Multiple employees at crypto trading platform Axiom exchange allegedly used privileged access to internal customer data to track private wallet activity and trade on that information, according to an investigation published by on-chain analyst ZachXBT.
The findings claim the misconduct dates back to early 2025 and involved the use of internal support and analytics tools that exposed sensitive user information, including linked wallet addresses, transaction histories and account identifiers.
Internal Dashboard Access Allegedly Used To Track Private Wallets
The report identifies Broox Bauer, a senior business development employee based in New York, as one of the individuals who allegedly conducted wallet lookups using internal systems.
In recorded conversations cited in the investigation, Bauer is heard describing how he could identify any user through referral codes, wallet addresses or account IDs and compile lists of wallets for trading purposes.
Screenshots shared in private chats and reviewed as part of the probe purportedly show internal dashboards displaying private wallet data for specific traders in April and August 2025.
The investigation also alleges that the information was organized into external spreadsheets mapping wallets belonging to key opinion leaders and high-volume traders.
Several individuals whose wallet data appeared in the leaked material independently confirmed the accuracy of the information attributed to them, according to the report.
Additional Employees Named In Alleged Scheme
The recordings referenced in the investigation also mention other Axiom staff.
Bauer allegedly claimed that another business development employee had previously carried out user lookups for third parties and discussed expanding access to a recently hired moderator so that similar searches could be conducted.
In a February 2026 call, Bauer outlined a plan to help the moderator generate roughly $200,000 by exploiting internal access, the report said.
Messages cited in the probe also included screenshots of exchange balances that were presented as evidence of prior profits.
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Because of the volume of transactions tied to related wallets, the investigation said it was not possible to isolate high-confidence examples of individual insider trades without access to Axiom’s internal trading logs.
Lack Of Access Controls Highlighted
ZachXBT said he was retained to conduct an independent review after receiving reports of misconduct and concluded that the platform had minimal monitoring or permission controls over sensitive internal data.
The scope of information available through the dashboard, including complete wallet lists, timestamps, tracked addresses and linked accounts was described as unusual for employees in business development roles.
The investigator noted that the presence of a New York-based employee could place the matter within the jurisdiction of the U.S. Attorney’s Office for the Southern District of New York if authorities decide to pursue the case.
Axiom Says Access Has Been Revoked And Investigation Is Ongoing
In a statement provided in response to the allegations, Axiom said it had already removed access to the relevant internal tools and was continuing its investigation.
“We are surprised and disappointed to hear that someone on our team abused internal customer support tools to look up user wallets,” the company said. “We have removed access to these tools and will continue to investigate and hold the offending parties responsible.”
The exchange added that the conduct “does not represent us as a team” and said it would provide further updates on its official communication channels.
Fast-Growing Platform Under Scrutiny
Axiom, founded in 2024 by Mist and Cal and backed by Y Combinator’s Winter 2025 cohort, has rapidly become one of the most profitable trading platforms in the sector, reporting more than $390 million in cumulative revenue.
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