The Bored Ape Yacht Club (BAYC) has recently been subject to significant price volatility, largely attributed to a series of transactions conducted by Jeffrey Huang, also known as Machi Big Brother.
In a short period, Huang offloaded more than 50 Bored Apes, including one transaction that generated 651 Ethereum (approximately $1.2 million) on the NFT marketplace Blur. This caused the floor price of BAYC NFTs to drop to its lowest point in Ethereum since November 2021.
However, the BAYC collection, valued at over $737 million, showed signs of a partial recovery after Huang purchased 14 Bored Apes, one of which was traded for as much as 41 Ethereum ($77,000). As a result, the price of the cheapest Bored Ape increased to around $74,000, marking a 14% rise in value within a single day.
Huang is a Taiwanese-American businessman who has been accused by ZachXBT of running “more than 10 failed pump & dump projects and NFT projects” over the years. The allegations also detail Huang’s history in the crypto space, including the projects and people he has associated with, as well as evidence to substantiate the controversial transactions.
Before entering the crypto world, Huang started in the music industry. He first gained prominence as a founding member of the pop/rap band L.A. Boyz in the 90s. Later, in 2003, he founded the hip-hop group “Machi” and the record label “MACHI Entertainment”. Then, in 2015, Huang expanded his interests into the technology sector. He founded 17 Media (M17), which became one of the most popular live-streaming apps in Asia.
Recently, blockchain investigator ZachXBT disclosed that he was being sued for defamation by Huang. The lawsuit originates from an investigative article published by ZachXBT last year. The article suggested that Huang had embezzled tens of millions of dollars worth of Ethereum from a now-defunct crypto treasury management platform he had co-founded.
ZachXBT referred to the lawsuit as baseless, while Huang has categorically denied the allegations, referring to them as unlawful defamation.
The recent volatility in the BAYC market is a reminder of the risks associated with investing in NFTs. While NFTs can be a valuable asset, they are also subject to market fluctuations, and their value can be affected by a variety of factors, including the actions of individual investors.
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