ZachXBT Receives $1M+ Support Amid Defamation Lawsuit

ZachXBT Receives $1M+ Support Amid Defamation Lawsuit
A well-known figure in the crypto community and recognized for his blockchain investigative work, ZackXBT, has received substantial support from both prominent businesses and the wider crypto community. In a remarkable show of solidarity, donations exceeding $1 million have poured in, consisting of diverse stablecoins and tokens. These contributions aim to bolster ZachXBT's legal defense as he prepares to confront defamation charges head-on.

According to data sourced from Nansen, a trusted on-chain analytics tool, the donations received by ZachXBT encompass a wide range of digital assets. Notably, the contributions include prominent stablecoins such as USD Coin (USDC), tether (USDT), and dai (DAI). 

However, the support extended beyond mainstream cryptocurrencies, as ZachXBT also received memecoins like JESUS and PEPE. The donations originated from hundreds of wallets, signifying the widespread backing and solidarity from the crypto community.

ZachXBT's cause has attracted support from notable entities within the cryptocurrency industry. Among the backers are prominent crypto exchanges such as Binance, security firm CertiK, and the renowned creator of Tron, Justin Sun. These influential figures, alongside others, have extended their support to ZachXBT in his legal battle.

The majority of the donated funds were received on the Ethereum blockchain, indicating the prevalence of Ethereum-based transactions in the contributions. Additionally, smaller amounts were sent from tokens based on various other platforms including Arbitrum, BNB Chain, Optimism, Polygon, and Fantom. This diverse range of blockchain networks highlights the widespread involvement and support from different segments of the crypto ecosystem.

According to blockchain data, ZachXBT has recently conducted a transfer of the received funds to a different address as of Monday morning. This movement of funds is observable through the blockchain records.

In a related development, NFT trader MachiBigBrother, also known as Jeffrey Huang, filed a lawsuit against ZachXBT, an independent blockchain detective. The legal action comes as a response to a report published by ZachXBT last year, wherein allegations were made accusing Huang of embezzling a substantial sum of cryptocurrency, valued in the tens of millions of dollars. The lawsuit signifies the escalating dispute between the two parties and the potential legal ramifications that may ensue.

In response to the legal challenge, ZachXBT called upon his followers for assistance in covering the expenses associated with defending against the lawsuit. The objective was to raise a minimum of $1 million in order to support the legal costs incurred during the litigation process. This appeal to his supporters demonstrates ZachXBT's determination to mount a strong defense against the allegations brought forth by MachiBigBrother.


Previous Next

Disclaimer:
This information is for educational purposes only and does not constitute investment advice. No person should rely on it to make any investment. Investing carries risks, including the loss of capital. All opinions expressed are subject to change without notice. Past performance is not indicative of future results. Always seek the advice of a licensed investment professional before making any investment.