Merkle Science analysis suggests 57–60% of Tokenlon swap volume (2022–2023) interacted with wallets later linked to scam networks.
The flow pattern: Victim funds ($ETH / USDC) → swapped via Tokenlon → converted into $USDT / $DAI → then routed toward CEXs.
ZachXBT publicly named imToken CEO Ben He on May 4, escalating the situation, and hinted other protocols could come under similar scrutiny.
Independent analyses (including reports cited from TIME coverage and Chainbrium research) point in the same direction but attribution at this scale is always probabilistic, not absolute.
The real question isn’t just Tokenlon.
If a significant portion of flagged flows consistently ends up on centralized exchanges, where does responsibility actually begin?
Everyone is retweeting the ZachXBT Tokenlon thread. The underlying data is where it gets interesting.
byu/Crypto_future_V inethtrader
Posted by Crypto_future_V
2 Comments
The CEX angle is what gets me – if majority of these flows end up there anyway, feels like we’re looking at the wrong part in the chain
Also that 57-60% figure seems wild high for coincidence, even with probabilistic attribution
A lot of FUD as we get closer to clarity act passing. I’ll add more ETH