Tech entrepreneur Jeff Huang reportedly stole 22K ETH and he was running up to 10 failed cryptocurrency projects so let’s see more about it in today’s latest Ethereum news.
The Machi Big Brother or Jeff Huang, reportedly was connected to a 22,000 ETH theft equivalent to $24.2 million as well as run up to 10 failed crypto projects. The tech entrepreneur is one of the biggest holders of the Bored Ape Yacht Club NFT who embezzled 22,000 ETH from the treasury management services company Formosa Financial in 2018.
22,000 ETH Embezzled and Over Ten Projects Failed: The Story of Machi Big Brother (Jeff Huang)https://t.co/eAzV9vkoRb
— ZachXBT (@zachxbt) June 16, 2022
The businessman is known by his online moniker “Machi Big Brother” who spent four years operating over ten failed crypto rpoejcts and pump and dump tokens as well as NFT projects. The article sheds light on the history in the crypto space and the project and people he has been connected with prove the shady dealings. Huang found fame as a founding member of the band named LA Boyz back in the 90s. he went on to co-found the group “Machi” in 2003 and the record label MACHI Entertainment. Huang got his start in the music industry but he later transitioned to the tech space when he founded 17 media in 2015 which became one of the biggest live-streaming apps in Asia.
Huang entered the crypto space in 2017 after launching Mithril which was the first in a long list of failed crypto projects. Mithril was a decentralzied social media site that provided rewards for users with its MITH token. The project raised 60K ETH with 30% of the supply sold via a private sale. The tokens were locked up for some time and 70% until the Token Generation Event with the rest being unlocked in the next three months. MITH Was listed on Bithumb in April 2018 and a month later when the private token sale was fully wested and allowed investors to cash out.
Formosa Financial was also a management platform and 22,000 ETH was raised in an angel funding round followed by a private round that raised another 22,000. Investors included Mithril, Block One, and binance. The trading started on IDX in 2018 and the price crashed so later in June 2018, two withdrawals of 11,000 ETH were made from the Formosa Financial Treasury wallet with the co-founder George Hsieh being implicated. Huang relinquished roles and transferred ETH to Binance and made incremental deposits to various Binance accounts.
ZachXBT said that in June 2018, Huang and Hsieh sold their equity in the company. Later on, Terriblini became the CEO of Formosa Financial after the embezzlement took place. Ryan added:
“From the time I became director and CEO of the company, there has not been one ETH that has gone missing, so when it comes to what George and Jeff facilitated on their end like I think really that’s where the liability stands.”
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