In the livestream, he said people were "threatening" Zack with it. Then Kelsey says words to the effect about FROG relating a story to him years ago about Zack being blackmailed. That occurs at 17:54 in the stream.
So, to my ears, it sounds like two different stories. The one he related in his livestream, and the one in this thread. One where Zack is being blackmailed, and one where Zack was merely scared about aggroing those who may have known.
I hadn't seen that bit of the live stream so I want to break it down a little.
Ethan says:
"It's hard to say whether or not somebody stumbled upon this or if somebody knew, because lots of people knew. And there are people who knew who Zack thought were his friends who turns out were not his friends and were holding it over his head a little bit, ok? Threatening to make...
Kelsey interrupts to ask "Do we know who? I'm more interested in that than his porn..."
Ethan:
"Yes, I'm not gonna even get started with it, but they're not...they're no friends of mine. They're no friends of mine.
There's something in Ethan's tone here which tells me that these people have fucked with him before. That there has been some friction between Ethan and the group of people holding this thing over Zack.
Allow me a little autistic speculation (and I'll gladly take puzzle pieces if this sounds too retarded).
Who among CGs legion of haters and detractors have fucked with Ethan but are also people Zack would think were friends?
Who would he fear/respect enough to not want to "get on their bad side"?
Who is capable of threatening gayops on Zack that he would take seriously enough to tone down his rhetoric, delete tons of content, and leave Twitter?
I think we can rule out any SJWs or aligned comics pros. Zack already pissed them off years ago and I doubt he cares what they think enough to change his behavior even a little.
WarCampaign is a non-entity and utterly incapable of sitting on this info for an extended period. Zack was not "friends" with them and also doesn't care what they think.
People like Smiller, Tennapel, Boyette or ex-CG moralfags of that ilk probably wouldn't stoop to threatening someone with porn. Also, Zack doesn't care what they think.
So, who's left? Who is a gayoping faggot that would sink to any level to fuck with CG, including veiled threats and blackmail? Who would use other people (like random coomers with brand new KF accounts) to disseminate their bullshit and maintain a distance from their gay tactics? Who is someone that would do this type of shit and Zack would still want to be friends with and stay on their good side?
Frens, I think we all know the answer.
We're talking about Doug Ernst, Tim Lim, and the Iconic crew.
It's the only thing that makes sense, especially after the Comic Book Hut debacle and Zack's absolutely mindless defense of Ernst as "a good guy", his deleting of comments critical of Ernst and his nonstop fellating of Ernst's business model. He desperately wants Doug Ernst and Co to like him. He respects Ernst, he wants his business to be exactly like Doug Ernst's business. He will do exactly whatever it takes to not piss off Daddy Doug.
Like I said, this is speculation and I could be 100% wrong. But it makes sense to me.