Blockchain investigator ZachXBT has criticized defenders of the decentralized exchange Aster amid growing concerns that the platform is inflating its trading volumes through wash trading.
The on-chain sleuth also highlighted the project’s connections to “known grifters,” including James Wynn and Alex “Shillin_Villain,” calling these associations the worst move Aster has made so far.
ZachXBT vs. Anndy Lian
ZachXBT’s comments followed remarks from Singaporean economist Anndy Lian, who defended the exchange and claimed that “all crypto projects have washed trades,” arguing such practices are commonplace in the industry.
“All crypto projects have washed trades. Only those that did not make it are not washed. No one is a saint here. Also, it depends on how much is washed,” Lian wrote on X.
Wash trading occurs when a trader or automated system simultaneously buys and sells the same asset to create the illusion of high trading volume, misleading investors about market liquidity and activity.
In response, ZachXBT wrote, “Such an awful take—normalizing wash trading is bad for the industry.”
He also questioned Lian’s claim of being “an observer,” suggesting bias in his commentary.
ZachXBT shared screenshots showing that Lian had written “zero posts about HYPE and only two posts mentioning Hyperliquid,” while “almost every other post is about Aster,” implying a lack of neutrality.
ZachXBT Calls Out Grifters
ZachXBT further alleged that Aster’s collaboration with “known grifters” in its promotional efforts was “the worst thing” the project could have done. He specifically named crypto traders Wynn and Shillin.
James Wynn, a pseudonymous trader, gained notoriety earlier this year for making massive leveraged bets on perpetual futures exchanges such as Hyperliquid.
His high-risk strategies attracted a large online following but also criticism after several well-documented liquidations reportedly wiped out most of his holdings.
Wynn has also faced accusations of promoting speculative tokens and memecoins without disclosing his potential financial interests.
“Shillin Villain,” another pseudonymous influencer, derives his name from the crypto slang term “shilling,” meaning the undisclosed promotion of a project for personal gain.
Aster’s DefiLlama Delisting
The controversy follows Aster’s delisting from data aggregator DefiLlama amid concerns about potential wash trading.
On Sunday, Oct. 5, DefiLlama’s founder, 0xngmi, wrote on X that the platform’s investigation had found Aster’s trading volumes “starting to mirror Binance perp volumes almost exactly.”
The founder shared charts showing Aster’s volume patterns, closely tracking Binance’s perpetuals market from late Saturday through Sunday.
“Aster doesn’t make it possible to get lower-level data such as who is making and filling orders. Until we can verify if there’s wash trading, Aster’s perpetuals will be delisted,” 0xngmi wrote.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.