Jeff Huang, also known as Machi Big Brother, allegedly defrauded investors with the theft of 22,000 ETH, equivalent to $24.2 million, and more than ten failed altcoin projects.
Jeffrey Huang, a tech entrepreneur and one of the largest owners of Bored Ape Yacht Club NFTs, allegedly bought over 22,000 Ethereum (ETH) from treasury management service firm Formosa Financial in 2018.
The Taiwanese-American businessman known as “Machi Big Brother” allegedly defrauded investors with “more than ten failed pump and dump tokens and NFT projects” over the next four years. The article in question also sheds light on his background in the crypto space and the evidence to prove the projects he has been linked to.
The Taiwanese-American businessman, known by his online nickname “Machi Big Brother”, allegedly ran “more than ten failed pump and damper token and NFT projects” over the next four years. The article also highlights his background in the crypto space, the projects and people he has been associated with, as well as the evidence to prove shady deals.
Although Huang started out in the music industry, he transitioned into the tech space by founding 17 Media (M17) in 2015, which has become one of the most popular live streaming apps in Asia, according to the article in question.
Here are 10 Altcoin Projects
Mithril
Huang joined the crypto space in 2017 with the launch of Mithril (MITH), a long list of failed altcoin projects. Mithril was a decentralized social media site that rewarded users with native MITH tokens.
The project raised 60,000 ETH ($51.6 million) in February 2018 and 30% of the supply was sold in a private sale. These altcoins are locked for a while until the Token Generation Event (TGE).
formosa
Formosa Financial (FMF) is a treasury management platform for blockchain companies. 22,000 ETH was raised in the angel investment round, followed by another 22,000 ETH in a special investment round. Investors include Binance, Block One, Mithril/Jeffrey Huang and many more altcoins.
Machi X
Jeff Huang and Leo Cheng founded Machi X in October 2018. This is a social marketplace for intellectual property rights. Huang’s previous project struggled to find funding due to the Mithril and Formosa incident. A year later, Formosa emerged upon passing over 22,000 ETH to its investors.
Cream Finance
In 2020, Jeff and Leo Cheng founded Cream Finance (CREAM), a fork of Compound Finance (COMP). More than $192 million was stolen from the project through exploits.
Wifey Finance
Wifey Finance was started by an “anonymous” team.
Swag Finance
Adult entertainment website Swag.live was launched in October 2020. Cream Finance listed Swag as collateral. Then the lack of information about the listing caused a lot of backlash on Crypto Twitter. It was removed from Cream a few weeks later.
Mith Cash
Mith Cash, a fork (an algorithmic stablecoin) of the Basis Cash (BAC) protocol, was founded on December 30, 2020 by an “anonymous” team of which Huang is an advisor. Mith Cash has soared to 1 billion TVL just days after its launch. However, it crashed hard as token holders cashed out their rewards.
Typhoon Cash
Typhoon Cash was released as a fork of Tornado Cash (TORN). The project had an anonymous team. But it was believed that Huang and his associates were behind it. The project collapsed just weeks after starting the protocol.
MUD Games
Huang has released Heroes of Evermore, a fork of another popular loot-based game. The project was composed by an anonymous team. The project earned more than 533.92 ETH in profit. It was then revealed that the team members had secretly raided the rarest NFTs and the project was shut down.
Squid DAO
Squid DAO was released by an “anonymous” team as a fork of Olympus DAO (OHM). Huang closed the project in January of this 2022.
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