ZachXBT Alleges Insider Trading at Axiom

Stanislas de Maistre of Belem | STS Digital Raises $30M

Marco Manoppo & Karon Pangestu
February 27, 2026

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ZachXBT put Axiom in the spotlight, alleging that employees used internal tools to track private wallet data and talked about trading off it. If that is true, this is not just an Axiom problem. It brings up bigger questions around internal access, governance, and how much visibility crypto platforms really have into user activity.

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In Today's Email:

What Matters: ZachXBT Alleges Insider Trading at Axiom 👀
Founders Highlight: Stanislas de Maistre of Belem Capital 👨
Deal Flows: STS Digital Raises $30M 💰️

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Narratives: Stablecoin Yield Tension

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WHAT MATTERS

ZachXBT Alleges Insider Trading at Axiom

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State of play: Blockchain investigator ZachXBT published a report alleging that employees at crypto trading platform Axiom misused internal tools to access private wallet data and discussed using that information to profit from trades.

The report alleges a senior employee used internal tools to access and track user wallets, sharing screenshots that linked addresses to specific traders.
Several individuals confirmed the leaked wallet data was accurate.
ZachXBT also claimed employees discussed using privileged access to profit from trades, including a plan that could have made $200K.
He noted that confirming specific insider trades would require access to Axiom’s internal logs.
Axiom stated it removed access to the internal tools involved and is continuing its investigation, promising further updates as more details emerge.

Why it matters: In crypto, trust is infrastructure. Once that cracks, revenue and growth can unwind fast.

Our take: If internal dashboards are too permissive, the risk is structural. Whether insider trades are proven or not, the optics alone are damaging.

For builders and investors: Builders need tighter access controls and audit trails by default, not after a scandal.

BUILDER-INVESTOR HIGHLIGHT

Stanislas de Maistre of Belem Capital

Intro: Stanislas de Maistre is the General Partner of Belem Capital, a Luxembourg-based digital asset investment platform and solution partner for professional and institutional investors.

Previous background: Before Belem, Stanislas built a hybrid profile across risk, private markets, and digital assets.

He began in financial risk management in the US, focusing on modeling and Monte Carlo analysis, then moved into consulting at Capgemini.
He later shifted into executive and investment roles. As Managing Partner at LFV des Vosges, he worked on private loans, real estate, private equity, IPO exposure, and early crypto investments in ETH, BTC, DeFi, and NFTs.
He also advised and invested in MEV Capital, a DeFi focused digital asset manager, and held board level responsibilities at Wimi.

The big idea: Stanislas’s big idea is to make crypto boring, institutional, and dependable enough that large capital pools can treat it like fixed income rather than a casino.

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INSIGHTS

US Lawmakers Reopen Stablecoin Yield Debate

US lawmakers are revisiting the issue of stablecoin rewards as concerns resurface that offering yields could pull deposits away from traditional banks.

At a Senate hearing, Sen. Angela Alsobrooks warned that stablecoin yields could mimic bank deposits without the same safeguards, increasing deposit flight risks.
Sen. Thom Tillis said he will seek an independent regulatory review before proceeding.
The debate ties back to the GENIUS Act, which prohibits stablecoin issuers from paying direct interest but allows third party platforms to offer rewards.
Community banks argue that allowing yields could significantly reduce deposits and lending capacity.
Crypto firms dispute those claims, saying there is no clear evidence linking stablecoin adoption to deposit flight.
Regulators at the hearing also said they have not observed large scale deposit outflows from banks.
Meanwhile, the OCC has issued a proposal outlining how it will oversee certain stablecoin issuers under the GENIUS framework.

DEAL FLOWS

STS Digital Raises $30M

Deal flows soared this week - we saw $460M+ in deals 💼

STS Digital has secured $30M in a strategic funding round led by CMT Digital, with participation from Payward, the infrastructure firm behind Kraken, as well as Strobe Ventures, Arrington Capital, F-Prime, and BitRock Capital.

The company will use the funds to expand its institutional spot and options platform, boost market-making, and reinforce its balance sheet and liquidity.
STS Digital offers access to more than 400 tokens across spot markets, vanilla and exotic options, and structured products.
CEO Maxime Seiler said institutional demand for crypto options is rising, highlighting the need for strong balance sheets and disciplined risk management.
STS Digital operates as a regulated principal trading firm under the Bermuda Monetary Authority.
The raise follows its 2024 acquisition of Swiss market maker Flovtec, which expanded its trading infrastructure and liquidity capabilities.

Deal flows in the past week:

Kash, $2M Pre Seed Round
TBD, $3M Seed Round
Bluprynt, $4.25M Seed Round
t54 Labs, $5M Seed Round
Based One, $11.5M Series A Round
STS Digital, $30M Strategic Round
Whop, $200M Strategic Round
Flying Tulip, $206M Public Token Sale
Power Protocol, $3M Unknown Round

QUICK BITES

STS Digital raises $30M strategic round.
Bitcoin ETFs post highest net inflows in three weeks.
SBI Holdings unveils trust bank-backed JPY stablecoin.
US lawmakers revisit stablecoin yields amid deposit flight concerns.
Suspected inside betting on Axiom insider trading probe rake in $1M.
MetaMask & Mastercard launch US payment card with onchain rewards.
MEV Capital AUM collapses 80% in four months as Belem absorbs team.
ZachXBT names Axiom in investigation into alleged employee insider trading.
Vitalik Buterin ETH sales hit $35M, exceeding planned 16,384 ETH allocation.

NOTEWORTHY READS & MEME

Dune’s read on the $300B Stablecoin Market.
Bull Theory's read on Crash markets and make Billions.
Justin Bechler’s read on How Jane Street Broke Bitcoin's Price.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.