The Bored Ape Yacht Club (BAYC) has recently been subject to significant price volatility. This fluctuation has largely been 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. Of note, a single transaction generated 651 Ethereum (approximately $1.2 million) on the NFT marketplace Blur! Why is Machi Big Brother selling off his BAYC collection?
- Jeffrey Huang, also known as “Machi Big Brother”, recently conducted a series of transactions involving BAYC NFTs, causing significant price volatility. He sold over 50 Bored Apes, with one transaction generating $1.2 million.
- Huang, a prominent figure in the music and tech industries, is facing legal allegations of running several failed pump & dump and NFT projects.
- Despite initial downturns, the BAYC collection, valued at over $737 million, experienced a partial rebound following Huang’s subsequent purchases.
BAYC Reaches New Lows
As a result of these Machi selling off his Apes, the floor price of the Bored Ape Yacht Club NFTs descended to its lowest point in Ethereum since November 2021.
In contrast, April 2022 saw the floor price for Bored Ape NFTs at a peak of around 152 Ethereum. However, it recently dropped to approximately 33 Ethereum, equivalent to $62,000. But BAYC, which holds a market capitalization of over $737 million, showed signs of a partial recovery.
This rebound occurred when Machi Big Brother purchased 14 Bored Apes. One was traded for as much as 41 Ethereum ($77,000). As a consequence, the price of the cheapest Bored Ape increased to around $74,000, marking a 14% rise in value within a single day.
Who is Machi Big Brother?
Huang is a Taiwanese-American businessman. He 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. It includes 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.