ZachXBT, a decentralized finance cyber detective (DeFi), charged Jeff Huang, a famous Taiwanese musician, and blockchain figure, popularly known as Machi Big Brother, from wrong action in ten separate cryptocurrency projects there.
Outside of Taiwan, Machi Big Brother is known as an obsessive collector of nonfungible Bored Ape Yacht Club (NFTs) tokens, with a collection worth approximately $ 8.26 million at the peak of the crypto bull market last year.
Although the cost is high, the main focus is Huang’s role in allegedly eliminating 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 companies.
FMF coins quickly lost value after the ICO, due in part to the heavy cryptocurrency bear market at the time. Jeff Huang previously worked at the company as an advisor before resigning. Formosa Financial merged with crypto exchange CEZEX, and crowdfund organization ICO Katalyse.io in 2019, according to Taiwan news outlet Block Tempo.
Jeff Huang denied the allegations
According to ZachXBT, two withdrawals of 11,000 ETH were made 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 the repurchase of shares.
The outflow of 22,000 ETH is highly speculative. The cash allegedly flowed to George Hsieh, former CEO of Formosa Financial, and Jeff Huang first and next to a wallet address allegedly linked to his friends, according to ZachXBT.
Detective DeFi, on the other hand, provided no evidence to support the allegations about how to establish a relationship with the aforementioned house with Jeff and George.
Huang, whose public wallet launched about two years ago, has denied ZachXBT’s claim as fake. Because DeFi’s detective reports don’t have the KYC information needed to connect the wallet address to Huang.
In a tweet on Thursday, Jeff Huang vehemently denied the allegations, writing, “This is misinformation. If he is not anon, I will sue him for defamation.”
