ZachXBT: Donations Exceed $1 Million Amid Defamation Lawsuit

ZachXBT, a famous crypto sleuth, got a great response to a defamation lawsuit. Despite all expectations, donations have surpassed $1 million, a testament to the unwavering support we’ve received. In addition to strengthening ZachXBT’s resolve, the overwhelming generosity provides invaluable resources to navigate the legal challenges ahead.

Standing Strong Together: ZachXBT’s Defense Fund Crosses $1 Million Threshold

ZachXBT, a well-known blockchain investigator, recently revealed that he’s being sued for defamation over a previous investigation. The crypto community has supported him by donating over $1 million to his legal defense. ZachXBT will be able to fight this lawsuit with the help of these donations.

ZachXBT tweeted a digital wallet address last Friday. In his comments, he talked about a lawsuit filed by Jeffrey Huang, a musician and tech entrepreneur from Taiwan. ZachXBT compared the lawsuit to the famous “David and Goliath story.”

Machi Big Brother, also known as Huang, sued ZachXBT. ZachXBT posted an article last year accusing Huang of taking millions of dollars worth of Ethereum from a crypto treasury management platform called Formosa Financial. The on-chain data ZachXBT provided supported his claims.

My understanding is that Machi is very wealthy. I am not,” ZachXBT says. “He is using his money to try [to] silence me.

ZachXBT says defending himself might cost him more than $1 million. ZachXBT’s digital wallet received donations exceeding that amount within just one day. As Nansen Portfolio reports, these donations mostly consist of stablecoins.

When writing, the wallet holds USDC stablecoin worth over $650,000, Tether stablecoin worth nearly $274,000, and Polygon nearly $90,000.

Exchanges Rally Behind ZachXBT

Different crypto exchanges are participating in the fundraiser. Nansen data shows ZachXBT’s wallet has received funds from Binance, Bybit, Coinbase, Bitfinex, Kraken, Uniswap, OKX, and 1inch wallets.

Several transactions range from $10,000 to $50,000, as members from various parts of the crypto industry contribute.

Despite being sued by the SEC, Binance CEO Cangpeng “CZ” Zhao donated to ZachXBT, encouraging him to keep fighting.

According to a translated tweet, Justin Sun, founder of Tron and advisor to Huobi, donated $10,000 worth of True USD to ZachXBT. Justin Sun’s generous donation highlights ZachXBT’s role in educating the crypto community.

ZachXBT’s spent years analyzing crypto projects and on-chain stuff. The Twitter community has benefited from his tireless efforts in uncovering and exposing bad actors, providing warnings about scams, and sharing the root causes of hacking incidents.

ZachXBT became a prominent figure in the crypto world while he kept his identity a secret. Huang’s lawsuit revealed ZachXBT’s real name and location, revealing his true identity. Now ZachXBT and his personal details are in the spotlight.

A fair share of the remaining funds donated to ZachXBT’s legal defense will return to him on Friday. Due to this, the funds will be returned proportionally.

ZachXBT is getting a lot of support from the Web3 community. People are voluntarily contributing their hard-earned assets because they recognize their contributions. The outpouring of support is a testament to ZachXBT’s selfless contributions and willingness to help.

The ZachXBT case is a symbol of Web3’s power. His story inspired a lot of people to help others. Together, Web3 is going to have a brighter future.