ZachXBT said on Monday that the defamation lawsuit Jeffrey "Machi Big Brother" Huang had filed against him in June has been dismissed.
A Defamation Suit Against Crypto Sleuth ZachXBT Withdrawn
ZachXBT, an established name in the cryptocurrency industry who is well-known for his blockchain investigations, said on Monday that the defamation lawsuit Jeffrey "Machi Big Brother" Huang had filed against him in June has been dismissed.
In accordance with Huang, ZachXBT significantly changed his investigative piece, taking out some of the harsher accusations against the entrepreneur and NFT trader and softening the language of others.
ZachXBT noted his initial dissatisfaction with the legal approach adopted, but he also expressed his gratitude for reaching a resolution. He further said that he will repay any additional money raised for his legal defense by supporters.
Huang, a musician and tech entrepreneur of Taiwanese descent, filed a complaint against ZachXBT in the U.S. District Court for the Western District of Texas on grounds of accusations of alleged misappropriation.
In a published investigation from June 2022, ZachXBT accused Huang of stealing 22,000 ETH (about $40.7 million at the time) from Formosa Financial, a failed cryptocurrency project.
Huang acknowledged the lawsuit's withdrawal and emphasized that this decision was reached after ZachXBT revised his original piece, with legal action being the last resort.
Notably, ZachXBT's original story no longer included accusations of theft or assertions that Huang was a part of numerous failed projects The terminology and claims regarding Huang's prior associations were also changed.