Speculation is mounting ahead of a promised exposé from blockchain sleuth ZachXBT, with traders on Polymarket wagering nearly $3 million on which crypto firm could be accused of insider trading.

The surge in activity followed a post on X in which ZachXBT said he would release a “major investigation” on February 26 targeting one of the sector’s most profitable companies. He offered no details beyond alleging insider trading — but that was enough to ignite a wave of speculation.

Polymarket, a decentralized prediction platform where users trade contracts tied to real-world outcomes using real capital, quickly became the focal point. Because participants must risk funds rather than simply share opinions, the platform’s pricing is often viewed as a real-time sentiment gauge. After gaining wider recognition during the 2024 U.S. election cycle, Polymarket has evolved into crypto’s go-to venue for pricing unresolved narratives.

As of Tuesday morning in Asia, Meteora leads the field with 43% implied odds. Roughly $319,000 has been wagered specifically on that outcome. The Solana-based liquidity protocol has frequently surfaced in community discussions about meme coin launch mechanics, including how liquidity is seeded and who benefits from early positioning. Meteora did not immediately respond to requests for comment.

Axiom follows at 13%, while Pump.fun sits at 12%. Notably, Pump.fun has attracted the largest single-outcome volume — about $332,000 — indicating active two-sided trading rather than clear consensus. The platform has previously denied allegations of insider advantages tied to early wallet activity.

Further down the board, Jupiter holds 8%, reflecting ongoing scrutiny of Solana DeFi routing and fee extraction. MEXC stands at 7%, amid recurring social media speculation regarding token listings and trading patterns in meme coin markets.

Odds have shifted meaningfully since the market launched. Axiom, Pump.fun, and Jupiter have each fallen between 37% and 42% from their early readings, while Meteora has consolidated its lead. The move suggests initial broad guessing has given way to more concentrated bets as traders analyze ZachXBT’s past investigations and posting patterns for potential clues.

Still, prediction markets reflect collective belief, not verified information. The pricing captures trader expectations rather than confirmed insight into the forthcoming report.

For now, Polymarket is doing what it does best: turning rumors into risk and forcing participants to back their convictions with capital instead of commentary.