Crypto players donate $1M to investigator ZachXBT after defamation lawsuit.

Several prominent businesses and members of the cryptocurrency community have donated over $1 million in stablecoins and tokens to crypto investigator ZachXBT as he prepares to fight against several defamation charges.

According to data from the on-chain analytics platform Nansen, ZachXBT received stablecoin donations in the form of USD Coin (USDC), Tether (USDT), and Dai (DAI). Additionally, he also received memecoins such as PEPE and JESUS from hundreds of wallets. ZachXBT received most of these funds on the Ethereum blockchain, but he also received part of the funds on BNB Chain, Arbitrum, Polygon, Optimism, and other Fantom-based tokens.

ZachXBT has received support from prominent cryptocurrency personalities such as Binance CEO Changpeng Zhao and Tron founder Justin Sun. Musician and tech entrepreneur Jeffrey Huang filed a lawsuit against ZachXBT over an article that ZachXBT posted a year ago, accusing Huang of stealing Ethereum from a cryptocurrency platform.

Last Friday, Huang filed a lawsuit in the US District Court for the Western District of Texas. The lawsuit claims that ZachXBT harmed the reputation and finances of MachiBigBrother through defamation. The complaint charges ZachXBT with one count of libel and one count of libel per se.

ZachXBT asked for support on Twitter, and many people donated stablecoins such as USDC and Tether, as well as Ethereum and Polygon tokens, to his wallet. ZachXBT intends to use the funds to cover his legal expenses and will return any extra money to the donors fairly. On-chain data shows that as of Monday morning, ZachXBT has moved these funds to another address.

More About ZachXBT

ZachXBT is a well-known figure in the cryptocurrency space for exposing scams and highlighting security issues. He has recently faced a defamation lawsuit that has unveiled his previously anonymous identity. Despite this, the Web3 community has come together to support him by contributing funds for his legal defense.

ZachXBT values transparency and has promised to return any remaining donations to his supporters based on their proportional contributions. The overwhelming financial support he has received reflects the acknowledgment of his significant contributions to the industry and the willingness of the cryptocurrency community to help someone who strives to make a positive difference.

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