CZ, Powell and more rally to fund legal fees for on-chain sleuth ZachXBT, surpassing $1M

ZachXBT Receives Over $1 Million in Donations from Crypto Community

ZachXBT, a blockchain investigator, has been given more than $1 million in donations from the cryptocurrency community in slightly over 24 hours, to cover the costs of his legal proceedings in a defamation case.

ZachXBT, renowned for his probing investigations in the blockchain and cryptocurrency sector, has become embroiled in a legal conflict with Jeffrey Huang, otherwise known as MachiBigBrother on Twitter.

On June 16, Huang tweeted that he had taken legal action against ZachXBT for defamation, claiming that the latter had damaged his reputation through untrue assertions.

In June 2022, an article by ZachXBT entitled “22,000 ETH Embezzled and Over Ten Projects Failed: The Story of Machi Big Brother (Jeff Huang)” was published, in which Huang was accused of initiating more than ten unsuccessful pump-and-dump token and NFT ventures. Although Huang did not specify what the allegations were, the article indicated this.

On June 17, ZachXBT took to Twitter to respond to the lawsuit, calling it “baseless” and a “tactic to discourage free speech”. He set up a donation wallet address for his followers to help with the legal fees, which he estimated could be more than $1 million.

He declared that the lawsuit was “disgusting,” yet he anticipated that it would eventually occur, for it is the consequence of being truthful.

He tweeted that sometimes people do not like what is said when the truth is spoken, and that can come at a price.

Crypto Executives Commend ZachXBT for His Contributions to the Industry

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Several executives in the crypto sector gave donations to ZachXBT and commended him for his contributions to the crypto and web3 industries.

In a tweet, Changpeng “CZ” Zhao, CEO of the crypto exchange Binance, praised ZachXBT and promised to contribute $50K towards his legal fees, while encouraging him to “keep the industry transparent”.

Jesse Powell, co-founder of the cryptocurrency exchange Kraken, expressed his gratitude to ZachXBT for his work, and announced he would be donating 10 Ethereum (ETH) (approx. $17,294.30).

Sandeep Nailwal, the founder of Polygon, tweeted that ZachXBT is the “catalyst for the success of web3”, and that he will be donating 5 Ether (approximately $8,645.35).

Only 24 hours after ZachXBT shared the link to the donation wallet, he has already surpassed the $1 million mark in donations.

In October 2022, Cointelegraph reported that the French authorities had used ZachXBT’s investigation to accuse five individuals of stealing $2.5 million worth of non-fungible tokens (NFTs) through phishing schemes.

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