Blockchain Analyst ZachXBT Exposes Crypto Influencers for Backing Scammy Exchanges
Prominent blockchain investigator ZachXBT has issued a stark warning about crypto influencers who endorse questionable offshore exchanges. In a recent Telegram post, he urged users to block any favorite influencer promoting “sketchy bucket shops“ like KCEX, Toobit, Bitunix, WEEX, and Jucoin, emphasizing that such endorsements signal a lack of genuine trading expertise. Instead, these promoters often rely on kickbacks from referral links and key opinion leader agreements to generate income.
ZachXBT’s alert arrives amid growing scrutiny of high-profile shills in the space. Lark Davis, a well-known crypto commentator who goes by the name Crypto Lark, shared an affiliate link for Bitunix, highlighting its no-KYC trading, deposit bonuses up to $700, trading incentives worth $8,000, and daily giveaways totaling $1,000. This promo (archived) drew immediate backlash, as it spotlights a platform that operates with minimal oversight compared to established players, drawing the ire and scrutiny of ZachXBT.
This isn’t the first time ZachXBT has exposed the Crypto Lark (Davis). Back in 2022, ZachXBT investigated how Davis was found to promote low cap projects to his followers and then dump on them shortly after. In addition to that, in 2024, it was discovered that Crypto Lark (Davis) was part of a group of key opinion leaders and influencers being paid by the Polkadot crypto treasury to do sponsored posts.
Bitunix Operations and User Experiences
Bitunix emerged around 2021 or 2022 as a centralized exchange centered in Saint Vincent and the Grenadines, offering derivatives, spot trading, and copy trading functionalities. The platform caters to users seeking quick access without identity verification, imposing limits on no-KYC accounts while providing low fees for high-volume traders. Features like futures contracts and Coin-M tools position it as an entry point for novices or those preferring to bypass geographic restrictions through simple setups.
Yet concerns linger among a vocal segment of the community regarding Bitunix’s reliability. Reports surface frequently about sudden account suspensions, particularly after users secure notable profits or during high-volatility swings. Withdrawal delays stretch to 30 days in some instances, coupled with surprise fees that erode gains, while non-premium customers often face sluggish service responses.
Allegations of trade manipulation and potential exit schemes further cloud the platform’s standing. Online forums buzz with accounts labeling it unreliable due to it being fairly new and having opaque practices. Rating services offer conflicting verdicts, with some deeming it secure enough for basic use while others flag it at moderate risk levels around 5.65 out of 10.
ZachXBT’s critique extends beyond Bitunix to underscore a broader pattern in crypto influencer behavior. Platforms lacking clear details on teams and operations fall short of standards set by trusted well-known entities like Kraken, Bybit, or Gemini. These tier-one exchanges prioritize transparency, which builds lasting trust in an industry prone to rapid shifts.