Prominent crypto personalities and businesses have extended help to ZachXBT as he faces the defamation lawsuit from musician and tech entrepreneur Jeffrey Huang.
Several prominent businesses and members from the crypto community have donated more than $1 million in stablecoins and tokens to crypto investigator ZachXBT, as he prepares to fight against several defamation charges.
As per the data from the on-chain analytics platform Nansen, ZachXBT received stablecoin donations in the form of USD Coin (USDC), Tether (USDT), Dai (DAI). Additionally, they also received memecoins such as PEPE and JESUS from hundreds of wallets. ZachXBT received most of these funds on the Ethereum blockchain. He also received part of the funds on BNB Chain, Arbitrum, Polygon, Optimism, and other Fantom-based tokens.
ZachXBT has received support from prominent crypto personalities such as Binance CEO Changpeng Zhao, and Tron founder Justin Sun. Musician and tech entrepreneur Jeffrey Huang filed a lawsuit against ZachXBT. The lawsuit is about an article that ZachXBT posted a year ago, accusing Huang of stealing Ethereum from a crypto platform.
Last Friday, Huang filed a lawsuit in the US District Court for the Western District of Texas. The lawsuit claims that ZachXBT harmed the reputation and finances of MachiBigBrother through defamation. According to the complaint, ZachXBT is being charged with one count of libel and one count of libel per se.
ZachXBT asked for support on Twitter, and many people donated stablecoins like USDC and Tether, as well as Ethereum and Polygon tokens to his wallet. ZachXBT intends to use the funds to cover his legal expenses and will return any extra money to the donors fairly. On-chain data shows that as of Monday morning, ZachXBT has moved out these funds to another address.
More About ZachXBT
ZachXBT, a well-known figure in the crypto space for exposing scams and highlighting security issues, has recently faced a defamation lawsuit that has unveiled his previously anonymous identity. Despite this, the Web3 community has come together to support him by contributing funds for his legal defense.
ZachXBT values transparency and has promised to return any remaining donations to his supporters based on their proportional contributions. The overwhelming financial support he has received reflects the acknowledgment of his significant contributions to the industry and the willingness of the crypto community to help someone who strives to make a positive difference.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
