Insider Trading Allegations on Solana Platform… Were Customer Wallets Misused?

▲ Solana (SOL)

An employee of Axiom, a trading platform built on the Solana (SOL) ecosystem, is alleged to have conducted insider trading for months by exploiting internal customer data, sending shockwaves through the industry.

According to DL News on February 27 (local time), pseudonymous on-chain investigator ZachXBT revealed that Axiom employee Broox Bauer used internal tools to access customer wallet information and executed dozens of insider trades based on that data. Bauer, who was responsible for business development, allegedly tracked client wallet addresses and transaction activity with colleagues to gain an advantage over regular traders.

ZachXBT claimed that “there were virtually no monitoring or control mechanisms over employee access permissions,” adding that the internal dashboard allowed viewing of wallet lists, tracked wallets, transaction histories, nicknames, and linked accounts. A leaked spreadsheet reportedly organized targeted wallet addresses, and some individuals confirmed that the listed wallet information was accurate. The activity is said to have begun shortly after the platform’s launch in January 2025 and continued for approximately ten months.

According to recorded conversations, Bauer allegedly explained to an acquaintance earlier this February how privileged access could be used to generate profits of up to $200,000. However, the actual scale of profits has not been confirmed. Axiom stated that it was “surprised and disappointed” by the misuse of internal customer support tools, adding that the access in question has been revoked and that further investigation is underway.

The allegations come amid growing controversy over insider trading in cryptocurrency and prediction markets. The Terraform Labs bankruptcy estate previously filed a lawsuit alleging that Jane Street profited during the Terra collapse using non-public information. In the United States, the proposed “Financial Prediction Market Public Integrity Act of 2026” has been co-sponsored, sparking discussions on restricting trading in policy-linked prediction markets. ZachXBT noted that the Axiom case could potentially fall under the jurisdiction of the U.S. Attorney’s Office for the Southern District of New York (SDNY).

Founded in 2024 and launched after participating in Y Combinator’s Winter 2025 batch, Axiom has reportedly generated more than $390 million in cumulative revenue, according to DefiLlama. While it has rapidly emerged as a high-yield platform, the latest insider trading allegations highlight regulatory risks and concerns over credibility.

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