ZachXBT Legal Fight Turns Into Funding Success

ZachXBT, a highly respected blockchain sleuth, has sparked an outpouring of support from the cryptocurrency community after revealing a defamation lawsuit stemming from one of his previous investigations. 

In a remarkable show of solidarity, donations exceeding $1 million have flooded in from crypto enthusiasts across the globe, rallying to fund his legal defense.

Taking to Twitter, ZachXBT shared a digital wallet address on Friday, accompanied by commentary detailing the lawsuit filed by Jeffrey Huang, known online as “Machi Big Brother.”

Huang’s claim centers on an article published by ZachXBT a year ago, wherein he accuses Huang of embezzling millions of dollars’ worth of Ethereum from Formosa Financial, a defunct crypto treasury management platform co-founded by Huang.

Crypto Community Rallies For ZachXBT

ZachXBT has expressed that his legal defense could potentially exceed the staggering sum of $1 million. Notably, the digital assets amassed in the wallet shared by ZachXBT have already surpassed this target, consisting mostly of stablecoins, as revealed by Nansen Portfolio.

Highlighting the financial dynamics at play, ZachXBT remarked:

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

In a remarkable show of support, numerous crypto executives have stepped up to contribute to ZachXBT’s cause, commending his invaluable contributions to the crypto and Web3 industries. 

Jesse Powell, the co-founder of Kraken, extended his gratitude, acknowledging ZachXBT’s impactful work and pledging a donation of 10 Ether (ETH), equivalent to approximately $17,000.

Similarly, Changpeng “CZ” Zhao, the CEO of Binance, lauded ZachXBT in a tweet, urging him to continue fostering transparency within the industry, while pledging a generous $50,000 contribution from Binance towards his legal fees.

Meanwhile, Sandeep Nailwal, the founder of Polygon, joined the ranks of supporters by pledging a donation of 5 ETH, valued at approximately $8,600 at the time of writing.

ZachXBT’s Commitment To Transparency

Throughout the years, ZachXBT has maintained a vigilant and critical approach when examining diverse crypto projects and on-chain occurrences. His unwavering dedication has involved unmasking fraudulent entities, cautioning against possible scams, and fearlessly delving into hacks to elucidate the underlying causes of exploits, all of which he fearlessly shares with his Twitter followers.


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In a demonstration of his integrity and commitment to transparency, ZachXBT made a commitment on Friday. He pledged that any remaining funds donated to support his legal defense would be promptly returned to the contributors in a pro-rata fashion.

This approach ensures that individuals will receive back their respective portion of the funds based on the proportion they initially contributed compared to the total sum.

Featured image from Yahoo/The Defiant

Source: https://www.newsbtc.com/news/zachxbt-legal-fight-turns-into-funding-success-over-1-million-raised/