Embezzled 22,000ETH, 4 years to push 10 garbage projects, Ma Ji cut Huang Lichen encryption past

22,000 ETH Embezzled and Over Ten Projects Failed: The Story of Machi Big Brother (Jeff Huang)

原文作者：ZachXBT

Source: ZachXBT Medium

Advac L., Blocktempo

On the evening of June 16, Jeffrey Huang, the international currency circle KOL, was exposed by the famous KOL ZachXBT in a long article analysis, which suspected that Maji Brother was associated with more than 10 chives cutting projects, and put forward the evidence it collected.

Magi later commented on Twitter, clarifying ZachXBT's Revelations as incorrect information:

"This is misinformation. If he wasn't anonymous, I'd Sue him for libel!"

Below is the full Chinese version of ZachXBT's research report.

Brief introduction

Jeffrey Huang, known online as Machi Big Brother, is a former musician and tech entrepreneur who embezzled 22,000 ETH from Formosa Financial in 2018. In the four years since The collapse of Treasure Island Financial, Jeff has continued to launch more than a dozen Pump and dump Token and NFT programs. What follows is an overview of Magi's crypto career, a brief synopsis of Formosa, his subsequent projects, the other participants in those projects, and, as always, the evidence to prove it.

Over the past year, Maji Big Brother (aka Jeff Huang) has risen to prominence in the NFT world as one of the biggest holders of the Boring Ape (BAYC). However, few people know about his dark history in cryptocurrency...

background

Wong Licheng, also known as Ma Ji Big Brother, is a former rapper and technology entrepreneur. He rose to fame in 1991 as a founding member of the pop/rap trio LA Boyz. Active in the early to late 1990s, LA Boyz released 13 albums and rose to fame in Asia before splitting in 1997.

After the success of LA Boyz, He formed the hip hop group Machi in 2003 and found another success. MACHI Entertainment is one of Asia's largest hip-hop/rap labels and a subsidiary of Warner Music Taiwan, founded by Mr. Huang and his partners. Eventually, with the founding of 17 Live's parent company 17 Media (M17), Huang moved from the music industry to the tech industry. Established in 2015, M17 has grown into one of the most popular live streaming apps in Asia.

In 2017, Mr Huang began to get involved in cryptocurrencies with Mithril, the first in a series of dubious projects involving murky teams, questionable ethics and a consistent, rote approach to pull-ups and shipments. Next, let's dive in.

Project 1: Mithril (MITH)

2017 年底，麻吉大哥创立了秘银（Mithril），这是一个去中心化的社交媒体平台，旨在透过其原生 Token MITH（密银币），直接性的奖励内容创作者。Mithril 于 2018 年 2 月 21 日进行了一次 Token 私募销售，共筹集了 5160 万美元（60,000 ETH），占 Token 总供应量的 30%。2018 年 2 月，这些私募 Token 中的 70% 在 TGE 解锁、30% 在接续的三个月内解锁。2018 年 4 月，秘银在中心化交易平台 Bithumb 上市。直到 2018 年 5 月，这些完全解锁的 MITH Token，已占当时总流通供给量的 89%，并在其后造成了巨大的抛售压力。

  Image credit: Binance Research

  The Mithril team

Project 2: Formosa Financial

从 2018 年初开始，黄立成与谢国梁（George Hsieh）、Czhang Lin 和 Ryan Terribilini 密切合作，创立了宝岛金融，这是一个为区块链公司所打造的金库管理平台。宝岛金融在 2018 年 4 月的最后一周进行了天使轮融资，共筹集了 22,000 ETH。私募轮销售于 5 月 31 日结束，再筹集了另外 22,000 ETH。这些销售出去的 Token 占总供应量的 30%。宝岛金融一共筹集了 2,300 万美元（44,000 ETH）。一些知名的投资人都参与其中，包括 Binance、QCP Capital、Lemnis Cap、Block One、密银/黄立成（记住这一点）、Maicoin、Wilson Huang、Leo Cheng's Syndicate、Blockstate 和 Block One。  

Equity allocation ratio

Formosa Team

投资人们被以 FMF 将会快速上架顶级加密货币交易平台的承诺下，被推销该 Token。

Deleted excerpts from Medium articles

摘录：白皮书中，给潜在投资者的 Token 分配

Hinting at a Binance

Majji eldest brother denied afterwards

FMF 于 2018 年 6 月在去中心化交易平台 IDEX 上线，并立即暴跌。而直到 2018 年 9 月，他才在中心化交易平台 （IDEX, UEX）上线。

FMF Token 于 IDEX 交易平台的交易情况

Meanwhile, 17 Media was originally scheduled to list on the New York Stock Exchange (NYSE) on June 7, 2018, but due to unspecified settlement issues with investors, the IPO launch was delayed after a $115 million funding round fell through. ZachXBT reached out to an unnamed source to find out why:

"The suspension of M17 and its current status as a Private Entity has nothing to do with regulatory or Citibank failures.

M17 ended up unable to meet the audit and reporting requirements or overcome the bid threshold on its books because people couldn't adapt to the business model."

After the botched offering, Mr. Huang took to Facebook to express his frustration and take a swipe at Citibank and Deutsche Bank, both banks involved in the IPO.

Three weeks after THE FMF IC0, the situation of the Treasure Island Financial project took a turn for the worse. On June 22, 2018, the project vault wallet of Formosa Financial was withdrawn twice, each 11,000 ETH. Unknown to investors, co-founder Xie Guoliang, as the company's sole director, pushed for the bilateral share buyback on his own.

Share repurchase behavior of 2018/06/22

  Share repurchase behavior of 2018/06/22

Transaction records

Guiliang Xie, Licheng Huang and Yalu Lin all stepped down from their official roles, leaving their remaining co-founder Ryan Terribilini as CEO and Lorne Lantz as CTO.    

Image of Breadcrumbs, by ZachXBT

This chart shows the angel/private equity round inflow of ETH into the multi-signature wallet before Huang and Xie withdrew 11,000 ETH twice on June 22, 2018.

2018 年 6 月 29 日，谢国梁将 10,500 ETH 转移到 Binance 帐号。Binance 帐号 KYC 的真实性目前尚未验证。

至于黄立成，他从钱包中提取的 11,000 ETH 此后的一段时间并没有移动，直到 6 月底和 7 月初才向各个 Binance 帐号转移了 4,980 ETH、1997 ETH、1,400 ETH、500 ETH、103 ETH。其中，有 2,000 ETH 被发送到 czhang.eth，20 ETH 被分配到一个 EOA 钱包。

问题仍然存在：Binance 帐户和钱包属于为谁？让我们更深入地研究并仔细看看其中一些 ETH 外流！

1、2018 年 7 月 26 日至 7 月 29 日 4980 ETH 流出：记录显示该 Binance 帐户经常从两个来源流入：FTX 和 littlebang.eth

A) If we look up the owner of littlebang.eth on OpenSea, we will see that their username is "Bun919tw".

Excerpt from Cream Finance Medium article

B) A quick search from Google shows that "Bun919TW" is actually Bun Hsu, the core engineer of Cream Finance (Cream is another project of Huang Licheng).    

C) Bun Hsu's Twitter avatar is boring ape BAYC #7066, which was donated to him by Machibigbrother. Eth (Jeff's public wallet).

Boring ape BAYC #7066

D) Bun Hsu happened to trade several Jeff items, such as FMF, SWAG, CREAM, SQUID, PHOON, MCX and MIS/MIC.

为什么一个不在宝岛金融团队的人，在 IC0 后仅 3 周就收到了 4,980 ETH，且交易了其他麻吉大哥项目的 Token、收到一个麻吉大哥的 BAYC 呢？

2. 2,000 ETH  on July 11, 2018;   : Records on the blockchain chain show that the transaction has been received by Czhang. Eth (CZhang Lin). Mr. Lam served as a consultant to Treasure Island Financial until June 22.

A) Three weeks after Czhang received 2,000 ETH, Czhang sent 150 ETH to his brother Lin Yalu (COO of Baodao Financial) on July 22, 2018.  

Again, why does The consultant and COO of Treasure Island Financial take money to build projects?

3, & have spent Outflow of ETH on July 28, 2018: The only money flowing into the Binance account came from harrisonhuang. Eth, which frequently interacts with w9g. Eth (Wilson Huang), said Mithril vice president of engineering, He is currently the founder of XY Finance and GalaXY Kats.

Wilson sends NFT to Harrison

A) in view of the quick Twitter search for harrisonhuang. Eth, we can assume that this is his Twitter account, because he posted his ENS address on Twitter as a reply to Wilson.

Twitte links

Harrison is not listed as a team member on Formosa Financial's white paper or website. Once again, a pattern emerged in which individuals with no overt connection to Treasure Island received project funds.

其余从黄立成那里收到资金的 Binance 帐户则进入了死胡同；这些帐户最近没有与其他外部或个人地址进行任何交互，交易只是从 CEX 到 CEX 的移动。

2018 年 7 月 26 日，黄立成和秘银因试图在 Binance 月度社群币投票中作弊被抓到。一位名叫 Lucky 的用户发现了证据，秘银获的 80,000 多张投票，仅由两到三个地址资助。

Community currency voting works like this: 1 BNB equals 1 vote, each account is allowed to have up to 500 BNB/ votes, so a voter can have up to 500 votes by holding 500 BNB. However, Binance stated in the rules that creating fake accounts and dispersing BNB in large numbers would automatically disqualify the competition.

In the Mikan operation at the time, Mr Huang used the same address closely linked to Treasure Island Financial IC0, which held MITH worth $8.6m. The figure below shows the bulk transfer BNB wallet, receiving ETH as gas from the wallet of the largest whale in Mithien at the time.

Mithril Breadcrumbs address flow diagram, by ZachXBT

更糟糕的是，用于欺骗社群币投票的大量 BNB，与 Bun Hsu 收到 1980 ETH 发生在同一天。事实上，在投票前不到一小时就存入了他的 Binance 帐户。

在检查链上的交易时，我发现额外的 BNB 实例以较小的数量（500 BNB 或更少）分发到 Binance，与 FMF 资金被盗的时间线一致。

1a) 7 月 28 日凌晨 3:25（UTC）向 Bun Hsu 的 Binance 帐号存入了 2000 ETH。

1b) 7 月 28 日（UTC）凌晨 4 点 43 分，从 Binance 提款 43.8k BNB（大概是 Bun）

2A) July 28th 7:08 am, deposited 1994 ETH to Harrison Huang Binance

2b) 7 月 28 日上午 7:28（UTC），从 Binance 提现 3 万枚 BNB

Once again, these addresses are associated with Huang Licheng/Miyin. But that, sadly, is where most of Treasure Island's money is most likely to go.

Mithril won that vote,

When Binance filters out so-called abnormal votes,

Again, this is where treasure Island's money comes in.

This is where they go:

2018 年秋天，当与黄立成、Czhang 和其他 FMF 团队的主要成员的沟通变得越来越疏远，并且没有给出适当的解释或项目更新时， Token 持有者开始怀疑出了什么问题。FMF 继续暴跌，关键团队成员的突然放弃使该项目陷入困境。

Wash Trading robot on IDCM

Project 3: Machi X

2018 年 10 月，黄立成和 Leo Cheng 推出了智慧财产版权的交易平台 Machi X，但由于黄立成之前的项目，秘银和宝岛金融事件的表现，他们难以获得资金。

秘银于 2018 年 11 月在 Binance 上市，恰逢团队 Token 份额解锁。在那时，MITH 已经下跌了 80% 以上，而直到 2020 年，团队发展已完全被放弃了。

Price performance. Photo source: Coingecko

Only more than a year after its launch did Treasure Island financial's investors finally learn what had happened to their investments. On 12 August 2019, Treasure Island Financial investors received an anonymous email stating that 22,000/44,000 ETH had been stolen from treasure Island Financial IC0 private wallet just three weeks after the 2018 IC0. Various internal documents proving this were attached to the email.

During this periodLeaked recordings from 2019In "Treasure Island Financial," former CEO Ryan Terribilini reveals his take on Jeff and George's embezzlement story.

I contacted a number of VCS and angels who invested in the project to better understand why they didn't take legal action against Messrs. Huang and Xie. Much of this comes down to the fact that Messrs. Huang and Xie are seen as powerful figures in Taiwan, and investors I spoke to were worried about what would happen if they stepped forward. Others simply don't want to deal with this mess because what happened happened in multiple jurisdictions. Everyone agrees, they just want to forget that it even happened in the first place.

Project 4: Cream Finance

In 2020, the cryptocurrency market is heating up again. In early July 2020, Licheng Huang branched out into Compound Finance, a decentralized lending platform, and founded Cream Finance with Leo Cheng. Bun Hsu, Jeremy Yang, and Stanley Yang are all on the Cream development team. As of today, Cream Finance has been robbed of over $192 million on three occasions due to technical negligence.

Project 5: Wifey Finance

In August an "anonymous team" created A fork for Yearn Finance, Wifey Finance, & NBSP; Maggie, Leo Cheng and Wilson Huang all happened to be among the first members of the Wifey Discord Channel. TTransaction records show that the deployer of Wifey sent money to Wilson Huang multiple times. Four days later, Wifey Finance was abandoned.

Smart contract created by 2020/8/8

The Maji big brother address was one of the first addresses to be traded

One of the first people to join Discord was Machi

Wilson Huang received funds from Wifey Deployer

Then Leo Cheng (Lumberg) came along.

There have been no posts or activities in Discord since August 7, 2020. Wifey has a life span of five days.

Project 6: Swag Finance

另一个由麻吉大哥创立的项目，Swag.live 是一家成人娱乐网站，于 2020 年 10 月上旬推出了治理 Token。当 Swag 被悄悄列为 Cream Finance 的抵押品时，围绕上市缺乏透明度在 Twitter 上引起了相当多的争议。几周之内，该 Token 就被挖出、倒货，并从 Cream 中退市。

Swag controversy

Dig selling hit

Swag 被从 Cream 下架，在 Token 发布的 1.5 个月后

Project 7: Mith Cash

2020 年 12 月 30 日，黄立成和秘银（Mithril）带着一个新项目回来了：Mith Cash，这是 Basis Cash 协议（一种算稳）的一个分叉项目。推出仅几天后，Mith Cash 的总所仓价值（TVL）就增长到 10 亿美元，后又随着 Token 持有者兑现他们的奖励，价格猛然崩盘。Mith Cash 最终遭遇了与 Basis Cash 相同的命运。与黄立成的其他项目类似，该团队是「匿名的」，黄立成声称他只是一名顾问。

秘银现金（MITH Cash） Token 价格图。图源：CoinMarketCap

Project 8: Typhoon Cash

Not long after Mith Cash crashed and burned, Maji Brother returned with Tornado Cash fork Typhoon Cash. Team Typhoon claims to have an anonymous team, but It is well known that Mr Huang and his friends are behind Typhoon. At the time of release, it was clear that the development was sloppy. Anyone can pledge in the anonymous pool and remain anonymous, but must pledge in the pool in order to receive the reward. This means that in order to get a reward, your reward deposits will be doxxed, making the concept of anonymous coins worthless. Within weeks of the mining beginning, the project was abandoned again, destroyed by members who left the Telegram and Discord channels.

Rewkang is one of the first five members of the Telegram group.

The Typhoon Cash bug exposed by Avner and verified by Nick.

Example:

At the withdrawal address under the Recipient,

Cancel the pledge from the second address and withdraw.

No updates have been posted on Discord, Telegram or Twitter since February 2021 and people are getting fucked again.

Project 9: Mud Games

As Loot for Adventurers (random in-game assets stored on chains) suddenly became popular in late August 2021, He soon branched out into his own version called Heroes of Evermore, Soon made a profit of 533.92 ETH for anonymous team. Unlike Loot, Evermore's heroes are not random and anonymous team members quietly cast all the rarest NFT in the series without Evermore holders knowing.    

Team members Jeff and Penguin have both made rare NFT collections #2 and #3

Project 10: Squid DAO

Once again, an 'anonymous team' is supported thanks to the launch of Squid DAO, an OHM/ Individual DAO branch launched in October 2021. Among the early holders was MachiBigBrother. Eth. By January 2022, the project was shut down on Machi's advice.

Ma Ji big brother (Machi) tough customs governance proposal to vote

Today, Maji Brother has moved on to X, XY Finance and most recently his latest fork, Ape Finance.

XY Finance team and consultants

X advisers

Ape Finance

In many of Huang's projects, we see the same recurring themes:Anonymous teams, forked projects, new wallets funded through FTX, and short lifecycles.We see the same players in every event, Wilson and/or Leo always hanging out with the big brother. VCS like Andrew Kang even looked the other way. I reached out to Andrew in October 2021, and here's what he said:

Andrew Kang, founder of YFI

Then in February, Andrew offered his support to Huang again, even though Cream was almost dead by this time. It is regrettable that people turn a blind eye to the obvious carpet when money is involved, especially when the parties involved hurt others financially at a high cost, whether through more than 10 low effort projects or by helping to embezzle 22,000 ETH.    

The image is from the PleasrDAO Telegram group

To be polite, I reached out to Mr. Huang before this article was published. He stressed that he was only compensated for his work as a consultant at Treasure Island Financial, claiming that he was unaware of the payment of 4,980 ETH to Bun or Harrison, and he insisted that he never cheated in the community coin competition. I believe there are too many coincidences between all these projects to be true.

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