Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Controversial Taiwanese Singer Raises $39M for Memecoin

Controversial Taiwanese Singer Raises $39M for Memecoin

DailycoinDailycoin2024/03/29 05:04
By:Dailycoin
  • Taiwanese celebrity Jeffrey Huang gets $39 million for a new project.
  • Bobaoppa Memecoin is launching on the Solana blockchain
  • Huang has a history with crypto, including involvement in several ICOs

The memecoin mania on Solana has attracted notable interest, with many of the major tokens surging since their launch. Now, celebrities are rushing into the fray. Most recently, Taiwanese singer Jeffrey Huang has launched his own crypto project, Bobaoppa.

However, the project has drawn controversy, as Huang is no stranger to crypto. He was involved in multiple initial coin offerings (ICOs), which saw varied results. Moreover, he was recently threatened with legal action against an investigator who looked into his past crypto ventures. 

Closer Look at Jeffrey Huang’s Bobaoppa Memecoin

Taiwanese singer Jeffrey Huang, alias “Machi Big Brother,” has recently unveiled his new project, the Solana-based Bobaoppa memecoin. According to Solscan , by Thursday, March 28, he managed to raise approximately 213,000 SOL, translating to around $39.5 million. 

My son is taking his talents to Solana https://t.co/WvQBhEIVkg

— Machi Big Brother (@machibigbrother) March 27, 2024

However, as Jeffrey Huang’s involvement in the crypto space is not new, concerns arose. He has been linked to several initial coin offerings (ICOs), including Mithril, Formosa, Machi X, Cream Finance, and Mith Cash, with varied success. 

These projects, highlighted by crypto investigator ZachXBT in 2022, have faced scrutiny for their management and outcomes. Allegations from the crypto investigator ranged from poor governance to financial impropriety. 

1/2 Today @machibigbrother has agreed to voluntarily withdraw the lawsuit. I have updated my article with additional context from Machi + edits from myself

While I am disappointed it went down the legal route in the first place I am appreciative we are able to find a resolution

— ZachXBT (@zachxbt) August 14, 2023

The concerns raised by ZachXBT led to a public and legal confrontation, culminating in Huang initiating and then withdrawing a defamation lawsuit. In turn, ZachXBT amended certain sections of the accusatory article.

Huang’s Past Crypto Ventures

ZachXBT’s article still paints a worrying picture of Huang’s crypto ventures despite the amendments. The central accusation against Huang involves mismanagement of the projects he’s been associated with. This includes the rapid depletion of funds raised from ICOs, questionable financial transactions, and the abrupt abandonment of projects.

Sponsored

For instance, ZachXBT claims that Formosa Financial saw two large withdrawals totaling 22,000 ETH each shortly after raising funds. A recurring theme in ZachXBT’s investigations is the sudden abandonment of projects. Projects like Swag Finance and Mith Cash experienced rapid growth and a sharp decline, leading to their abandonment.

Sponsored

ZachXBT has also made allegations of insider benefits and unrealistic promises to investors. He claims that Investors were sold on the premise of fast-track listings on top-tier cryptocurrency exchanges, which frequently did not materialize. 

On the Flipside

  • Huang is far from the only celebrity promoting questionable crypto projects. Notably, Logan Paul has launched and promoted several failed crypto ventures , most recently CryptoZoo. 
  • In March 2023, celebrities Linsday Logan, Jake Paul, and others were fined $400,000 by US regulators for promoting Tron. 

Why This Matters

Celebrity endorsements in crypto have been mired in controversies. For that reason, investors should be careful before jumping on the celebrity-led hype. 

Read more about Logan Paul’s failed crypto venture CryptoZoo: 

Logan Paul Counters CryptoZoo Scam Claims in New Documentary

Read more about one of the emerging apps on the Solana’s ecosystem: 

Can Solana’s Decaf App Bring the Unbanked to Crypto?

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Whale Sells $5.48M in TRUMP Token, Gains $483K

A crypto whale offloaded 630,339 TRUMP tokens for $5.48M, pocketing nearly $483K in profit at $8.70 per token.Whale Exits TRUMP Token with Nearly Half a Million in ProfitSmart Profit-Taking or Early Exit?Whale Moves as a Market Signal

Coinomedia2025/04/23 23:44
Whale Sells $5.48M in TRUMP Token, Gains $483K

Buy Low, Fly High: Arctic Pablo at $0.000099 Eyes $0.008 Surge, While Fwog And Pudgy Penguins Push Boundaries

Explore Arctic Pablo Coin's presale, Pudgy Penguins' gaming expansion, and Fwog's market trends. Discover the Top New Meme Coins to Invest in April 2025.Arctic Pablo Coin (APC): Staking and RewardsArctic Pablo Coin (APC): Presale Reaches Frostbite CityPudgy Penguins: Expanding into Mobile GamingFwog: Gaining Momentum in the Meme Coin MarketWrapping Up: Arctic Pablo Coin (APC) Stands OutFor More Information:

Coinomedia2025/04/23 23:44
Buy Low, Fly High: Arctic Pablo at $0.000099 Eyes $0.008 Surge, While Fwog And Pudgy Penguins Push Boundaries

Australian Court Overturns License Ruling Against Block Earner, Sides with Fintech in Landmark Crypto Case

In a significant legal win for Australia’s crypto and fintech industry, the Federal Court has overturned a previous ruling that required digital finance firm Block Earner to obtain a financial services license for its discontinued fixed-yield crypto product.

DeFi Planet2025/04/23 21:55
Australian Court Overturns License Ruling Against Block Earner, Sides with Fintech in Landmark Crypto Case

Symbiotic Raises $29 Million to Build Universal Staking Coordination Layer

Symbiotic, a decentralised finance (DeFi) protocol, has secured $29 million in a funding round led by Paradigm and cyber.Fund.

DeFi Planet2025/04/23 21:55
Symbiotic Raises $29 Million to Build Universal Staking Coordination Layer