ZachXBT reports peaceful settlement of defamation suit against him

On-chain analyst ZachXBT said that the Taiwanese entrepreneur Jeffrey Huang (Machi Big Brother) who accused him of defamation voluntarily withdrew the suit.

The dispute concerned a 2022 article in which ZachXBT accused Machi Big Brother of embezzling 22,000 ETH from Formosa Financial, a crypto asset-management company, in 2018.

The parties agreed to amend the piece and add further commentary, after which the entrepreneur withdrew the claims.

“I appreciate that ZachXBT has made important changes to his article, and we have reached a mutual agreement to move away from this matter. The legal action against him was an extreme measure, but not the right path,” — wrote Huang.

The on-chain analyst thanked the crypto community for support and donations to cover legal costs. All unused funds he intends to return to the donors.

In June, the defamation suit against ZachXBT became known in June. At the time, the analyst was backed by Binance CEO Changpeng Zhao, Kraken co-founder Jesse Powell and Polygon cofounder Sandeep Nailwal.