- Binance shows support to ZachXBT in a defamation lawsuit against Machi Big Brother.
- CZ’s act ignited discussion within the crypto community.
- Machi sends BAYC NFTs to Binance in solidarity amid the exchange’s SEC case.
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.
Machi sent all his BAYC to Binance to support them in their SEC case a few days ago and then a few days later CZ sends $50k to Zach to support him in the Machi case W pic.twitter.com/e8QYREVNXu— Cirrus (@CirrusNFT) June 17, 2023
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.
Not taking sides. Just supporting a guy (who did a lot of work for the industry) for his legal fees. The court will decide.Moving NFTs to Binance to show support is appreciated. No conflict.— CZ Binance (@cz_binance) June 19, 2023
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.
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