His backers include prominent figures in the cryptocurrency industry, such as Changpeng Zhao and Justin Sun.
ZachXBT, a prominent blockchain investigator, recently came out with a defamation case stemming from one of his prior investigations, prompting over a million dollars in contributions from cryptocurrency community members.
On Friday, ZachXBT tweeted out his cryptocurrency wallet’s location and said that the lawsuit filed by Tawainese-American artist and internet entrepreneur Jeffrey Huang was concerning and a “David and Goliath story.”
Huang, who goes by the online moniker Machi Big Brother, is taking ZachXBT to court over an article the latter published a year ago in which Huang is accused of stealing millions of dollars worth of Ethereum from Formosa Financial, a now-defunct crypto treasury management company he co-founded. Proof of ZachXBT’s statements might be found on the blockchain.
Anonymous blockchain investigator ZachXBT, who has spent years conducting on-chain investigations into allegations of financial malfeasance in the cryptocurrency sector for bono, was recently sued for defamation by a businessman whose operations he had investigated. ZachXBT, a defunct crypto treasury management service, made an accusation against Taiwanese-American artist and tech businessman Jeffrey Huang, well known by his online moniker Machi Big Brother, in June 2022. At the time, 22,000 ETH was worth around $37.8 million.
“According to what I’ve heard, Machi has a lot of money.” ZachXBT said, “I am not. He’s trying to buy my silence with his money.”
Within a day, ZachXBT’s wallet recorded digital assets exceeding that target, consisting primarily of stablecoins, as reported by Nansen Portfolio. ZachXBT has said that the cost of his legal defence may exceed $1 million.
When writing, the wallet had approximately $650,000 worth of the stablecoin USDC, almost $274,000 worth of the stablecoin Tether, and over $284,000 worth of various other tokens, including Ethereum and Polygon.
Users from several cryptocurrency trading platforms are participating. Members from around the cryptocurrency sector pitch in, with thousands of contributions totalling less than $100 and a few in the $10,000 to $50,000 level.
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