Legal Troubles for Blockchain Investigator ZachXBT
On June 16, blockchain investigator ZachXBT found himself facing a defamation lawsuit filed by Jeffrey Huang, aka MachiBigBrother on Twitter. The lawsuit comes in response to allegations made by ZachXBT in a June 2022 article accusing Huang of launching “over 10 failed pump and dump tokens and NFT projects.”
The Crypto Community’s Response
Following the announcement of the lawsuit, ZachXBT took to Twitter to express his views on the situation. Labeling the lawsuit as “baseless,” he argued it was an “attempt to chill free speech” and set up a wallet for donations to cover legal expenses, fearing they might “easily exceed $1 million.”
A Supportive Community Comes to the Rescue
Leaders in the crypto industry promptly rallied behind ZachXBT, lauding his contributions to the field and donating generously. Changpeng “CZ” Zhao, CEO of Binance, praised ZachXBT for his efforts to “keep the industry transparent,” pledging $50,000 towards his legal fees. Similarly, Jesse Powell, co-founder of Kraken, pledged 10 Ether in recognition of ZachXBT’s work.
Industry Giants Step In
Sandeep Nailwal, the founder of Polygon, joined the support, claiming ZachXBT to be the “reason web3 is alive and flourishing,” and offering 5 Ether as his contribution to the fund.
Reaching the $1M Milestone
In less than 24 hours since the announcement of the donation wallet address, contributions had surpassed the $1 million mark, reflecting the strong backing ZachXBT enjoys within the crypto community.
A Beacon of Integrity in the Crypto World
ZachXBT’s situation demonstrates the potential challenges faced by those striving to uphold transparency and integrity within the rapidly evolving blockchain and cryptocurrency landscape. The overwhelming response and financial support from crypto industry leaders and the broader community are a testament to the value of ZachXBT’s investigative work. As this legal battle unfolds, it is clear that ZachXBT does not stand alone. The rapid mobilization of his supporters highlights the strength and solidarity within the crypto community, a characteristic that will undoubtedly serve as a robust buffer against future threats to free speech and transparency within this burgeoning industry.