Binance Donation in ZachXBT Defamation Lawsuit Sparks Controversy

In a surprising turn of events, the CEO of Binance, Changpeng Zhao (CZ), has found himself amid controversy as his exchange provided financial support to ZachXBT in his defamation lawsuit filed by Jeffrey Huang, also known as Machi Big Brother.

Binance’s support of $50,000 to ZachXBT came shortly after Machi sent his Bored Ape Yacht Club (BAYC) NFTs to Binance in a show of solidarity for the exchange’s ongoing case with the U.S. Securities and Exchange Commission (SEC).

The series of events unfolded on Twitter when CirrusNFT, an acclaimed rug pull survivor, shared the irony of Machi’s NFT transfer to Binance, followed by CZ’s donation to ZachXBT. CirrusNFT’s tweet highlighted the unexpected alignment of actions between the parties involved in separate legal battles.

While CZ’s support for ZachXBT may appear to take sides, the Binance CEO quickly clarified his position. In response to the tweet, CZ stressed that his support for ZachXBT was not indicative of taking sides in the legal dispute between ZachXBT and Machi. Instead, he backed ZachXBT due to his significant contributions to the industry.

The Binance added that the assistance was aimed at covering ZachXBT’s legal fees. “The court will decide,” CZ added. He further expressed his appreciation for the NFT transfer to Binance to demonstrate support, downplaying any potential conflict arising from these events.

Notably, the crypto community has donated over $1 million to ZachXBT in his defamation lawsuit. As the suit unfolds, the crypto community remains engaged, closely monitoring the developments and expressing their support for the involved parties.