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- The analyst states he requires public funding to cover his legal defense.
- ZachXBT expects his defense costs to exceed $1 million.
ZachXBT, a prominent on-chain crypto investigator on Twitter, asserts that he is currently facing legal challenges due to an article he published last year. He indicates that he requires public funding for his defense, as he lacks the financial resources that his accuser possesses. The support he has received thus far has been remarkable.
3/ I am establishing a donation address to help with the legal expenses related to this case, which could easily surpass $1 million USD.
Any remaining funds will be returned on a pro rata basis to contributors.— ZachXBT (@zachxbt) June 16, 2023
Recently, ZachXBT revealed on Twitter that “MachiBigBrother” is suing him concerning an article he authored a year prior. The report references a man named Jeff Huang (Machi), whom ZachXBT accused of taking 22,000 ETH from Formosa Financial in 2018.
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The article exposes Huang’s intricate scheme to defraud investors, which involved launching “over ten unsuccessful pump and dump tokens and NFT projects.” ZachXBT has described Huang’s defamation lawsuit as “groundless” and “an effort to suppress free speech.”
The researcher further characterized the lawsuit as a “classic David & Goliath scenario” due to the significant difference in financial means between the two parties.
He anticipates that his defense will cost more than $1 million and has created a cryptocurrency donation account to “assist with legal expenses.” To date, over $600,000 worth of cryptocurrency has been contributed to the wallet, including $300,000 in ETH, $180,000 in USDC, $67,000 in USDT, among others.
Others within the crypto community have also encouraged ZachXBT to provide BTC wallets for those who do not use EVM chains. According to the crypto analyst, any unspent funds will be refunded to contributors on a proportional basis.
