Axis Robotics team wallet moves spark 40% token price drop
Security & Exploits ·
On-chain investigator ZachXBT says insiders pulled tens of millions of AXIS tokens from a multisig and sold shortly after major exchange listings.
Suspected insiders tied to Axis Robotics withdrew more than 76 million AXIS tokens, worth over $12 million, from the project's team multisig wallet, according to findings shared by on-chain investigator ZachXBT and reported by wublockchain.xyz. The tokens were routed through decentralized exchanges before proceeds were deposited into Bitget, the report said.
Within that broader movement, one wallet linked to an insider is said to have sent roughly 42 million tokens straight out of the multisig and converted them into approximately 5.04 million USDC. The sale coincided with a 40% drop in the token's price, occurring about one week after AXIS debuted on Coinbase, Upbit, and Binance.
The timing has drawn scrutiny because the token had only recently gained exposure through three major listings before the multisig activity began. Large, rapid outflows from a team-controlled wallet so soon after new trading venues open tend to raise questions about coordination between token holders and market timing, particularly when sales are funneled through DEXs rather than the listing exchanges themselves.
Separate accounts within the same reporting cluster describe a similar pattern, with one version citing the $12 million-plus sell-off and the 5.04 million USDC conversion from a single wallet cluster, and another describing the 42 million-plus token dump and 40% crash as occurring within 24 hours of launch and spread across multiple wallets. Three distinct sources have covered the episode, with figures for the token amounts, dollar values, and price impact remaining consistent across versions even as details on timing and wallet count differ slightly.
Not yet confirmed is whether Axis Robotics has issued any public response to the multisig withdrawals, what portion of the 76 million tokens originated from allocations meant for the team versus other reserves, and whether the Bitget deposits have been linked to further movement or freezing of funds. The precise identities behind the wallets flagged by ZachXBT also remain undisclosed.