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Crypto Community Donates Over $600k for ZachXBT’s Lawsuit

  • The analyst claims he needs public funding to pay for his defense.

  • ZachXBT anticipates spending more than $1 million on his defense.

For an article he published last year, ZachXBT, one of the most followed on-chain crypto sleuths on Twitter, claims to be facing legal action. The analyst claims he needs public funding to pay for his defense since, unlike his accuser, he does not have a lot of money. That backing has been fantastic so far.

3/ I am creating a donation address to assist with legal costs associated with the defense of this matter, which could easily exceed $1m USD. All leftover funds will be returned on a pro rata basis to contributors. — ZachXBT (@zachxbt) June 16, 2023

Recently, ZachXBT announced on Twitter that “MachiBigBrother” was suing him over an article he wrote a year ago. A man named Jeff Huang (Machi) is mentioned in the report; ZachXBT alleged that he took 22,000 ETH from Formosa Financial in 2018.

Curbing Free Speech

In it, Huang’s elaborate scheme to rip off investors is laid bare; he did it by launching “over ten failed pump and dump tokens and NFT projects.” ZachXBT has called Huang’s defamation action “baseless” and “an attempt to chill free speech.”

The researcher went on to call the litigation a “classic David & Goliath story” because of the disparity in financial resources between the two sides.

He anticipates spending more than $1 million on his defense and has set up a cryptocurrency donation account to “assist with legal costs.” There has been over $600,000 worth of cryptocurrency sent to the wallet. A total of $300,000 ETH, $180,000 USDC, $67,000 USDT, and more are included.

Others in the crypto world have also pushed ZachXBT to make BTC wallets available to others who do not utilize EVM chains. On a proportionate basis, any unspent monies will be refunded to those who contributed them as per the crypto analyst.

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