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The crypto community and notable businesses have rallied together, donating over $1 million in diverse stablecoins and tokens to support ZachXBT, the renowned blockchain investigator, in his battle against defamation charges.
Data from the on-chain analytics tool Nansen reveals that ZachXBT has received a diverse range of cryptocurrencies, including USD Coin (USDC), Tether (USDT), Dai (DAI), as well as unconventional memecoins like JESUS and PEPE, from a multitude of wallets.
The project has garnered support from influential backers including major crypto exchanges like Binance, esteemed security firm CertiK, and the visionary mind behind Tron, Justin Sun. The bulk of these funds were received on the Ethereum blockchain, with additional contributions coming from tokens based on Arbitrum, BNB Chain, Optimism, Polygon, and Fantom, further diversifying the project's backing.
As per the blockchain data, ZachXBT has relocated the funds to an alternative address on Monday morning.
Jeffrey Huang, also known as NFT trader MachiBigBrother, filed a lawsuit last week against ZachXBT, an independent blockchain investigator. This legal action comes in response to a report published by ZachXBT last year, which accused Huang of embezzling cryptocurrency valued at tens of millions of dollars.
On Friday, a lawsuit was filed in the U.S. District Court for the Western District of Texas, accusing ZachXBT of defamation against MachiBigBrother. The lawsuit claims that ZachXBT's actions have caused significant damage to MachiBigBrother's reputation and financial well-being. The complaint charges ZachXBT with one count of libel and one count of libel per se.
During that period, ZachXBT appealed to his followers, seeking assistance in covering the legal expenses linked to the lawsuit. His objective was to raise a minimum of $1 million for this purpose.