CZ, Powell and other crypto leaders support ZachXBT’s legal fees, raising over $1M
ZachXBT, a prominent blockchain investigator in the cryptocurrency industry, has received an outpouring of support from the crypto community, raising over $1 million in just over 24 hours to cover his legal expenses in a defamation lawsuit.
The Legal Dispute
The defamation lawsuit was filed by Jeffrey Huang, also known as MachiBigBrother on Twitter, who accused ZachXBT of damaging his reputation through false allegations. The lawsuit was prompted by an article published by ZachXBT in June 2022, titled “22,000 ETH Embezzled and Over Ten Projects Failed: The Story of Machi Big Brother (Jeff Huang),” where he accused Huang of launching multiple failed pump and dump tokens and NFT projects.
ZachXBT responded to the lawsuit on June 17, calling it “baseless” and an “attempt to chill free speech.” In an effort to fund his legal defense, he created a donation wallet address and reached out to his followers for assistance.
The crypto community quickly rallied behind ZachXBT, with several industry leaders showing their support through generous donations. Changpeng “CZ” Zhao, CEO of Binance, pledged to contribute $50,000 to ZachXBT’s legal fees, emphasizing the importance of transparency in the industry. Jesse Powell, co-founder of Kraken, also expressed his gratitude for ZachXBT’s work and donated 10 Ether (ETH).
Sandeep Nailwal, the founder of Polygon, praised ZachXBT for his contributions to the growth of the Web3 ecosystem and pledged to donate 5 ETH. Many other individuals and organizations made smaller contributions, collectively surpassing the $1 million mark within a day.
ZachXBT’s work as a blockchain investigator has had a significant impact on the industry. In October 2022, French authorities utilized his research to charge five individuals involved in a phishing scam that resulted in the theft of $2.5 million worth of nonfungible tokens. His dedication to uncovering fraudulent activities and promoting transparency has earned him respect and support from the community.
This incident serves as a reminder of the challenges faced by individuals who take a stand against fraudulent practices and misinformation in the cryptocurrency space. Despite the risks, ZachXBT remains committed to truth and integrity, and the community has shown its solidarity by standing behind him.
It is heartening to see the crypto community band together to support a fellow advocate for transparency and integrity in the industry. The overwhelming response to ZachXBT’s plea for assistance reflects the shared values of the crypto community and its commitment to holding individuals accountable for their actions. Initiatives like these help foster trust and credibility within the industry, and it is crucial that we continue to support each other in the face of adversity.
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