Crypto Community Rallies Behind ZachXBT Sued for Defamation
A Texas court has witnessed a defamation lawsuit against an individual who identifies as ZachXBT and is known for their self-proclaimed expertise as an “on-chain sleuth.”
The individual filing the lawsuit is Jeffrey Huang, who is also recognized under the pseudonym “Machi Big Brother.” The legal action asserts that ZachXBT published defamatory statements in a post from 2022, alleging that Huang misappropriated 22,000 ETH from the cryptocurrency management company, Formosa Financial.
According to the lawsuit, it contends that the article presented no substantial evidence and asserts that the “defendant’s assertions regarding the plaintiff’s alleged criminal behavior are entirely unfounded.” The lawsuit further claims that ZachXBT aimed to gain personal benefits from the article by generating click-throughs, promoting retweets, and “soliciting further ‘donations’ to support their own lifestyle, all to the detriment of the plaintiff’s reputation.”
In a tweet shared on Friday, ZachXBT, known for conducting on-chain investigations, revealed the lawsuit and provided a digital wallet address for donations to help cover their substantial legal expenses, which they estimate could exceed $1 million.
The incredible support from the crypto community has resulted in raising over $700,000 in funds to assist ZachXBT in less than 15 hours.
This fundraising initiative has resonated deeply with members of the crypto community, reflecting their concerns regarding censorship and legal threats faced by researchers. Prominent figures in the crypto industry, including Justin Sun, have notably contributed to the cause.
ZachXBT asserts that the lawsuit is baseless and aimed at suppressing his voice. This case could serve as a significant test for freedom of speech in the realm of crypto research and journalism.
According to the lawsuit, it contends that the article presented no substantial evidence and asserts that the “defendant’s assertions regarding the plaintiff’s alleged criminal behavior are entirely unfounded.” The lawsuit further claims that ZachXBT aimed to gain personal benefits from the article by generating click-throughs, promoting retweets, and “soliciting further ‘donations’ to support their own lifestyle, all to the detriment of the plaintiff’s reputation.”
In a tweet shared on Friday, ZachXBT, known for conducting on-chain investigations, revealed the lawsuit and provided a digital wallet address for donations to help cover their substantial legal expenses, which they estimate could exceed $1 million.
The incredible support from the crypto community has resulted in raising over $700,000 in funds to assist ZachXBT in less than 15 hours.
This fundraising initiative has resonated deeply with members of the crypto community, reflecting their concerns regarding censorship and legal threats faced by researchers. Prominent figures in the crypto industry, including Justin Sun, have notably contributed to the cause.
ZachXBT asserts that the lawsuit is baseless and aimed at suppressing his voice. This case could serve as a significant test for freedom of speech in the realm of crypto research and journalism.
