- Community raises $1M to support ZachXBT’s defense in a defamation lawsuit.
- Ethereum leads the way with 95% of donations, followed by stablecoins.
- Binance CEO pledges $50K in support.
In a stunning display of solidarity, the crypto community has come together to support ZachXBT, a rug pull survivor turned 2D detective, who recently announced being sued by Jeffrey Huang, also known as Machi Big Brother.
Within 24 hours, ZachXBT managed to raise an impressive $1 million with the backing of prominent individuals within the industry, including contributions from the largest crypto exchange, Binance.
Nansen, the trusted blockchain data and research platform, played a vital role in amplifying fundraising by providing a link to a portfolio tracker where donors can track the campaign’s progress.
The campaign to assist ZachXBT in his legal defense gained momentum following a heartfelt plea from the accused on Twitter. In his tweet, ZachXBT described the lawsuit as baseless and an attempt to suppress free speech, vowing to fight back against what he believes to be an unfounded attack on his reputation.
Describing the situation as a “classic David & Goliath story,” ZachXBT highlighted the significant financial advantage of his opponent and called upon the crypto community for support.
Crypto donations flowed in rapidly, with Ethereum (ETH) leading the way, comprising 95% of the total contributions. Stablecoins also emerged as the dominant choice for donations, with over $520,000 in USDC and over $230,000 in USDT collected thus far.
Interestingly, donations came in several meme coins, including PEPE and LADYS. Notably, Binance’s CEO publicly pledged support for ZachXBT, stating that Binance would contribute $50,000 to the campaign.
ZachXBT expressed gratitude for the overwhelming support he has received, vowing to utilize the raised funds for his legal defense. Any leftover funds, he pledged, would be returned to contributors on a pro-rata basis.
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