Crypto investigator ZachXBT is making headlines again, this time for returning the unutilized portion of the $1 million in legal donations he received after successfully defending himself against a lawsuit filed by Jeffrey Huang, known as MachiBigBrother.
In a recent announcement, ZachXBT revealed that the “legal refund claim contract” is now active, allowing all donors who contributed through Ethereum, Arbitrum, and zkSync to request refunds within the next 365 days.
The legal battle began when Huang sued ZachXBT over an article titled “A Story Of Machi Big Brother (Jeff Huang),” published in June 2022, alleging that it had tarnished his reputation. This lawsuit ignited a passionate response from ZachXBT’s supporters.
In response to the lawsuit, ZachXBT established a crypto wallet to collect donations for his legal defense. He had initially estimated that the legal expenses could surpass $1 million. Astonishingly, within just 48 hours of reaching out for support, he received donations exceeding this amount, including contributions from notable figures like Binance CEO Changpeng “CZ” Zhao, Kraken founder Jesse Powell, and TRON founder Justin Sun.
While ZachXBT is in the process of refunding the unused donations to those who request them, he also acknowledged that some supporters may choose not to seek refunds. He plans to honor their wishes, stating, “After the 365-day claim period is up, funds not claimed will be interpreted as a donation to fund future work.”
Concerns about security in the crypto community have been on the rise due to recent cyberattacks targeting high-profile accounts on platforms like X. In response, ZachXBT has taken extra measures to ensure the legitimacy of his refund distributions. He confirmed his identity by signing a message from the ZachXBT legal fund donation address.
These precautions come in the wake of Ethereum co-founder Vitalik Buterin’s unfortunate encounter with hackers. Buterin’s followers fell victim to a phishing attack that led to nearly $700,000 in losses when they connected their wallets to a fraudulent Consensys link, expecting to receive a complimentary non-fungible token (NFT).
As ZachXBT fulfills refund requests and maintains transparency in its financial operations, the crypto community remains vigilant about cybersecurity in an ever-evolving digital landscape.
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