Suspected Axis Robotics insiders sold 42M AXIS tokens, ZachXBT says, as price falls 40%

The on-chain sleuth flagged large sales from a team-linked multisig eight days after launch, while Axis Robotics blames an OTC counterparty Axis Robotics launched its AXIS token on October 21, 2026. Eight days later, the token had lost 40% of its value in a single day. The trigger was a report from on-chain investigator ZachXBT. He said suspected Axis Robotics insiders sold 42 million AXIS tokens, setting off a sharp sell-off that the project now says it had nothing to do with. What ZachXBT found According to the research findings tied to ZachXBT’s disclosure, more than 76 million AXIS tokens were withdrawn on October 29, 2026. They came from a multisig wallet controlled by the team. The withdrawn tokens were worth more than $12 million at the time. Most of them were reportedly sold on decentralized exchanges on Base, the Ethereum layer-2 network where AXIS lives. Some of the tokens took a different route. Part of the stash was transferred to Bitget, a centralized exchange. One address stood out. That wallet offloaded approximately 42 million AXIS within the 24-hour window, according to the findings. The proceeds were converted into upwards of 5.04 million USDC, a dollar-pegged sta...