CZ, Powell and more rally to fund legal fees for on-chain sleuth ZachXBT, surpassing $1M

Simply one day after ZachXBT shared the link to the donation wallet address on Twitter, he has currently exceeded the $1 million mark in contributions.ZachXBTs contribution wallet balance. Source: Zapper.xyzCointelegraph formerly reported in October 2022 that the French authorities had actually made use of ZachXBTs research to charge 5 people on suspicion of stealing $2.5 million worth of nonfungible tokens (NFT) by means of phishing scams.Magazine: Opinion: GOP crypto maxis nearly as bad as Dems anti-crypto army

He added that the suit “is sickening,” but he “understood one day” it would occur, as that is “the rate” of honesty.” The cost of informing the truth is sometimes individuals dislike what you say” he tweeted.Related: Crypto phishing rip-offs: How users can stay protectedSeveral crypto executives contributed to ZachXBT and applauded him for his work in the crypto and web3 industry.Changpeng “CZ” Zhao, CEO of crypto exchange Binance praised ZachXBT in a tweet telling him to “keep the market transparent,” along with a promise that Binance will “contribute $50K” to his legal fees.Jesse Powell, co-founder of crypto exchange Kraken, also thanked ZachXBT for “all that” he does, specifying he would be donating 10 Ethereum (ETH) (approx.– Jesse Powell (@jespow) June 18, 2023

In the post, ZachXBT accused Huang of releasing over “over 10 stopped working pump and dump tokens and NFT jobs.– ZachXBT (@zachxbt) June 16, 2023

” The rate of telling the truth is sometimes people dislike what you say” he tweeted.Related: Crypto phishing rip-offs: How users can stay protectedSeveral crypto executives donated to ZachXBT and applauded him for his work in the crypto and web3 industry.Changpeng “CZ” Zhao, CEO of crypto exchange Binance praised ZachXBT in a tweet informing him to “keep the market transparent,” along with a pledge that Binance will “contribute $50K” to his legal fees.Jesse Powell, co-founder of crypto exchange Kraken, also thanked ZachXBT for “all that” he does, specifying he would be contributing 10 Ethereum (ETH) (approx.

In the post, ZachXBT implicated Huang of launching over “over 10 failed pump and dispose tokens and NFT jobs. He set up a donation wallet address for his followers to help with the legal charges, which he believes might “quickly go beyond” $1 million.3/ I am developing a contribution address to help with legal expenses associated with the defense of this matter, which could quickly go beyond $1m USD.– ZachXBT (@zachxbt) June 16, 2023

Other Questions People Ask

What prompted CZ, Powell and others to rally and fund legal fees for ZachXBT?

The rally to fund legal fees for ZachXBT was prompted by his ongoing legal challenges related to his work as an on-chain sleuth. After he publicly shared a donation wallet address on Twitter, contributions quickly surpassed $1 million, showcasing strong support from the crypto community. Notable figures like Changpeng "CZ" Zhao and Jesse Powell expressed their appreciation for ZachXBT's efforts in maintaining transparency in the crypto space, further motivating others to contribute.

How much money has been raised for ZachXBT's legal fees by CZ, Powell, and others?

As of now, contributions to ZachXBT's legal fees have exceeded $1 million within just a day of sharing the donation wallet address. This significant amount reflects the crypto community's solidarity and recognition of ZachXBT's contributions to the industry. Changpeng "CZ" Zhao pledged $50,000, while Jesse Powell committed to donating 10 Ethereum, highlighting the financial backing from influential figures in the crypto world.

What are the implications of the legal challenges faced by ZachXBT?

ZachXBT's legal challenges underscore the risks associated with transparency and accountability in the crypto space. His work has previously led to significant actions against fraudulent activities, such as the charging of individuals involved in NFT phishing scams. The support from CZ, Powell, and others indicates a collective stance against attempts to silence those who expose wrongdoing in the industry.

What did ZachXBT say about the cost of telling the truth in his situation?

ZachXBT remarked that "the price of telling the truth is sometimes people dislike what you say," reflecting his understanding of the backlash that can accompany honesty in the crypto world. This sentiment resonates with many in the industry who face similar challenges when exposing fraud or misconduct. His statement emphasizes the importance of standing firm in one's convictions, even when faced with legal repercussions.

What role did social media play in raising funds for ZachXBT?

Social media played a crucial role in raising funds for ZachXBT by allowing him to quickly share his donation wallet address with a wide audience. His tweet not only informed followers of his legal situation but also encouraged immediate contributions from supporters. The rapid response from prominent figures like CZ and Powell illustrates how social platforms can mobilize community support for important causes in real-time.