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Crypto scam fighters’ nightmare, on-chain analyst ZachXBT, saw the figure in his fundraising campaign exceed the targeted amount within just three days following the movement lawsuit initiated by Jeffrey Huang.
Amount Exceeds a Million Dollars in Donation Campaign
The world of cryptocurrency and leading companies donated over a million dollars in various stablecoins, coins, and tokens to the fundraising campaign launched by renowned on-chain analyst ZachXBT.
Data from on-chain analysis tool Nansen shows that ZachXBT received donations in Tether (USDT), USD Coin (USDC), Dai (DAI), and even memecoins like JESUS and PEPE from hundreds of wallets.
Supporters include names like cryptocurrency exchange Binance, security company CertiK, and Tron’s creator Justin Sun. Most of the donated cryptocurrencies are collected on the Ethereum Blockchain, with smaller amounts sent in Arbitrum, BNB Chain, Optimism, Polygon, and Fantom-based tokens.
According to blockchain records, ZachXBT moved the cryptocurrencies sent to the wallet address he shared for the fundraising campaign to another wallet address this morning.
Campaign Launched After Jeffrey Huang Filed a Lawsuit
The on-chain analyst had published a report last year alleging that NFT investor MachiBigBrother, also known as Jeffrey Huang, embezzled tens of millions of dollars in cryptocurrency. Huang filed a lawsuit against ZachXBT because of this report.
In the lawsuit filed in the U.S. District Court for the Western District of Texas on June 16, it is claimed that ZachXBT defamed MachiBigBrother and caused him “serious reputation and monetary damage”. According to the lawsuit, ZachXBT is facing one count of defamation and one count of slander.
The on-chain analyst, shocked by the lawsuit, asked his followers for support to cover the costs of the legal battle against Huang and aimed to raise at least a million dollars.
