$850K Donated to ZachXBT Amid Defamation Lawsuit
In an impressive display of solidarity, the Crypto Twitter community has rallied together within just 24 hours to donate an astounding $850,000 to @zachxbt, following the announcement of a defamation lawsuit against him. This heartwarming response showcases the strength and camaraderie present within the crypto industry.
In 24 hours, Crypto Twitter has come together, including many leading voices in the industry, and donated $850K to @zachxbt after they announced that they were being sued
— Nansen 🧭 (@nansen_ai) June 17, 2023
The generous outpouring of support for ZachXBT was facilitated through a public portfolio tracking the donations. The data reveals that the majority of donations, amounting to an impressive 95% or $807,000, were made in Ethereum (ETH). Arbitrum, another popular cryptocurrency, accounted for 3.7% of the donations, equating to $31,500, followed by Optimism with $4,000 (0.5%). Notably, some individuals opted to contribute memecoins like $PEPE and $LADYS, albeit in smaller amounts.
It is worth noting that stablecoins played a significant role in the donations, with over $520,000 contributed in USDC and over $230,000 in USDT. These stablecoins provide a reliable medium of exchange, making them an ideal choice for contributors who prefer to mitigate the volatility often associated with cryptocurrencies.
The remarkable response from the crypto community follows the recent news of a defamation lawsuit filed by NFT trader MachiBigBrother, also known as Jeffrey Huang, against ZachXBT. This legal clash underscores the mounting tensions within the cryptocurrency ecosystem, shedding light on the challenges faced by industry participants.
The lawsuit, filed on Friday in the U.S. District Court for the Western District of Texas, asserts that ZachXBT’s published investigation in June 2022, which accused Huang of embezzling millions of dollars’ worth of cryptocurrency, has caused substantial harm to Huang’s reputation and financial standing. The complaint specifically accuses ZachXBT of one count of libel and one count of libel per se.
The support shown by Crypto Twitter demonstrates the industry’s commitment to fostering transparency, accountability, and fairness within the ecosystem. It is a testament to the community’s belief in the importance of independent blockchain detectives like ZachXBT, who play a vital role in uncovering potential wrongdoing and protecting the interests of participants in the crypto space.
The united front displayed by Crypto Twitter in support of ZachXBT highlights the resilient and compassionate nature of the crypto community. It serves as a reminder that amidst the rapid growth and innovation of the cryptocurrency landscape, collaboration and empathy remain integral values, ensuring the collective strength and integrity of the industry.
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