AXIS Falls After ZachXBT Flags Suspected Insider Sales

| cryptoadventure.com
AXIS fell about 36% in 24 hours to around $0.14 on October 29, after blockchain investigator ZachXBT alleged that more than 76 million tokens had been moved from a wallet linked to the Axis Robotics team multisig. The tokens were worth over $12 million at the time. AXIS has now fallen more than 60% from its October 24 peak of about $0.37. ZachXBT said 42 million AXIS were sold on Base, generating more than $5.04 million in USDC that was distributed across wallets. Other tokens were reportedly sent to Bitget, but an exchange transfer does not confirm a sale. The reported transfers equal about 46% of the initially reported 165 million circulating supply; that does not mean all the tokens were sold or entered circulation. Accounts of the project’s response differ. One report says Axis Robotics denied that team or investor tokens were sold and blamed an outside over-the-counter buyer for breaching a lock-up agreement. It also said 835 million AXIS, or 83.5% of the fixed supply, were held in a Binance co-managed vesting contract requiring four of six signatures to move funds. A later account said the project had not publicly responded to the allegations as of October 29. Wallet ownership and the full scale of any sales remain unverified. The allegations have heightened concerns over AXIS token distribution, treasury transparency and potential selling pressure. Traders may look for wallet disclosures, clarification of the lock-up claim and evidence that the vesting arrangements remain unchanged; uncertainty could continue to weigh on AXIS.
Bearish
The allegations point to possible large-scale selling and raise questions about AXIS’s token distribution and treasury controls. The reported 36% daily decline and loss of more than 60% from its recent peak indicate that traders have already reacted negatively. Uncertainty about who controlled the wallets, whether tokens were sold, and the conflicting accounts of the project’s response may encourage cautious positioning and amplify volatility in the short term. Longer term, the effect depends on what the project can verify. Clear wallet disclosures and evidence that the vesting contract and lock-up arrangements remain intact could help restore confidence. Conversely, confirmed sales, further unexplained transfers or weak controls could sustain selling pressure and undermine demand. The allegations are not independently confirmed, and transfers to an exchange do not prove liquidation, so the bearish assessment reflects the current risk and market reaction rather than a confirmed finding of insider selling.