One leaked list, hundreds of influencers, and a glimpse into the hidden world of crypto marketing.

The Price Tags Behind Tweets

Recently, anonymous on-chain investigator ZachXBT shared a leaked document on X (formerly Twitter), revealing over 200 crypto influencers along with their social accounts, Solana wallet addresses, and the fees they charged for promoting tokens. Payment tiers ranged from a few hundred to tens of thousands of dollars, with some transactions traceable on-chain. Shockingly, only a handful of KOLs- less than five- clearly labeled their posts as sponsored content. The vast majority appeared as genuine recommendations, leaving followers none the wiser.

Tweets vs. Market Reality

This leak isn’t just about a spreadsheet- it exposes cracks in the transparency of crypto promotion. KOL posts are often treated as market insights, but when hidden financial incentives drive content, the reliability of the information diminishes. These “invisible ads” can mislead investors and deepen existing trust gaps in the crypto ecosystem. In highly volatile, low-liquidity markets, such covert promotion can sway retail investors, creating a landscape where algorithmic amplification and social influence often guide decision-making more than fundamental analysis.

ZachXBT’s Investigative Ripple

ZachXBT, an anonymous on-chain detective, is known for tracking major thefts and uncovering laundering paths. In the past, he has helped authorities trace multi-million-dollar crypto heists, earning a reputation as the crypto world’s “private investigator.” This latest spreadsheet ignited discussions across X, with community members calling it a “reveal of hidden truths.” Many noted that posts that appeared organic were likely paid placements, and some hope this investigation pressures platforms and KOLs to adopt stricter transparency standards.

Trust vs. Hype

This leak serves as a mirror to the crypto ecosystem. For KOLs, reputation is their most valuable asset- when paid promotions masquerade as authentic advice, trust erodes. For projects, short-term hype may come at the cost of long-term credibility if sponsorships aren’t disclosed. For followers, cultivating discernment is essential to navigate the noise and identify genuine insights.

❓ When tweets might be driven by hidden incentives, how do you separate signal from noise?