ZachXBT has reached out to the crypto community in order to effectively counter the lawsuit filed against it by Jeffrey Huang. As a result, the organization is receiving widespread support from the crypto community. The company primarily conducts blockchain-related investigations. The outreach is intended to secure adequate funding, which is urgently required. The response received appears to be highly encouraging for the business.
They have estimated the approximate amount that is required to be to the tune of more than $1 million, which will be going towards attorneys fees as well as other relevant miscellaneous expenses. However, the positive side is the fact that they have already been able to amass $1 million over a period of only three days. This has come in the form of multiple digital assets, such as ETH, as well as stablecoins like USDC, USDT, and TUSD, along with DAI.
The lawsuit against ZachXBT was filed by Jeffrey Huang, who also goes by the moniker MachiBigBrother. According to the facts shared by the entity, ZachXBT had formally filed charges against them in matters related to the misappropriation of roughly 22,000 ETH that belonged to Formosa Financial. There was also mention of the dumping of tokens as well as some NFT projects. Huang, on his own part, has completely refuted the existence of any such fraudulent activities, either on his part or on the part of his company. In his opinion, it is all a great figment of ZachXBT’s imagination.
Where ZachXBT is concerned, various blockchain projects and accounts have responded positively to their call for funding. Apparently, a ZACH token was responsible for almost 20% of the funding received. The token comes with a 2% tax in the case of any individual who trades the token on Uniswap V2 and shifts the tax in the form of ETH to ZackXBT’s funding wallet. The attorneys who will be taking up the case for ZachXBT will be Stephen Palley, Jess Meyers, and the Brown Rudnick team.