CZ, Powell and more rally to fund legal fees for on-chain sleuth ZachXBT, surpassing $1M
Well-known crypto executives across the globe have donated to blockchain investigator ZachXBT, aiding in his legal defense against a defamation lawsuit broug by someone he accused of fraud.
ZachXBT is known to his 400,000 followers on Twitter for his investigative work in the blockchain and cryptocurrency sector.
On June 16, Jeffrey Huang, known as MachiBigBrother on Twitter, stated he has filed a defamation lawsuit against ZachXBT accusing him of damaging his reputation through false allegations.
He was referring to an 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)", where he accused Huang of launching over “over 10 failed pump and dump tokens and NFT projects.”
Responding to the lawsuit in a series of tweets on June 17, ZachXBT called the lawsuit “baseless” and an “attempt to chill free speech.” He noted that the legal fees could “easily exceed” $1 million and set up a donation wallet address for assistance.
3/ I am creating a donation address to assist with legal costs associated with the defense of this matter, which could easily exceed $1m USD. All leftover funds will be returned on a pro rata basis to contributors.
He added that the lawsuit “is sickening,” but he “knew one day” it would happen, as that is “the price” of telling the truth.
“The price of telling the truth is sometimes people dislike what you say” he tweeted.
Related: Crypto phishing scams: How users can stay protected
Just one day later, on June 18, the total amount of donations surpassed $1 million.
CEO of crypto exchange Binance, Changpeng "CZ" Zhao praised ZachXBT in a tweet telling him to “keep the industry transparent,” along with noting that Binance
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