Jeff Huang, otherwise known as Machi Big Brother, the Taiwanese-American musician turned tech entrepreneur, has caused a stir in the crypto community by acquiring 6 billion PEPE tokens for a mere $12,000 USD. Huang’s controversial background, which involves embezzling 22,000 ETH from Formosa Financial and creating multiple unsuccessful pump-and-dump tokens and NFT projects, has led many to question the wisdom of this move.
The PEPE Acquisition
According to Arkham’s records, Machi Big Brother, a well-known NFT magnate, recently acquired $PEPE tokens worth $9,100 USD, totaling 5 billion tokens, through a Uniswap V2 Pool almost 14 hours ago. Subsequently, he made another purchase of 6 billion tokens worth $12,000 USD just four hours ago, using his Ethereum address ‘machibigbrother.eth’. However, the average buying price of the PEPE tokens is still undisclosed.
Machi Big Brother has recently made a substantial cryptocurrency investment by acquiring 66 billion $PEPE tokens using 73.4 ETH over the past three days. It’s worth mentioning that this isn’t the first time he has invested in this token. However, on April 23rd, he refuted any affiliation with Nakamigos or being the creator of $PEPE on Twitter.
About Huang’s Past
In 2018, Jeff Huang was involved in two fundraising initiatives – Mithril and Formosa Financial – that employed initial coin offerings (ICOs). This has raised concerns about his involvement in dubious projects. Huang has been an enthusiastic collector of NFTs for many years and has built up an extensive collection that includes rare items such as CryptoPunks and Bored Ape Yacht Club NFTs. He has also created his own NFT collection called “Huang’s World.”
Given Machi Big Brother’s past, it’s possible that his acquisition of $PEPE is an attempt to sway the market and set up a pump-and-dump operation. Nevertheless, it’s also conceivable that he has confidence in the token’s potential and its suitability for the growing NFT market. This recent development has left many contemplating what Machi’s next moves will be and how they might affect the future of $PEPE and the wider crypto market.