ZachXBT vs Big Bro🍿🔍
ZachXBT points the scam finger at Jeffrey "Machi Big Bro" Huang. Huang claps back with a lawsuit. Support floods in from crypto bigwigs like CZ & Sun. What happened now?
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The plot surrounding the enigmatic detective ZachXBT and NFT entrepreneur Jeffrey “Machi Big Brother” Huang thickens.
The suit has been dropped. What suit? let's see.
But first, Who is ZachXBT
Our detective protagonist, ZachXBT, isn't just another name in the cryptoverse. He's recognised for digging deep, unearthing secrets, and publishing captivating investigative reports.
Through his pseudonymous Twitter account @zachxbt, he's carved out a reputation as the go-to digital detective, exposing crypto scams and malpractices.
Detective skills: With an eagle eye for on-chain analysis, he dives deep into potential scams, ensuring that the bad actors don't escape unnoticed.
Real-world impact: His knack for uncovering scams isn't just Twitter legend. ZachXBT's sleuthing led to the arrest of the alleged culprits behind the theft of $2.5 million worth of Bored Ape Yacht Club NFTs. Even the French authorities tipped their hats to him!
Noteworthy Twitter threads
His threads often unravel the shady dealings behind scams, like the infamous "SaveTheKids" token scandal. ZachXBT's analysis of the Poly Network hack showcased his skill in tracing stolen funds. He's dissected schemes like the FairMoon rug pull, educating his followers about the risks of such ventures.
The top exposes
Robot-themed NFT collection launched in September 2021.
Founder disappeared with $5.5 million raised from the mint.
ZachXBT identified the founder as Jahvin Bowman, who also scammed the freelance artist responsible for the NFT designs.
Origin of the viral Kevin NFT memes from 2022.
Promised a high-utility game tied to their NFTs but failed to deliver, turning Pixelmon Kevin into a meme instead.
ZachXBT revealed the mismanagement of the raised funds and how the team purchased assets from the Unity platform instead of creating original artwork.
A web3 PvP game with breedable NFT characters.
ZachXBT unveiled documents proving the purchase of fake followers, botting Discord, and fabricated Reddit reviews.
One of the largest crypto influencers accused by ZachXBT of promoting multiple NFT scams.
Earnings for promotions ranged from $2,500 to $40,000 per ad.
Despite claiming thorough vetting of all promotions, evidence revealed BitBoy endorsed several projects that turned out to be scams.
ZachXBT highlighted in January 2022 that BitBoy had promoted seven NFT projects or tokens that eventually scammed users, with one such project being $MYX Network.
Following the exposure of these projects as scams, BitBoy removed his promotions, but not before ZachXBT documented the evidence.
Entrepreneur known for "OG (Original Garage) Social Club" NFT collection.
ZachXBT highlighted Tai's history of questionable practices and basic content in premium courses.
Launched the Billionaire Dogs Club in December 2021.
After minting failures, the project vanished.
ZachXBT identified Laurent Correia as the founder who misused the funds for personal gains.
Accused by ZachXBT of promoting "pump and dump" NFT projects.
Evidence showed Paul hyping up projects before their eventual disappearance with scams such as DinkDoink and Elongate.
ZachXBT Coin ($ZACH)
Introduced as a meme cryptocurrency on the Ethereum blockchain, $ZACH aims to support ZachXBT in his legal skirmishes. A unique aspect of this coin is its sell tax mechanism. A fraction of each sale is funnelled into ZachXBT's legal fund. This coin not only showcases the crypto community's support but also reached a market cap of over $2 million within a mere five hours of its introduction.
Who is Machi Big Brother?
On the other side, we have Jeffrey Huang, a multifaceted personality juggling roles as a Taiwanese-American musician and tech mogul. He gained fame as Machi, a member of the hip-hop group L.A. Boyz. "Big Brother" refers to his role as a mentor and leader in the entertainment industry. However, in the crypto world, he is known by this name.
Previously on the ZachXBT saga
ZachXBT, lauded in many corners of the crypto universe for his vigilant on-chain investigations, faced a tumultuous phase in his career when he accused Jeffrey Huang, of embezzling an astronomical sum of 22,000 ETH from a crypto platform he co-founded. This accusation was not just thrown into the ether (pun intended); ZachXBT fortified his claims with on-chain data, pushing the discourse further into the limelight.
The backlash was swift and potent. Huang, determined to clear his name, retaliated by taking the battle to the U.S. District Court in Texas.
This lawsuit didn't just challenge ZachXBT's allegations; it also unveiled the investigator's real-world identity—a fact that had been a secret since his ascent in the Crypto Twitter realm.
A Community United: When the weight of a lawsuit loomed large, ZachXBT reached out to his crypto comrades. Estimating the lawsuit's hefty price tag at over a million dollars, he opened up an Ethereum address for donations, pledging to return any excess funds.
While skepticism lingered in the air, an overwhelming number of crypto giants and enthusiasts flocked to support. From the likes of CZ of Binance, Justin Sun of Tron, to Jesse Powell of Kraken – the crypto world showcased its unwavering support for ZachXBT. His legal battle, now supported by a Boston-based law firm known for its expertise in high-profile defamation cases.
Fast forward to now
The looming courtroom battle got defused. ZachXBT revisited his report, toning down some of his fiery claims and giving it a more nuanced makeover. This recalibration led Huang to withdraw his lawsuit. Both expressed relief on Twitter, with ZachXBT appreciating the mutual resolution and Huang emphasising that dragging it to court was his last resort.
I am withdrawing my defamation suit against ZachXBT. Zach has many times in the past been of great service to the crypto community and pursuing legal action against him was a last resort but not the right path.” – Machi Big Brother
The Article Revamp ✍️ Among the alterations, some critical edits stood out:
Claims of Huang's embezzlement? Vaporised.
The bold assertion that Huang launched numerous "failed pump and dump tokens and NFT projects"? Deleted.
Huang's project Mithril, earlier portrayed as having "shadowy team members and questionable practices," now features a description with "vivid team members and unpredictable price movements."
With the lawsuit off the table, ZachXBT's next mission is to chart out a plan for refunding the surplus donations.
What this means for the crypto landscape
This episode underscores the intricate dance of privacy, accountability, and free speech in the decentralised world. While many hail the anonymous nature of blockchain, this incident raises pertinent questions about transparency, especially when significant amounts are at stake.
For investors, traders, and enthusiasts, understanding the various dimensions of such controversies is crucial. It not only impacts market dynamics but also shapes the future framework of regulations and public perception of the industry.
TTD Week That Was 📆
The week of crypto finding its meaning in the larger scheme of things.
Friday: Bitcoin's little dive🔻
Thursday: Here Comes the Summer🌞🍭🎡
Wednesday: Say hello to SEI🎈
Tuesday: Javier. Like Robert🫀Bitcoin
Monday: Crypto, Congress & the Bills📜
TTD Week in Funding 💰
Jada AI. $25 million. An artificial intelligence project that harnesses blockchain technology.
Ellipsis Labs. $3.3 million. Builds sustainable and efficient DeFi protocols on high-throughput decentralised infrastructure.
Linera. 6 million. A layer-1 blockchain attempting to tackle scalability issues using ‘microchains.'
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