- 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.
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.
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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.
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.
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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.
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:
