included chat logs, contracts, internal messages, and anything that provided direct insight into the concert involving trading strategies or laundering tactics.
It relies on requests made anonymously in direct messages on platform X, formerly known as Twitter, leaving space for potential whistleblowers. This method lowers the threshold for insiders who may fear that exposure could be harmful due to legal or professional repercussions.
By offering financial rewards to anyone who submits winning leads, ZachXBT has successfully implemented a crowdsourcing strategy for investigations by engaging cryptocurrency communities as direct participants in detecting inappropriate behavior.
Asian stock exchanges are under fire for inaction
In addition to the charges against HSBG, ZachXBT is using this opportunity to issue a more general indictment of centralized exchanges, especially those in Asia. Platform providers like Bitget, Binance, and Gate allowed dodgy market makers to trade without monitoring them, according to his claims.
These active MMs on Bitget, Binance, Gate, etc. are a cancer to the industry and need to be exposed as stock exchanges in Asia continue to turn a blind eye to them.
I am happy to allocate my personal reward funds to motivate any whistleblowers.
– ZackXPT (@ZackXPT) May 18, 2026
He goes so far as to call active market makers the “cancer of the industry,” underscoring how strongly he feels on the subject. According to ZachXBT, these exchanges, which prioritize liquidity and trading volume over proper market integrity, have ignored manipulation practices.
This criticism leans into a broader debate in the cryptocurrency space about providing liquidity versus ethical trading behavior in this space. Although market makers are needed to ensure market liquidity, their actions sometimes fall somewhere between legitimate strategy and manipulation.
ZachXBT in context: His stance underscores the growing pressure for tighter scrutiny as the cryptocurrency industry seeks broader institutional acceptance.
The bounty program embodies a broader movement within the cryptocurrency world, with independent investigators stepping in to advise on regulatory loopholes or enforce exchanges. Experts like ZachXBT have built their reputation by whitewashing scams, tracking dirty money, and tracking suspicious on-chain activity.
This decentralized model of accountability relies strongly on blockchain transparency combined with community collaboration. ZachXBT works to incentivize whistleblowers and expand the scope and scale of independent investigations.
It may also mean that this method raises uncomfortable questions about the process, and whether evidence can really be examined in advance when allegations are only made public rather than through a legal framework. Although it provides important information, the reward comes with a great burden of responsibility for both the party conducting the study and the party contributing to it.
High risks to market transparency in the field of cryptocurrencies
Thus ZachXBT’s $10,000 reward also represents a far-reaching moment in the ongoing fight for accountability from those in the industry. It raises concerns that have been growing beneath the surface by calling out a particular market maker and berating exchanges for their inaction.
It’s the start of an initiative, but it’s unclear whether it will lead to hard evidence or larger reforms. However, one thing is certain: pressure is mounting against centralized exchanges and market makers.
This in turn highlights the growing demand for accountability from both regulators and within the community itself as the cryptocurrency market matures.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any services.
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