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ZACHXBT

Defamation Lawsuit: ZachXBT Rakes In Over $1 Million In Donations

Ebo Victor
by Ebo Victor
2 years ago
·
Posted in Crypto News, News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

After ZachXBT, a well-respected investigator in the field of blockchain, disclosed his ongoing legal dispute due to defamation claims stemming from his previous investigations, he has received an incredible amount of over $1 million in donations from members of the cryptocurrency community.

ZachXBT
Image: ZachXBT Twitter Page

1/ It’s unfortunate I have to make this thread but I am being sued by MachiBigBrother for an article I published in June 2022.

Today Machi filed the defamation lawsuit. The lawsuit is baseless and an attempt to chill free speech. I intend to fight back & defend free speech. pic.twitter.com/anVY6zXU5a

— ZachXBT (@zachxbt) June 16, 2023

ZachXBT Accused Of Defamation By Huang

Huang has filed a lawsuit against ZachXBT regarding an article published a year ago.

In the said article, ZachXBT alleged that Huang, one of the co-founders of Formosa Financial, a now-defunct cryptocurrency treasury management platform, embezzled millions of dollars’ worth of Ethereum.

It is worth noting that ZachXBT’s claims were substantiated by on-chain data.

Expressing his perspective on the matter, he stated, “From what I understand, Machi possesses significant wealth, whereas I do not. He is leveraging his financial resources in an attempt to silence me.”

He anticipated that his legal defense would require a substantial amount, potentially exceeding $1 million.

However, within a single day, the wallet address shared by the crypto sleuth amassed digital assets surpassing the aforementioned target.

Ethereum around $1,813 on the 4H chart | Source: ETHUSD on TradingView
Ethereum around $1,813 on the 4H chart | Source: ETHUSD on TradingView

Taking to Twitter, he shared a digital wallet address last Friday, accompanied by remarks that portrayed the litigation initiated by Jeffrey Huang.

He likened the situation to a classic tale of “David and Goliath.”

Diverse Range Of Contributions From Prominent Crypto Exchanges

The donated funds in ZachXBT’s wallet exhibit a diverse range of digital assets.

At present, the wallet comprises a substantial sum of over $650,000 in the stablecoin USDC, nearly $274,000 in Tether, and includes other tokens such as Ethereum valued at $284,000 and Polygon at $90,000.

Related Reading: Crypto Sleuth ZachXBT Slapped With Defamation Lawsuit: Details

A number of cryptocurrency exchange participants have actively contributed to this project.

According to Nansen data, wallets linked to well-known exchanges like Binance, Bitfinex, Bybit, Coinbase, Kraken, OKX, Uniswap, and 1inch have donated to ZachXBT’s wallet.

While a significant number of contributions amount to less than $100, several transactions range from $10,000 to $50,000, demonstrating the involvement of industry members who are eager to lend their support.

Notably, Binance CEO Cangpeng “CZ” Zhao made a generous donation and encouraged the crypto sleuth to persevere in his battle, emphasizing the importance of transparency within the industry.

This contribution is noteworthy, considering Binance and Zhao’s ongoing legal dispute with the Securities and Exchange Commission.

Related Reading: Binance.US Reaches Agreement With SEC On U.S. Operations Amid Ongoing Lawsuit

In addition, Justin Sun, the founder of Tron and an advisor to the crypto exchange Huobi, contributed $10,000 worth of the stablecoin True USD to the crypto sleuth’s cause.

Sun highlighted the invaluable role played by the sleuth in educating the crypto community, as translated from a tweet.

Featured image from ZachXBT’s twitter page, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ebo Victor

Ebo Victor

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Ebo Victor is a professional crypto journalist, writer and trader, Whose main goal is to preach the crypto gospel to everyone around him. With his vast experience covering various aspects of Web3, crypto and blockchain, Victor has helped several crypto publications in creating quality content. He is a lover of sport and art.

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