CZ, Powell, and Others Rally to Fund Legal Fees for ZachXBT’s On-Chain Sleuthing, Surpassing $1M

ZachXBT Estimates Legal Fees to Surpass $1M, Alleges MachiBigBrother’s Attempt to Silence Him

In a remarkable show of support, the crypto community has rallied behind blockchain investigator ZachXBT, providing him with over $1 million in donations in just over a day. These funds are intended to assist him in his legal defense against a defamation lawsuit filed by an individual he accused of engaging in fraudulent activities. The overwhelming response highlights the solidarity and belief within the crypto community in the importance of defending the freedom of expression and the pursuit of truth within the industry.

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ZachXBT, recognized by his 412,900 Twitter followers for his investigative contributions to the blockchain and cryptocurrency field, has recently faced legal action. On June 16, Jeffrey Huang, who goes by the Twitter handle MachiBigBrother, publicly announced that he has filed a defamation lawsuit against ZachXBT. Huang alleges that ZachXBT has harmed his reputation by making false accusations against him. The lawsuit sheds light on the challenges and potential consequences faced by individuals involved in the intricate world of online investigations and allegations within the crypto community.

Huang’s reference pertains to 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).” In the article, ZachXBT accused Huang of being involved in the creation of numerous unsuccessful pump and dump tokens as well as NFT projects, totaling more than ten failed endeavors. Huang’s defamation lawsuit against ZachXBT arises from these specific allegations made in the article, drawing attention to the contentious nature of accusations within the blockchain and cryptocurrency realm.

Also Read: CZ Denies Allegations of Binance User Fund Diversion

In a series of tweets on June 17, ZachXBT strongly contested the defamation lawsuit filed against him, labeling it as “baseless” and characterizing it as an effort to suppress freedom of speech. He highlighted the potential financial burden of the legal proceedings, projecting that the associated fees could surpass $1 million. To gather support, he established a donation wallet address, providing an avenue for individuals to contribute to his legal defense. ZachXBT’s response sheds light on his determination to defend his right to express opinions and concerns within the blockchain and cryptocurrency community.

Expressing his dismay, ZachXBT described the lawsuit as “sickening,” acknowledging that he had anticipated such a situation would eventually arise, deeming it “the price” he must pay for speaking the truth.

In a tweet, he highlighted that when one shares the truth, it is not uncommon for people to dislike or oppose their words. Following the news of the lawsuit, numerous crypto executives stepped forward to donate to ZachXBT’s cause, commending his contributions to the crypto and web3 industry and recognizing the significance of his work.

The support from industry leaders underscores the value placed on ZachXBT’s endeavors and the recognition of the challenges faced by those who strive for transparency and accountability.

Changpeng “CZ” Zhao, the CEO of Binance, took to Twitter to express his admiration for ZachXBT, urging him to continue promoting transparency within the industry.

CZ announced that Binance would contribute $50,000 to support ZachXBT’s legal fees fundraiser, emphasizing the significance of his efforts.

Similarly, Jesse Powell, co-founder of Kraken, extended his gratitude to ZachXBT for his contributions and pledged to donate 10 Ethereum (ETH), which at the time was valued at $1,729 each, summing up to approximately $17,294.30.

These gestures from industry leaders underscore the recognition of ZachXBT’s work and the importance of defending the pursuit of truth and transparency in the crypto sector.

Sandeep Nailwal, the founder of Polygon, took to Twitter to acknowledge ZachXBT’s pivotal role in the growth and vitality of the web3 ecosystem, attributing his contributions as the reason for its thriving state.

Nailwal announced his support by pledging a donation of 5 Ether (approximately $8,645.35). Astonishingly, within a mere day of ZachXBT sharing the donation wallet address, the support poured in, surpassing the $1 million mark in contributions.

This overwhelming response from the community highlights the widespread recognition and appreciation for ZachXBT’s work and underscores the collective belief in the importance of promoting transparency and truth in the crypto space.

Also Read: Atomic Wallet Victim Recovers $1M With Assistance From On-Chain Researcher ZachXBT

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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