Amid the revelation of a defamation lawsuit, crypto executives have praised blockchain investigator ZachXBT, saying that he is the reason 'web3 is alive and flourishing.'
published by ZachXBT in June 2022 titled"22,000 ETH Embezzled and Over Ten Projects Failed: The Story of Machi Big Brother ", where he accused Huang of launching over “over 10 failed pump and dump tokens and NFT projects.”
Responding to the lawsuit in a series of tweets on June 17, ZachXBT called the lawsuit “baseless” and an “attempt to chill free speech.” He noted that the legal fees could “easily exceed” $1 million and set up a donation wallet address for assistance. 3/ I am creating a donation address to assist with legal costs associated with the defense of this matter, which could easily exceed $1m USD.He added that the lawsuit “is sickening,” but he “knew one day” it would happen, as that is “the price” of telling the truth.Crypto phishing scams: How users can stay protected
Several crypto executives donated to ZachXBT and praised him for all the work he does in the crypto and web3 industry. CEO of crypto exchange Binance, Changpeng"CZ" Zhao praised ZachXBT in a tweet telling him to “keep the industry transparent,” along with noting that Binance will “contribute $50K" to his legal fees fundraiser.Jesse Powell, co-founder of crypto exchange Kraken, althanked ZachXBT for “all that” he does, stating he would be donating 10 ETH .
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