Over $1 million raised in ZachXBT’s legal fight turned into funding success.
ZachXBT, a highly respected investigator in the blockchain industry, has received an overwhelming amount of support from the cryptocurrency community after revealing a defamation lawsuit filed against him based on one of his previous investigations.
Many cryptocurrency enthusiasts from around the world have donated more than $1 million to fund his legal defense, in a remarkable display of solidarity.
ZachXBT shared a digital wallet address on Twitter on Friday, along with details of the lawsuit filed by Jeffrey Huang, also known as “Machi Big Brother” online.
Huang’s lawsuit is centered on an article published by ZachXBT a year ago, in which he accused Huang of embezzling millions of dollars’ worth of Ethereum from Formosa Financial, a defunct crypto treasury management platform co-founded by Huang.
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A year ago, @zachxbt published a Medium article about me that damaged my reputation. Today, I have filed a defamation lawsuit against him in the United States District Court for the Western District of Texas.
— Machi Big Brother (@machibigbrother) June 16, 2023
Crypto Community Rallies For ZachXBT
ZachXBT has stated that his legal defense could potentially cost over $1 million. Interestingly, the digital assets acquired in the wallet shared by ZachXBT have already surpassed this goal, primarily consisting of stablecoins, as revealed by Nansen Portfolio.
ZachXBT highlighted the financial dynamics at play, stating:
“My understanding is that Machi is very wealthy. I am not. He is using his money to try to silence me.”
In a remarkable show of support, numerous crypto executives have stepped up to contribute to ZachXBT’s cause, commending his invaluable contributions to the crypto and Web3 industries.
Jesse Powell, the co-founder of Kraken, expressed his gratitude, acknowledging ZachXBT’s impactful work and pledging a donation of 10 Ether (ETH), which is worth approximately $17,000.
In for 10 ETH. Thanks for all that you do. Good luck.
— Jesse Powell (@jespow) June 18, 2023
Similarly, Changpeng “CZ” Zhao, the CEO of Binance, praised ZachXBT in a tweet, encouraging him to continue promoting transparency in the industry, and pledging a generous $50,000 to Binance towards his legal fees.
#Binance will contribute $50k. Keep up the fight. Keep the industry transparent. 💪
— CZ 🔶 Binance (@cz_binance) June 17, 2023
Sandeep Nailwal, the founder of Polygon, also joined the list of supporters by pledging a donation of 5 ETH, valued at around $8,600 at the time of writing.
ZachXBT’s Commitment To Transparency
Throughout the years, ZachXBT has maintained a critical and vigilant approach when examining various crypto projects and on-chain events. His unwavering dedication has included exposing fraudulent entities, warning about potential scams, and fearlessly investigating hacks to explain the underlying causes of exploits, all of which he shares with his Twitter followers without hesitation.
Bitcoin reclaims the $26K level on the daily chart: TradingView.comIn a demonstration of his integrity and commitment to transparency, ZachXBT made a promise on Friday. He pledged that any remaining funds donated to support his legal defense would be promptly returned to the donors in a pro-rata fashion.
This approach ensures that individuals will receive back their respective portion of the funds based on the proportion they initially contributed compared to the total sum.
Featured image from Yahoo/The Defiant
