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Allegations on Jeff Huang for stealing 22000 Ethereum and Failed crypto projects

Jeff Huang’s background and early life as a musician.

Jeff Huang aka “Machi Big Brother” happened to start his career as a musician and moved on to tech in the later stages of his career. The Taiwanese-American musician was one of the largest holders of the Bored Ape Yacht Club NFTS.

After succeeding in L.A. Boyz, Huang found more success with the creation of Machi group in 2003. Machi Entertainment was in line to follow after tasting in all his ventures until then. Even Machi Entertainment founded in 2003 achieved success and fame. After venturing a lot of time in music industry Jeff moved into tech industry by starting a company called 17 Media.

 

A tweet which made a lot of noise around the market.

Allegations for stealing 22000 Ethereum tokens.

Jeff Huang began his journey in cryptocurrency market in 2017 with Mithril. The projects that he was involved in were questionable, unethical to some extent and were not properly managed. The team he worked with also was not appropriate and was shadowy.

Jeff was also alleged of stealing 22,000 Ethereum coins from the cryptocurrency market in 2017 which were of the worth $24.2 million. The musician remained secretive for four years running crypto projects which eventually met its fate. Let’s look more briefly on the kind of projects he was involved in.

 

List of Failed Crypto Projects:

Failed Cryptocurrency

Picture Credits: PlanetCompliance

  1. Mithril – Mithril was the very first project that brough Huang into the crypto currency market. The project was designed as a social media site that rewarded the users with its native MITH Token.
  2. Formosa – A treasury management blockchain, where in 22,000 Ethereum were raised in an angel funding round. The investors of the company included big crypto exchanges such as Binance, Block One and many more.
  3. Machi X – Machi X was a social market place for intellectual property rights. The funding for this project was a hinderance for the founders owning to the disasters of the previous projects.
  4. Cream Finance – Cream Finance (CREAM), a fork of Compound Finance, was founded by Jeff and Leo Cheng in 2020. (COMP). Exploits have resulted in the theft of almost $192 million from the project.
  5. Wifey Finance – Wifey Finance also one of the failed crypto projects by Huang.
  6. Swag Finance – The lack of information concerning Cream Finance’s listing of Swag as collateral sparked a lot of outrage on Crypto Twitter.
  7. Mith Cash – On December 30, 2020, an “anonymous” team launched Mith Cash, a fork of the Basis Cash (BAC) protocol (an algorithmic stablecoin), with Huang as an advisor.

 

There were many such projects which came into the light one after the other as the allegations against the musician grew stronger and stronger. The other projects that added to the defaming of the musician were – Typhoon Cash, Mud Games, Squid Dao. These projects failed and let millions of dollars go down the drain.

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