In a surprising twist, renowned #NFTS trader Machi Big Brother (Jeffrey Huang) has filed a defamation lawsuit against on-chain investigator #ZachXBT

Here's what you need to know:

Machi Big Brother's Reputation at Stake: As a prominent figure in the NFT space, Machi Big Brother seeks to protect his image and credibility within the #crypto industry.

Allegations of Defamation: The lawsuit claims that ZachXBT's article, "22,000 ETH Embezzled and Over Ten Projects Failed: The Story of Machi Big Brother," contained false accusations that tarnished Machi Big Brother's reputation and implicated him in fraudulent activities.

ZachXBT's Response: Defending his right to free speech, ZachXBT contends that the claims are baseless and vows to fight back, asserting his intention to share opinions and investigative findings within the #Cryptocommunity

Rallying Support: ZachXBT calls upon his followers and supporters to help cover his legal fees, underscoring the importance of community solidarity during legal battles.

Industry-Wide Implications: This legal clash between prominent crypto figures raises crucial questions about free speech boundaries, the responsibilities of investigators, and the necessity of unbiased reporting in the cryptocurrency ecosystem.

Conclusion: The outcome of this defamation lawsuit will have far-reaching implications for the crypto community. It serves as a reminder of the need for ethical reporting, accountability, and reputation protection in the fast-paced world of cryptocurrencies and NFTs.

Stay tuned for updates as the legal battle unfolds.

Hello, it's CryptoPatel here!

Passionate about providing you with the latest insights and analysis on cryptocurrencies. Join me for high-quality updates on the ever-evolving crypto world.

If you enjoy my content, please show your support by liking, sharing, and following. Let's stay connected for exciting updates!

#SEC

$BTC $ETH $BNB

ZachXBT becomes involved in a legal dispute after Jeffrey Huang accuses him of libel. ZachXBT is accused by Huang of harming his reputation by making unfounded claims of fraud.

Zach was supported by the crypto community in a show of togetherness. Cryptocurrency contributions flooded in under 24 hours after the lawsuit's announcement, reaching an amazing total of $0.6M for his defense.

Bankless, Jesse Powell, Memeland, Justin Sun, and Bankless, who generously donated $25,000, $17,000, $11,800, and $10,000, respectively, were notable donors. The top donor went above and above by inventing the $ZACH token and giving transaction taxes collected from it.

Zach has gained a lot of respect in the cryptocurrency community for his unrelenting dedication to outing con artists without ever looking for financial benefit. Everyone is behind him to refute this ridiculous assertion, even Satoshi Club.

#BTC #ZachXBT #cryptocurrency

As cryptocurrencies and NFTs (Non-Fungible Tokens) are gaining popularity, scammers are also finding opportunities to exploit people using these new technologies. Famous crypto detective ZachXBT has made a significant allegation that concerns the crypto community. According to the claim, a YouTuber may have defrauded their followers. As per ZachXBT's allegation, a YouTuber known as "Blue" might be involved in a scam worth over $1.5 million, using NFT technology such as Monkey and similar services. #ZachXBT #zachxbt

Details of the Allegations:

According to information shared by ZachXBT on his Twitter account, the YouTuber known as Blue or Jack was initially known for gaming and trolling videos. By 2021, they had gained over 122,000 subscribers on YouTube, building a substantial following. However, according to ZachXBT, a leaked post from Blue's Snapchat account links them to the Ethereum ENS address "cool-breeze.eth," which purchased the Bored Ape Yacht Club 8668 NFT in October 2022.

ZachXBT's investigation revealed that upon examining the financial transactions of this Ethereum address, he found over 85 ETH inputs associated with a phishing scam called Monkey Drainer, which accounted for approximately one-third of the stolen funds. Monkey Drainer is a known crypto scammer who has reportedly stolen up to $24 million in total.

Blue's Fraudulent Activities:

The YouTuber known as Blue or Jack is alleged to be involved in a scam worth over $1.5 million, utilizing NFT technologies like Monkey. The ETH inputs associated with the Monkey Drainer scam are said to represent a portion of the stolen funds. It is noted that the scammer, through Monkey Drainer, has carried out thefts amounting to a total of $24 million and in February 2023, recommended their customers to use a rival filter called Venom.

Conclusion and Investigation:

The information mentioned above is based on the allegations put forward by crypto detective ZachXBT. However, caution should be exercised regarding the accuracy of this information, and it is essential to rely on official authorities for conclusive results. It is stated that an investigation is currently ongoing regarding ZachXBT's claims.

During this period of increasing popularity for cryptocurrencies and NFTs, users need to remain vigilant and take precautions against fraudulent attempts. Verification from official sources and utilizing trusted platforms are of utmost importance to ensure security.

In conclusion, these allegations concerning the crypto community may have uncovered a significant scam. However, it is important to note that the definitive results rely on the findings of an official investigation. #hackers

ZachXBT

The head of Binance said that the cryptocurrency exchange will donate $50,000 to support ZachXBT, a famous "detective" in the blockchain community

A famous crypto detective nicknamed ZachXBT collected more than $1 million from subscribers in two days to cover legal expenses. On the evening of June 16, he announced that he had been sued for defamation. And published an address for donations for his legal expenses.

ZachXBT wrote on Twitter that he was being sued by Jeffrey Huang, also known as Machi Big Brother. The plaintiff claims that the crypto detective slandered him in a 2022 article. When the detective claimed that Huang stole 22,000 ETH from the cryptoproject Formosa Financial.

Both contributors are well-known opinion leaders in the English-language cryptocurrency community. ZachXBT has released dozens of investigations into major manipulations by cryptoprojects or Influencers. Who have been seen promoting fraudulent assets. Some of his revelations have formed the basis of law enforcement investigations. And which have led to arrests or fines for proven fraud.

Jeffrey Huang is an NFT Influencer known for multi-million dollar deals to buy images from popular collections. Also according to an investigation from a detective, Huang made a fortune from advertising fraudulent crypto projects. Huang demanded that ZachXBT retract the material and remove it. ZachXBT claimed that "the claim is unfounded and an attempt at censorship, and he intends to fight for freedom of speech."

ZachXBT compared the case to the story of David and Goliath.

While pointing out that Huang is rich and "uses his capital to silence ZachXBT." ZachXBT wrote that he himself is not so rich. And asked subscribers to help cover his legal fees, which he said could exceed $1 million.

Also he published an address for donations. On the evening of June 16, it had about $57,000 in cryptocurrency, according to The Block. As of June 19, the amount of cryptocurrency funds sent to the cryptocurrency address over the weekend exceeded $1 million. He began withdrawing them to the Uniswap exchange.

Changpeng Zhao, head of Binance, decided to support ZachXBT and wrote that the cryptocurrency exchange would send him $50,000. Following Zhao in the comments, various cryptoprojects started tagging him, reporting their donations and wishing him good luck. Our experts note that no one should stand aside and should support ZachXBT. As he is doing a very important job that not everyone can do and now at a difficult time the crypto community should give their support.

 #Binance #ZachXBT

🔒 #Binance recently withdrew 15K $BTC ($396M) from its platform, ensuring the security of user funds.

As a precautionary measure, they conducted a test transaction with 1 BTC before making the large withdrawal.

Official Binance Announcement:-

Today, Binance will be transferring funds from their BTC cold wallet to a new address - 1Pzaqw98PeRfyHypfqyEgg5yycJRsENrE7

If you notice any noteworthy movements of #BTC from Binance's wallets, rest assured that it's part of this planned procedure.

Funds remain #SAFU

#bitcoin #ZachXBT

$ETH $BNB

Worldcoin, a blockchain protocol focused on identity verification, has made waves in the cryptocurrency world with the launch of its WLD token and the expansion of its iris-scanning Orb. This project, known for its divisive nature among crypto enthusiasts, aims to revolutionize online identity verification through its World ID system.

The WLD token has garnered significant attention, trading at an impressive $2.23 and boasting a market capitalization of $241M within just a day of its launch. This valuation places Worldcoin above well-established DeFi projects like Yearn Finance's YFI and Balancer's BAL. However, it's important to note that only 5% of the total 10 billion WLD tokens have been released into circulation, resulting in a fully diluted valuation of an astonishing $22B.

Worldcoin's Recent Developments:

Recent product announcements by Worldcoin, including opening its software development kit (SDK) to developers and adopting the Optimism scaling solution, indicate a shift from testing to accelerated growth. Tiago Sada, head of product, engineering, and design at Tools for Humanity, a key contributor to Worldcoin's progress, expressed excitement about involving more people in the project through these launches. The open SDK allows developers to explore new applications using the World ID, adding to the project's potential.

Challenges and Concerns:

Despite its achievements, Worldcoin faces challenges and criticism from prominent figures in the crypto community. Ethereum's founder, Vitalik Buterin, raised concerns about the use of biometric data for establishing online personhood. While acknowledging the importance of a decentralized solution for unique-human verification, he pointed out potential flaws in Worldcoin's approach, including the risk of fake identities introduced by malicious Orb manufacturers.

ZachXBT, another influential figure in the crypto space, expressed skepticism about Worldcoin's tokenomics. He labeled the token design as "predatory" due to the low circulating supply relative to the fully diluted valuation, potentially leading to increased selling pressure as more tokens are unlocked. The geofencing of WLD's tokenomics also raised questions about accessibility. #vitalik #ZachXBT

Worldcoin's Ambitious Goals:

Worldcoin's ambition to integrate its token into a Universal Basic Income (UBI) scheme garnered both support and criticism. Sam Altman, co-founder of Worldcoin and CEO of OpenAI, sees the potential for AI to render many jobs obsolete and believes in compensating people for their mere existence. However, implementing a UBI system requires robust "proof of personhood" mechanisms to prevent abuse.

User Adoption and Growth:

Despite the debates and criticisms, Worldcoin has managed to onboard over 2 million users, a significant feat in the crypto space. With approximately 5% of Lisbon's population already having a World ID, the project has shown promise, but challenges persist as they continue to innovate. #worldcoin #WLD

In Summary:

Worldcoin's rapid rise to prominence in the crypto market has been met with excitement and skepticism alike. As the project evolves and grows, its unique approach to identity verification and UBI will play a pivotal role in shaping the future of crypto and its broader implications for society. Addressing concerns raised by influential figures and navigating challenges will be crucial in realizing Worldcoin's potential as a transformative force in the crypto landscape. $WLD

In the ever-evolving world of cryptocurrency, security incidents are an unfortunate but all too common occurrence. Recently, on-chain analysts discovered a major security breach that shook the crypto-based sports betting platform Stake. In this blog, we delve into the details of this incident and its implications.

The Initial Alarming Transfers

The security incident started with a series of suspicious transactions on Stake. Data from the analyst firm Cyvers revealed that a substantial $15.7 million was transferred away from the platform. This staggering amount included 6,000 ether ($9.8 million) and $5.9 million in stablecoins. This initial discovery raised eyebrows within the crypto community.

Expanding the Scope: Cross-Chain Transfers

As the story unfolded, more alarming information emerged. ZachXBT, another blockchain analyst, provided additional insights into the situation. It was revealed that an additional $25.6 million had been moved out of wallets believed to be associated with Stake on two other blockchain networks: BNB Chain and Polygon. Of this, $17.8 million was transferred on BNB Chain, while $7.8 million was moved on Polygon. These cross-chain transfers heightened concerns and brought the total outflows to over $41 million across various crypto addresses on three different chains.

Confirmation and Collaboration

ZachXBT's findings didn't stand alone; they were further corroborated by the renowned security firm Beosin. This collaboration between blockchain analysts and security experts underlined the seriousness of the situation. Stake was indeed facing a substantial security breach.

The Implications and Fallout

The implications of this security incident are significant. Not only does it raise questions about the security measures in place at Stake but also the broader issue of security in the cryptocurrency industry. Investors and users of the platform are left concerned about the safety of their funds and the trustworthiness of crypto-based platforms.

Stake's Response and Recovery Efforts

In response to the breach, Stake immediately took action to investigate the incident and address the security vulnerabilities that led to the funds' unauthorized transfers. Their response will be closely monitored by the crypto community as they work to recover the stolen funds and fortify their platform against future breaches.

The Ongoing Investigation

With multiple parties involved, including analysts, security firms, and the platform itself, a comprehensive investigation is underway. The crypto community eagerly awaits the findings, hoping for answers to questions surrounding the origin of the breach and the identity of the perpetrators.

In Summary

The security breach at Stake serves as a stark reminder of the ever-present risks in the cryptocurrency space. As the investigation unfolds and Stake works to recover the stolen funds, this incident will undoubtedly spark discussions about the need for stronger security measures within the industry. In the crypto world, vigilance and constant improvement of security practices are paramount to ensure the trust and safety of users and investors.

#security #stake #ZachXBT #hacked

Recent investigations have revealed that several companies dealing with Web3 technologies have been targeted in a sophisticated phishing attack. Suspicion falls on the email service provider Mailer Lite, which is used by some of the affected companies.
In this attack, fraudsters focused on users in the #crypto community, pretending to be Web3 companies. ZachXBT, an on-chain detective, pointed out phishing emails that appeared to be sent from legitimate sources, including decentralized applications and various crypto platforms.
 Details of the Phishing Attack
#ZachXBT published screenshots showing that the emails contained offers for fake token airdrops, enticing users to click on fraudulent links. These emails, diverse in content, had the same goal.
 #WalletConnect users were offered the chance to participate in a "special opportunity" as a thank you to the community, while Token Terminal users were informed about free tokens as part of celebrating a new milestone. De.Fi users were told that the airdrops were related to the launch of new features on their platform. Cointelegraph was allegedly celebrating its tenth anniversary.
 Victims and Responses of Affected Companies
ZachXBT warned that fraudsters stole more than $580,000 from users who clicked on these links. The phishing emails were very convincing because they used email addresses similar to the real ones.
 As information about the phishing attacks spread, the affected companies issued statements denying any connection to the attacks and warning users against interacting with suspicious links. WalletConnect, Cointelegraph, and Token Terminal clearly denied any involvement with the airdrops mentioned in the emails.
 Investigation and Security Measures
The investigation is still ongoing, but De.Fi identified Mailer Lite as a possible source of the problem. In response, De.Fi stated that they are moving their databases to another provider to increase the security of their users.
#crypto
 Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“