Crypto Twitter stands united

ZachXBT sued, Ethscriptions, and Binance U.S. updates

June 20, 2023

GM Baos,

If you haven't already, check out our project feature on Dreamzuki from last week 😉

Today we cover:

  • ZachXBT sued by MachiBigBrother

  • What are ethscriptions?

  • Binance vs the SEC updates

ZachXBT

Let's talk about an interesting figure in the crypto space, ZachXBT, the well-known rug-pull vigilante. Zach is an informed researcher who delves deep into people and projects, providing community-driven audits. However, he recently found himself in a legal battle.

MachiBigBrother, also known as Jeffrey Huang, filed a lawsuit against Zach for an article he published in mid-2022. The article alleged that Machi embezzled millions of crypto and manipulated markets through various ventures.

For those who are unfamiliar with Machi, he is a Taiwanese-American with extensive experience in the crypto space. He has been involved in numerous projects, token launches, and companies. He is also associated with multiple groups, including Bored Ape Yacht Club (BAYC).

Zach's article had a significant impact on Machi's reputation and future branding, leading to the defamation case against Zach. However, Zach is determined to defend himself and uphold his right to free speech throughout the legal proceedings.

In a show of support, various big companies and individuals have come to his aid, contributing over $1m in crypto to his defense fund.

For more hot soup on the case, check out Zach’s tweet:

Ethscriptions

What are Ethscriptions? Ethscriptions are the brainchild of Tom Lehman, also known as @dumbnamenumbers in the crypto community. This innovative idea aims to provide a cheaper and decentralized method of minting.

Currently, Ethscriptions are focused on image-only inscriptions, allowing a maximum of 96kb per image. This opens up exciting possibilities for artistic expression and creative use of ETH.

Tom Lehman made a significant debut for Ethscriptions with the launch of Ethereum Punks. All 10,000 NFTs were quickly sold out, demonstrating the growing interest in this space.

As more and more inscriptions find their way onto BTC, it will be fascinating to see how the market reacts to Ethscriptions.

Binance vs SEC continues…

We have the latest updates on the SEC vs Binance fiasco, and there have been some significant developments. The judge has signed off on a deal that allows Binance U.S. employees to have internal access to customer funds for the time being.

However, it's important to note that this arrangement does not extend to Binance officials themselves.

As we mentioned previously, the SEC is seeking a complete freeze on all assets held by Binance U.S., which would be a major setback for Binance in our fast-moving industry. Both parties have been given a two-week deadline to reach an agreement that addresses the requests and concerns of both sides.

Amidst all of this, there is news regarding Blackrock, a prominent asset management company. It appears that Blackrock has potentially found a solution to obtain SEC approval for certain aspects related to the ongoing situation.

While the details are yet to be revealed, this development could have significant implications for the future of Binance and its dealings with the SEC.

Bao-sized news

Make us Kek

If you’ve enjoyed reading today’s newsletter, don’t forget to share it with a friend.

–Bluejohn