Blockchain investigator ZachXBT has found himself at the center of a legal battle, facing a defamation lawsuit that could have serious implications for his reputation and the wider crypto community.
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However, in an extraordinary display of solidarity, the crypto community has come together, raising over $1 million in donations within 24 hours to support ZachXBT in covering his legal expenses.
ZachXBT’s Influence in the Crypto Space
Over the years, ZachXBT has dedicated time and expertise to uncovering fraudulent activities, identifying scams, and shedding light on suspicious transactions. His work helps protect investors, prevent illicit activities, and foster a more transparent and trustworthy environment for participants in the crypto industry.
In February, ZachXBT assisted in investigations that helped in the convictions of 2 people associated with the Platypus hack.
ZachXBT’s Legal Dispute
On June 16, Jeffrey Huang known as Machi Big Brother on Twitter accused ZachXBT of tarnishing his reputation by making baseless accusations. As a result, he made a declaration that he is suing the on-chain sleuth.
Although the specific allegations were not detailed in Huang’s tweet, it appears to be related to an article published by the investigator in June 2022 titled: 22,000 ETH Embezzled and Over Ten Projects Failed: The Story of Machi Big Brother (Jeff Huang).
In his controversial article, ZachXBT accused Huang of being involved in the launch of “over 10 failed pump and dump tokens and NFT projects.”
ZachXBT Calls for Support via Donation
ZachXBT acknowledges the vast difference in financial resources between himself and Machi Big Brother, characterizing the lawsuit as an unfair contest. In a series of tweets on June 17, ZachXBT passionately defended his actions and called on his followers for support. He added that the lawsuit is baseless and an attempt to stifle free speech.
He set up a contribution wallet address to help fund the anticipated legal costs, which he estimates could exceed $1 million.
The Power of Community Support
The crypto community has demonstrated its unwavering support for ZachXBT, as several prominent industry executives stepped forward to donate and express their admiration for his work.
Notably, Changpeng Zhao, CEO of Binance, publicly praised ZachXBT, urging him to continue promoting transparency within the industry. Zhao’s endorsement was accompanied by a pledge of $50,000 from Binance towards his legal fees.
Additionally, Jesse Powell, the co-founder of Kraken joins the ranks of industry executives offering their endorsement and financial assistance. Powell expressed his gratitude for ZachXBT’s contributions and pledged a generous donation of 10 Ether (ETH).
Recognizing the influence of the on-chain sleuth, Sandeep Nailwal also demonstrated his support by pledging a generous donation of 5 ETH.
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