Crypto Community Unites Raising $1 Million to Aid Blockchain Investigator in Defamation Lawsuit
Blockchain investigator ZachXBT has received an astonishing amount of support from the cryptocurrency community, raising over $1 million in donations within just 24 hours.
This remarkable fundraising effort aims to assist ZachXBT in covering the substantial legal fees he faces in an ongoing defamation lawsuit.
ZachXBT, renowned for his investigative work in the blockchain and cryptocurrency industry, finds himself embroiled in a legal dispute with Jeffrey Huang, also known as MachiBigBrother, on Twitter. Huang publicly announced his defamation lawsuit against ZachXBT, accusing him of damaging his reputation through false allegations.
While the specific claims made by ZachXBT were not disclosed by Huang, an article published in June 2022 titled “22,000 ETH Embezzled and Over Ten Projects Failed: The Story of Machi Big Brother (Jeff Huang)” shed light on the situation. In the article, ZachXBT accused Huang of being involved in the launch of numerous failed pump-and-dump tokens and NFT projects.
Responding to the lawsuit, ZachXBT vehemently dismissed the claims as baseless and an attempt to suppress freedom of speech. He established a donation wallet address to seek financial assistance from his followers, as he anticipates his legal fees could exceed $1 million. ZachXBT expressed his belief that this lawsuit is a consequence of the price one pays for being honest and speaking the truth.
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In a heartening display of support, several prominent figures in the cryptocurrency industry stepped forward to donate and applaud ZachXBT’s contributions. CZ, the CEO of Binance, urged ZachXBT to uphold industry transparency and pledged a generous $50,000 towards his legal expenses. Jesse Powell, the co-founder of Kraken, expressed gratitude for ZachXBT’s work and contributed 10 ETH, worth approximately $17,294 at the time. Sandeep Nailwal, the founder of Polygon, recognized ZachXBT’s impact on the Web3 ecosystem and pledged 5 ETH, valued at around $8,645 at the time.
Within a mere day of sharing the donation wallet address on Twitter, ZachXBT exceeded the remarkable milestone of $1 million in contributions. This overwhelming support from the crypto community showcases the recognition of ZachXBT’s dedication to truth and transparency.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
