Jeffrey Huang, known as Machi Big Brother, a tech entrepreneur and crypto personality, has sued ZachXBT, an on-chain investigator, for posting and spreading an article that portrayed him as a thief and market manipulator.
ZachXBT charges Machi Big Brother with theft.
The article in question was published by ZachXBT a year ago, on June 16, 2022. In it, he alleged that Huang, a Taiwanese-American entrepreneur and former musician, stole 22,000 ETH from Formosa Financial in 2018, with a value of approximately $37 million. Since then, the article has also implicated Huang in multiple unsuccessful crypto and NFT initiatives.
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Huang denies vehemently the allegations in a June 15 lawsuit he filed in a court in Austin, Texas. In the complaint, he stated that he never had direct control over the project's funds and that he did not steal from Formosa Financial.
The NFT merchant disputed ZachXBT's claims and argued that the project's architects were more likely to have arranged the disputed transactions.
Furthermore, Huang asserts that ZachXBT published the article to solicit donations, implying that his work as an on-chain investigator is financially motivated.
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ZachXBT is inundated with gifts.
ZachXBT, a prominent figure in the cryptocurrency industry known for exposing schemes and monitoring the flow of funds across multiple blockchains and wallets, defended himself against the lawsuit. In a recent tweet, he characterized the lawsuit as without merit and an attempt to suppress free speech.
In anticipation of Huang's strategy of playing a game of financial attrition, the on-chain detective rallied his supporters for financial support to cover the forthcoming legal battle.
The crypto community has responded promptly and positively. Within an hour of ZachXBT's appeal for donations, a significant number of donations were made.
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Memeland, a web3 venture studio, is one of the largest contributors to date, having contributed 6.9 ETH, worth approximately $12,000 at current exchange rates.
Justin Sun, a cryptocurrency entrepreneur, also contributed 10,000 TUSD to Zach XBT's legal defense fund, citing his appreciation for the investigator's contributions to blockchain security and his role in assisting cryptocurrency users in protecting their funds.
At the time of writing, nearly $400,000 had been contributed to the supplied wallet address.
