Just days after blockchain investigator ZachXBT revealed a defamation lawsuit related to one of his previous investigations, the crypto community has generously donated over $1 million to help fund his legal defense. ZachXBT shared his digital wallet address on Twitter, describing the lawsuit filed by Taiwanese-American musician and tech entrepreneur Jeffrey Huang as a “David and Goliath story.”
In an article published last year, ZachXBT accused Huang, also known as Machi Big Brother, of embezzling millions of dollars worth of Ethereum from Formosa Financial, a defunct crypto treasury management platform co-founded by Huang. These claims were backed by on-chain data. Despite the financial disparity between the two parties, ZachXBT remains determined to stand his ground against Huang’s attempts to silence him.
Community support for ZachXBT has been overwhelming, as within a day, his wallet accumulated digital assets exceeding the estimated $1 million cost of his legal defense. This support comes in the form of various tokens, including stablecoins such as USDC and Tether.
Notable contributions for ZachXBT’s cause have come from individuals linked to well-known crypto exchanges like Binance, Bitfinex, Bybit, Coinbase, Kraken, OKX, Uniswap, and 1inch, with several transactions ranging from $10,000 to $50,000. Binance CEO Cangpeng “CZ” Zhao contributed $50,000, encouraging ZachXBT to “keep up the fight” and maintain industry transparency. Additionally, Justin Sun, the founder of Tron and an advisor to crypto exchange Huobi, donated $10,000 worth of the stablecoin True USD to ZachXBT, emphasizing the investigator’s crucial role in educating the crypto community.
For years, ZachXBT has provided valuable insights and warnings regarding various crypto projects and on-chain events by uncovering bad actors, exposing potential scams, and investigating hacks. While he has primarily operated pseudonymously, Huang’s lawsuit revealed his true identity and place of residence.
In a move reflecting his dedication to transparency and integrity, ZachXBT has pledged to return any leftover donations from his legal defense fund to contributors on a pro-rata basis. As the lawsuit progresses, it is clear that the Web3 community is ready to rally behind ZachXBT, a testament to the positive impact he has made in the crypto world and the trust he has garnered from his followers.
Source: Decrypt
