Jeffrey Huang, a tech entrepreneur, former musician and one of the biggest investors in the Bored Ape Yacht Club NFT, allegedly hijacked 22,000 Ethereum (ETH) tokens from the accounts of money management company Formosa Financial in 2018.
In the article you will learn, among other things:
From musician to entrepreneur and cryptocurrency expert
A Taiwanese-American businessman, known by the internet nickname “Machi Big Brother”, is said to have spent four years running “more than ten unsuccessful cryptocurrency and NFT pump and dump NFT projects”.
A post by Twitter user ZachXBT sheds light on Huang’s history in the cryptocurrency space, the projects and people he was associated with, and evidence of suspicious transactions.
Huang first rose to fame as a founding member of a musical group called LA Boyz in the 1990s. He then founded the hip-hop group “Machi” in 2003 as well as the record label “MACHI Entertainment”.
Although Huang started his career in the music industry, he later moved into the technology industry when he founded 17 Media (M17) in 2015, which has become one of the most popular streaming apps. most popular in Asia, the article says.
Below is a description of all the cryptocurrency projects in which Jeffrey Huang has been involved.
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Mithril – project number 1
Huang entered the cryptocurrency space in 2017 with the launch of Mithril (MITH), the first in a long list of unsuccessful cryptocurrency projects. Mithril was a decentralized social networking site that rewarded users with its native MITH token.
The project collected 60 thousand. ETH ($51.6 million) in February 2018, with 30% of supply sold through a private transaction.
MITH was listed on Bithumb in April 2018, and just a month later, the private sale tokens were fully acquired, allowing investors to cash out. They accounted for 89% of the circulating supply, which put enormous pressure on sales.
Formosa – Project #2
Formosa Financial (FMF) is a cash management platform for blockchain-based businesses. 22,000 ETH was raised in the funding round, followed by a private round with an additional 22,000 ETH. Investors included Binance, Block One, Mithril, Jeffrey Huang and others, among others. Investors were attracted by, among other things, the “fast lane” of listings on the largest cryptocurrency exchanges
Trading on IDEX started in 2018 and the price went down. Later, on June 22, 2018, two withdrawals of 11,000 ETH (22,000 ETH in total) were made to the Formosa Financial wallet. Huang and the co-founders relinquished their roles and George Hsieh (founder) transferred $10,500. ETH to Binance, with Huang later making further deposits to various Binance accounts and wallets.
ZachXBT reported that June 22, 2018 was the day Huang and Hsieh sold their shares in the company.
The article also features a SoundCloud audio clip in which Formosa Financial co-founder Ryan Terribilini recounts his version of what happened to the funds on June 22, 2018. In the video, you can hear Terribilini say, “I don’t didn’t take the money, George and Jeffrey took the money.” . Terribilini became CEO of Formosa Financial following an alleged embezzlement.
– Not a single ETH has gone missing since I became CEO and President of the company, so when it comes to what George and Jeff have done on their end, I think they have some responsibility. Ryan continued.
Terribilini is currently working with Algorand (ALGO) and Formosa Financial appears to be the only MachiBigBrother project he has been involved in.
Machi X – Project Number Three
Jeff Huang and Leo Cheng founded Machi X in October 2018. It is a social marketplace for intellectual property rights. However, they had difficulty securing funding due to Huang’s previous project, Mithril, and the Formosa incident. Almost a year later, investors in Formosa were notified by email of the hijacking of 22,000 ETH.
Cream Finance – Project number four
In 2020, Jeff and Leo Cheng founded Cream Finance (CREAM), fork Compound Finance (COMP). Over $192 million was stolen from the project via exploits.
Wifey Finance – Project Number Five
Wifey Finance is a fork of Yearn Finance (YFI) put together by an “anonymous” team. Machi, Leo Cheng and Wilson Huang are among the first members of Project Discord Channel. Transaction records show that money was sent to Wilson Huang more than once by Wifey’s enforcer. After four days, Wifey Finance was dropped.
Swag Finance – Project Number Six
In October 2020, the adult entertainment website Swag.live was launched. When Cream Finance quietly listed Swag Finance as collateral, the lack of information about the move prompted widespread comments on Twitter. Within weeks, the token got fed up, dropped, and pulled from Cream.
Mith Cash – Project Number Seven
On December 30, 2020, Mith Cash, a fork of the Basis Cash (BAC) protocol (algorithmic stablecoin), was launched by an “anonymous” team advised by Huang. Just days after its release, Mith Cash reached $1 billion. TVL, but then crashed badly as token holders paid their prizes.
Typhoon Cash – Project Number Eight
Typhoon Cash was launched as a Tornado Cash (TORN) fork. An anonymous team was involved in the project, but is said to be behind Huang and his associates. The project was scrapped just weeks after development began.
Mud Games – Project Number Nine
Huang launched Heroes of Evermore, a fork of another popular game. An anonymous team that earned over 533.92 ETH participated in the project. The team members secretly smashed a rare NFT.
Squid DAO – Project number Ten
Squid DAO was launched by an “anonymous” team under the fork name Olympus DAO (OHM), of which Huang was one of the first incumbents (nickname MachiBigBrother.eth). Huang closed this project in January this year.
We read later in the article that Jeffrey Huang is now involved in more projects including X Finance, XY Finance and Ape Finance. The blog post pointed to the common element of anonymous teams, bifurcated projects, FTX-funded portfolios, and short company lifecycles. ZACHXBT ends the article by saying that he contacted Huang, who denied the allegations made in the post.
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