Latest Crypto News: Blockchain Investigator ZachXBT Sued; Binance Sends Notice To Fake Nigerian Entity

Jeffrey Huang, known as MachiBigBrother on Twitter, has sued blockchain investigator ZachXBT for allegedly damaging his reputation through false allegations, according to a June 16 social media post. Huang tweeted that he has sued ZachXBT for defamation, charging him with tarnishing his reputation by making untrue claims.
Meanwhile, in less than 24 hours, the cryptocurrency community raised nearly $1 million to cover ZachXBT’s legal costs after he expressed his inability to raise the legal fees to defend himself in court. Huang didn't go into detail about those claims; however ZachXBT in an article in June 2022 accused Jeff Huang of embezzlement. ZachXBT said in the article that Huang had started “over 10 failed pump and dump tokens and NFT projects.” 
ZachXBT responded to the lawsuit in a series of tweets, labelling it “baseless” and a “attempt to chill free speech.” To help his supporters with the legal costs, which he estimates could “easily exceed” $1 million, he set up a contribution wallet address.
 

Binance Sends Cease-and-Desist Notice To Fake Nigerian Entity
The move comes after the Nigerian Securities and Exchange Commission declared the Binance Nigeria Limited illegal. Binance CEO Changpeng Zhao said on Twitter that his company has formally sent a cease-and-desist notice to the bogus Nigerian firm. 
Nigeria’s Securities and Exchange Commission (SEC), in a circular on June 9, said that the Binance Nigeria Limited has been illegally operating in the country. 
A Binance spokeswoman reportedly responded that the organisation named in the circular is not connected to the business. The company also plans to approach the Nigerian SEC for more information in the case.
 

Coinbase Blasts SEC for ‘No Straight Answer’ After Court Order
The crypto exchange criticised the SEC after the regulator asked for more time to respond to Coinbase’s rulemaking petition in an ongoing legal dispute. Coinbase has criticised the SEC for refusing to respond to inquiries made before the US Court of Appeals.
Lawyers for the cryptocurrency exchange lambasted the SEC in a letter sent to the court on June 17 for continuing to ignore Coinbase's rulemaking petition, which asks the SEC to create a legal framework for digital assets.
The Coinbase letter stated that the SEC “still offers no straight answers and instead repeats its talking points when ordered by this Court to address the stark inconsistency between its litigating position and its actions and statements elsewhere.” 
The letter was written in response to the SEC’s request on June 13 for an additional 120 days to respond to Coinbase’s regulatory petition.