NiftyNoon: How Will the MachiBigBrother vs. ZachXBT Lawsuit Impact NFTS?
MachiBigBrother has sent shockwaves across the NFT space with his defamation lawsuit against ZachXBT (June 20, 2023)
Nifty Thought
MachiBigBrother, once one of the former largest Blur bidding whales, has sued ZachXBT for defamation over allegations Zach has made. ZachXBT claims Machi has previously scammed crypto participants through past Decentralized Finance protocols. The nature of this dispute is highly contentious with even crypto titans such as CZ from Binance contributing money for ZachXBT’s legal defense. As demonstrated with even CZ’s donation, overall seems to be in ZachXBT’s favor.
However, it is important to note how crucial whales with questionable backgrounds have been to the broader NFT ecosystem over the past year. In many instances, Machi single-handedly propped floor prices up of major collections such as Bored Ape Yacht Club and CryptoPunks up. With Machi’s NFT involvement largely terminated and the floor price of Bored Ape Yacht Club now approaching the 30s, it is apparent that the darkest days for NFTs still lie ahead regardless of the outcome of this lawsuit. As more NFT whales get put into the spotlight and have their alleged nefarious activity exposed, more of their liquidity will continue to leave the market. This may be necessary in the long run to welcome less questionable capital but it is certainly going to be painful in the short run.
Highlighted News
MachiBigBrother files a defamation lawsuit against @zachxbt in the United States District Court for the Western District of Texas over a year old Medium article about him that damaged his reputation:
https://twitter.com/machibigbrother/status/1669780922449956864
@zachxbt claims the lawsuit against him is baseless and an attempt to chill free speech as he intends to fight back and defend free speech:
https://twitter.com/zachxbt/status/1669783717236342785?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Project and Community News
Brown Rudnick will represent @zachxbt in the defamation suit against him by Machi:
https://twitter.com/nftherder/status/1669829476581097472?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Over $704,000 has been donated to zachxbt legal fund in less than 24hrs:
https://twitter.com/3orovik/status/1670076021687701505?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
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:
https://twitter.com/cirrusnft/status/1670131701463543808?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
CZ states he is not taking sides, but supporting Zach who did a lot of work for the industry for his legal fees:
https://twitter.com/cz_binance/status/1670705562898554880?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
OT3 has officially partnered with @nf3exchange, an NFT swapping protocol:
https://twitter.com/ot3market/status/1670855022119092236?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Memeland announce they will be teleburning 111 MVPs in their treasury to Ordinals:
https://twitter.com/memeland/status/1669776469634191360?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
FEWOCiOUS addresses allegations being made online by an ex partner of his, that are completely untrue, dangerous and hurtful:
https://twitter.com/fewocious/status/1670128641928228867?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
https://twitter.com/windsandnstars/status/1669453913370796033
HYPEX shares the Fortnite x Nike Airphoria collab will feature Nike designed skins, cosmetics, and special rewards for .Swoosh members:
https://twitter.com/hypex/status/1670107348185014274?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Blur announces you can now sweep, bid, list, lend, buy now pay later, manage your portfolio, and list on Blur from your phone:
https://twitter.com/blur_io/status/1670847622561800193?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
@DeeZe on Tezos culture:
https://twitter.com/deeze/status/1670377749096038402?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
POA for Azuki Las Vegas: Follow the Rabbit event:
Mythics Chronicles goes behind the scenes with the PROOF team as they prepare for Mythics launch:
https://twitter.com/moonbirds/status/1669848507983990784?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
How @AshRobin and a group of friends were rugged for $30K by someone trusted:
https://twitter.com/ashrobinqt/status/1670129876790300673?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
@MoonCat2878 shares opinion that cryptopunksnfts will always be the #1 PFP, the most wanted and desired amongst collectors, newcomers, funds and so on:
https://twitter.com/mooncat2878/status/1670132924438523915?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Blur farmer that basically has a $2m long open on 32 BAYC using ~13x leverage:
https://twitter.com/CirrusNFT/status/1670628294650396674?s=20
Unrevealed Opepen floor is 0.68 ETH and this Opepen Edition 5 set-006 titled "Marilyn" sold for 8.50 ETH - $14,688.88:
https://twitter.com/vangoyaa/status/1670155187862880258?s=46&t=pGUKwdi80NH7cC8cr1vr8g
Ordinal Maxi Biz gets its first sacrifice as Punk 8611 was sent to the burn address in exchange for an OMB allowlist spot:
https://twitter.com/punk9059/status/1670556554674999296?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
MachiBigBrother sold 11 Bored Ape Yacht Club for Ξ476.430 ($824,038.09):
https://twitter.com/nftwhalealert/status/1670364524166385664?s=46&t=ujEVjbDyIj3KO3TdIu5pNQ
Quick Stats:
OpenSea ETH Daily Volume: 1,867 ETH (▲ 26.75%)
Blur ETH Daily Volume: 6,585 ETH (▲ 34.69%)
BTC: $26,748.10 (▲ 1.31%)
ETH: $1,725.26 (▲ 0.2%)
Solana: $15.88 (▲ 2.77%)
Polygon: $0.61 (▲ 1.36%)
NFT Daily Winners:
🐧 Pudgy Penguins: 4.37 ETH (▲ 6.46%)
⛩️ Azuki: 16.70 ETH (▲ 2.77%)
🚬 CryptoPunks: 49.99 ETH (▲ 0.42%)
🐈⬛ VeeFriends: 1.82 ETH (► 0.00%)
NFT Daily Losers:
🧝🏼♀️ DigiDaigaku: 2.30 ETH (▼ 0.09%)
🏳️🌈 Chromie Squiggles: 10.70 ETH (▼ 0.37%)
🏴☠️ Captainz: 8.30 ETH (▼ 1.54%)
🌈 Doodles: 1.87 ETH (▼ 2.47%)
🧟 Mutant Ape Yacht Club: 8.13 ETH (▼ 2.56%)
🧬 Clone X: 2.18 ETH (▼ 2.68%)
🥔 Potatoz: 2.40 ETH (▼ 3.07%)
🥃 Proof Collective: 7.47 ETH (▼ 4.87%)
🦧 Bored Ape Yacht Club: 40.59 ETH (▼ 5.82%)
🦉 Moonbirds: 1.76 ETH (▼ 6.88%)
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