Crypto Community Raises Over $500,000 to Support ZachXBT in Lawsuit
ZachXBT is an unknown cryptocurrency researcher who has found himself in legal trouble with a defamation lawsuit. The individual who is known as ZachXBT has told the cryptocurrency community that is currently facing legal charges for defamation.
To this end, the researcher has called for donations to bear the expenses of fighting off the lawsuit. He shared a digital wallet address on his Twitter profile asking for donations to pay the legal bills that he claims can raise as high as $1 million.
The researcher is known to lurk on on-chain metrics and data projections. His call for crypto donations has resonated with various members of the cryptocurrency community. At present the community has raised around $500K in donations to support his cause.
Meanwhile, the incident has also sparked conversion around censorship and legal threats against the researcher. At present the digital wallet shared by ZachXBT has collected around 136 ETH valued at around $290K.
There is also a huge amount of other cryptocurrencies sent to the address such as $180k worth of USDC and $30K worth of USDT.
Some of the noteworthy contributors supporting the cause of ZachXBT are names like Alex Svanevik and Adam Cochran. Meanwhile, the digital wallet address for crypto donations has received $5000 worth of Jesus tokens in addition to 69 billion Gensler tokens currently valued at $800.
The details of the lawsuit entail a lawsuit filed in the Texas court by Jeffery Huang. Huang has purported that ZachXBT falsely accused him of embezzling funds from Formosa Financial a cryptocurrency startup. Huang intends to get ZachXBT to remove his claims.
Meanwhile, ZachXBT maintains that the lawsuit is baseless and it is a personal attack and attempts at censorship. The case has gained popularity among the masses who are talking about free speech rights for journalists and researchers working in the cryptocurrency sector.
The charges are forwarded by MachiBigBrother for a piece that ZachXBT published back in June 2022. The lawsuit entails that the defamatory article was published on Medium.com and was even promoted on Twitter among the 300K followers of ZachXBT.
Bakkt has Become the Latest Crypto Exchange to Delist Major Altcoins Following eToro and Robinhood
The regulatory actions of the SEC towards the cryptocurrency sector have started to affect the development of the altcoin market. Various cryptocurrency exchanges are feeling pressured to delist major altcoins. The list of cryptocurrencies alleged to be unregistered security by the SEC has reached 68 products. The latest crypto entity to delist some important altcoins is Bakkt.
Marc D’Annuzio is the general counsel at Bakkt. He recently told the media that the firm has decided to delist major altcoins until there is more regulatory clarity in the region.
On the other hand, eToro also reportedly took down named altcoins such as Algorand, Decentraland, MATIC, and Dash for US consumers. The incident was shortly followed by Robinhood which delisted MATIC, ADA, and SOL. Bakkt has also suspended ADA, SOL, and MATIC recently.
CoinMarketCap data suggests that the aggregate market cap of SOL, ADA, and MATIC is around $10 billion. SOL, MATIC, and ADA are among the cryptocurrencies that are named as unregistered securities by SEC in the legal battle against Binance and Coinbase.
