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The crypto community’s strength shines through as ZachXBT’s defense fund surges past $1M

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TL;DR Breakdown

  • ZachXBT, a prominent crypto detective, is facing legal troubles, and the crypto community has rallied around him. Nearly $1 million has been raised for his legal defense.
  • According to reports from October 2022, French police used information obtained by ZachXBT to press charges against five people suspected of stealing $2.5 million worth of NFT via phishing attempts.
  • Several high-ranking members of the crypto and web3 industries have given to ZachXBT and appreciated his efforts with donations.

Description

ZachXBT, a popular crypto detective, is facing legal issues, and the crypto community has responded with a great show of solidarity and support. An incredible amount, over $1 million, has been raised for his legal defense. As impressive as this progress is, it also underlines the growing need to safeguard the people who contribute to … Read more

ZachXBT, a popular crypto detective, is facing legal issues, and the crypto community has responded with a great show of solidarity and support. An incredible amount, over $1 million, has been raised for his legal defense.

As impressive as this progress is, it also underlines the growing need to safeguard the people who contribute to the development and security of the digital asset business.

Details about the crypto Sleuth’s defense fund

The Bitcoin community is rallying behind blockchain investigator the crypto sleuth as they fight a slander lawsuit. In what Twitter user ZachXBT has called “a classic David & Goliath story,” the crypto detective has turned to the community for help raising money to pay for legal representation and has supplied an ETH address for donations.

The crypto community heard ZachXBT’s call for assistance because of his reputation for uncovering scams in the crypto industry. On Saturday afternoon, New York time, the wallet he referenced for donations held slightly over $1 million in digital assets, including ETH and stablecoins USDC, USDT, TUSD, and DAI.

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screenshot etherscan.io 2023.06.18 20 32 14

Jeffrey Huang, popularly known as MachiBigBrother, filed suit against the crypto detective, alleging that the exchange misappropriated 22,000 ETH belonging to Formosa Financial in 2018.

The lawsuit was filed after the crypto sleuth published an essay on Medium in June 2022 that detailed the alleged theft and the “over ten failed pump and dumped tokens and NFT projects” with which Huang was allegedly involved. According to the crypto sleuth’s report, Huang has been responsible for “over 10 failed pump and dump tokens and NFT projects.”

A series of tweets posted by the crypto sleuth on June 17 responded to the lawsuit, calling it “baseless” and an “attempt to chill free speech.” In anticipation of legal costs that could “easily exceed” $1 million, he has provided his fans with a donation wallet address.

Huang categorically refutes the allegations. From the start, several prominent blockchain projects and accounts offered their moral and financial backing.

The crypto detective will be represented lawyers Stephen Palley, Jess Meyers, and the rest of the Brown Rudnick team. The crypto detective might have no issue paying any payment if and when it reaches, as the legal defense fund continues to collect contributions.

Community Solidarity for on-chain ZachXBT

The outpouring of help for ZachXBT’s defense shows how close and caring the Bitcoin community is. Individuals, blockchain projects, and even well-known leaders have all contributed financially. The crypto community has raised almost $1 million in less than 24 hours to cover his legal bills in a defamation lawsuit, and every donation, no matter how small, has helped.

Several high-ranking crypto industry figures have given ZachXBT money and commended his contributions to the crypto and Web3 communities.

Binance‘s CEO, Changpeng “CZ” Zhao, tweeted his admiration for ZachXBT and urged him to “keep the industry transparent,” adding that the exchange will “contribute $50K” toward ZachXBT’s legal bills.

Kraken co-founder Jesse Powell also expressed gratitude to ZachXBT for “all that” he does by pledging to donate 10 Ether. 

The founder of Polygon, Sandeep Narwal, tweeted that ZachXBT is the “reason web3 is alive and flourishing,” and that he would be donating 5 ETH. After tweeting the wallet information for donations, ZachXBT received over $1 million in less than 24 hours.

According to rumors circulating in October 2022, the French authorities had used ZachXBT’s findings to indict five individuals on phishing charges for $2.5 million in nonfungible tokens.

ZachXBT’s legal defense fund has reached nearly $1 million in donations, demonstrating the strength of togetherness throughout the crypto community. This shows the necessity of protecting those who contribute to the growth and security of the crypto sector and also provides critical support to an individual caught up in a legal dispute. ZachXBT’s continued support from the community sends a message that protecting and promoting the development of cryptos is an industry-wide duty.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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