Jeff Huang AKA Machi Big Brother Denies Zachxbt’s Allegations

ZachXBT, a decentralized finance (DeFi) cyber detective, accused Jeff Huang, famed Taiwanese musician, and blockchain figure, popularly known as Machi Big Brother, of wrongdoing in ten separate cryptocurrency projects on Thursday.

Outside of Taiwan, Machi Big Brother is renowned as an obsessive collector of Bored Ape Yacht Club nonfungible tokens (NFTs), with a collection worth approximately $8.26 million at the pinnacle of the crypto bull market last year.

Though the charges were numerous, the main focus was on Huang’s alleged role in the disappearance of 22,000 Ether (ETH) raised during Formosa Financial’s (FMF) initial coin offering for tokens in 2018, a Taiwanese treasury management platform created for blockchain enterprises.

FMF coins swiftly lost value after the ICO, owing in part to the severe cryptocurrency bear market at the time. Jeff Huang had previously worked for the company as an advisor before stepping down. Formosa Financial joined crypto exchange CEZEX, and ICO crowdfund organization Katalyse.io in 2019, according to Taiwanese news outlet Block Tempo.

Jeff Huang denies the allegations

According to ZachXBT, two 11,000 ETH withdrawals were conducted from Formosa Financial’s treasury wallet on June 22, 2018, just three weeks after the FMF ICO. At the same time, various Formosa Financial executives are said to have authorized a stock buyback.

The outflows of the aforementioned 22,000 ETH are very speculative. The cash allegedly flowed to George Hsieh, Formosa Financial’s former CEO, and Jeff Huang first and subsequently to wallet addresses purportedly related to their accomplices, according to ZachXBT.

The DeFi detective, on the other hand, did not provide any evidence to back up their allegations about how they came to correlate the abovementioned residences with Jeff and George.

Huang, whose public wallet was just launched roughly two years ago, has dismissed ZachXBT’s claims as false. Because the DeFi detective’s report lacked the necessary KYC information tying wallet addresses to Huang.

In a tweet on Thursday, Jeff Huang flatly refuted the charges against him, writing, “This is misinformation. If he wasn’t anon, I’d sue him for defamation.”