Cryptocurrency Investigator ZachXBT Receives Subpoena
ZachXBT, a well-known cryptocurrency investigator, recently revealed on social media that he and a few others received a subpoena from a court. The court requested additional information for undisclosed reasons. On October 21, ZachXBT shared two screenshots related to the request.
The first screenshot showed the court’s specific information requirements for ZachXBT to provide. The second screenshot displayed the notice sent to the social media platform informing them about the legal inquiry.
Reasons Behind the Subpoena Remain Unclear
While the exact reasons for the subpoena are still unclear, it is worth noting that the requested information is extensive. It includes names, billing records, IP addresses, phone numbers, detailed text records, and session time logs, among other data points.
It seems that my account and a few others were subpoenaed for overly broad info for an unclear reason.
I do appreciate that X policy is to notify you of this if it happens. pic.twitter.com/MNML5LMiUX
— ZachXBT (@zachxbt) October 21, 2023
ZachXBT mentioned that the broad nature of the request may only ensure that some of the requested information can be provided. He noted that the inquiry appeared to be unrelated to his account.
In response to speculation from some users suggesting that ZachXBT might be summoned as a witness in court, he indicated that he would decline to assist due to concerns about the approach taken.
Prior Defamation Lawsuit Involving ZachXBT
In June 2023, NFT trader Jeffrey Huang, also known as MachiBigBrother, filed a lawsuit against ZachXBT regarding an investigation published in June 2022. The lawsuit accused ZachXBT of defamation. However, ZachXBT dismissed the lawsuit as baseless and an attempt to restrict freedom of speech. He expressed his commitment to vigorously contest the allegations.
In a subsequent post related to the Huang lawsuit, ZachXBT shared a link to an article titled “22,000 ETH Embezzled and Over Ten Projects Failed: The Story of Machi Big Brother (Jeff Huang).” The article alleged Huang’s involvement in over ten failed pump-and-dump tokens and NFT projects, including Formosa Financial. According to ZachXBT, embezzled funds from the treasury were traced to various wallet accounts associated with Huang. Prominent figures like Justin Sun and Changpeng Zhao supported ZachXBT during the defamation lawsuit, contributing over a million dollars in donations within days. ZachXBT intends to provide transparency in returning unused funds from the legal defense.
Hot Take: Concerns Surrounding Subpoena and Lawsuit
ZachXBT’s recent subpoena raises concerns about privacy and transparency within the cryptocurrency space. While the reasons for the subpoena remain unclear, its broad nature suggests a potential infringement on user privacy. Additionally, the prior defamation lawsuit against ZachXBT highlights the ongoing tensions between investigators and those accused of wrongdoing in the crypto industry. The support received by ZachXBT from influential figures indicates a need for accountability and transparency. As the crypto landscape continues to evolve, it is crucial to find a balance between protecting individual rights and ensuring the integrity of investigations and legal proceedings.
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