The Beauty Of Crypto: ZachXBT Sued, Community Donates Over $600K In Hours

One of the most popular on-chain crypto sleuths, who goes by the Twitter handle ZachXBT, said he was being sued for an article he posted last year.

The researcher said that he is not rich, unlike the man suing him, and that he needed the support of the community for his defense. That support has been pretty impressive so far.

• ZachXBT took to Twitter yesterday evening to inform that he is being sued by “MachiBigBrother” Article Published a year ago. The story itself names Jeff Huang (Machi), whom ZachXBT describes as a “former Taiwanese-American musician and tech entrepreneur who embezzled 22,000 ETH from Formosa Financial in 2018.”
• It goes into depth explaining how Huang managed to defraud investors by launching “more than ten failed pump and dump token and NFT projects.”
• Huang has now filed a defamation lawsuit against ZachXBT, which the latter described as a “baseless and attempt to silence free speech”.
• The researcher defined the lawsuit as a “classic David and Goliath story” because of the alleged money difference between the two parties.
• He believes his defense could exceed $1 million, which is why he created a crypto donation address to “assist with legal costs.”

3/ I am creating a donation address to help with the legal costs associated with the defense of this case, which could easily exceed $1m USD.

All unspent funds will be returned to the contributors on a pro-rata basis.

— zachxbt (@zachxbt) June 16, 2023

• On-chain data shows that the wallet itself is Received Nearly $600,000 worth of cryptocurrency (at the time of writing these lines) in 14 hours after publishing the tweet. It contains $300,000 in ETH, $180,000 in USDC, $67,000 in USDT, and more.
• Additionally, other members of the crypto community urged ZachXBT to create a BTC wallet for those who do not use the EVM chain.