With the recent completion of the crowdfunding campaign for the meme coin project $BOBAOPPA by Machi Big Brother Huang Licheng, controversy has once again been ignited by the subsequent allocation of funds, including the BlazeStake pledge agreement, the establishment of a liquidity pool using only 30% of the funds from the presale, and even the imposition of transaction fees ranging from 2% to 10% on users for each transaction.
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As Machi Big Brother always keeps up with market trends, he did not miss the meme coin craze this time either. He previously announced on Twitter (now X) that he would be launching his pet dog BOBAOPPA’s related tokens, which sparked a heated discussion within the community.
However, as the amount raised in the crowdfunding campaign exceeded 200,000 SOL coins (approximately $38.2 million), everything that happened after the token airdrop and open trading actually caused even more dissatisfaction within the community. Birdeye data shows that the BOBAOPPA token reached its peak within the first half hour of trading and then plummeted by over 60% within the following hour.
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It is also evident that the token frequently experienced “needle insertions” due to low liquidity. At the time of writing, the token price had dropped by 65.9% from its peak. Consequently, the community generally pointed their fingers at Machi Big Brother.
On-chain data shows that he pledged 156,000 SOL coins to the Solana ecosystem protocol BlazeStake, worth over $30 million, accounting for nearly 70% of the total presale amount.
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Machi Big Brother transferred 156,000 SOL coins to BlazeStake.
In addition, Machi Big Brother only used approximately 67,000 SOL coins from the presale to establish a liquidity pool, representing only 33.5% of the total funds raised and severely limiting liquidity in the token trading pool.
What is most criticized is that Machi Big Brother even designed a transaction tax mechanism in the trading pool, including dynamic transaction fees ranging from 2% to 10% and a one-way transaction fee of 8.75%. This causes traders to lose a significant amount of funds with each transaction.
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With the conclusion of the $BOBAOPPA project, Machi Big Brother shared his newly purchased luxury villa this morning, stating that it would be used as a new “doghouse.” He also revealed the astonishing price of $77 million for the mansion in other users’ tweets.
According to PANews statistics, Machi Big Brother’s profits from the BOBAOPPA project alone amounted to over $31 million (excluding BlazeStake), and when including the profits from token dumping, the actual total profit is approximately $50 million.
As a result, Zach, an online detective who released the extensive article “22,000 ETH Stolen, Over Ten Failed Projects: The Story of Machi Big Brother” in 2022, has once again entered the spotlight. Various communities are recounting the dozens of failed crypto projects that Machi Big Brother has been involved in, including the notorious Formosa Finance embezzlement scandal, decentralized community platform Mithril, Squid DAO, and Swag Finance. Most of these projects ultimately ended in failure.
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It is reported that Machi Big Brother’s projects are characterized by anonymous teams, forking other projects, severe price volatility, and relatively short lifecycles, earning them the nickname “The Reaper” within the community.
Whether the controversy surrounding Machi Big Brother’s Bobaoppa presale can be added to the aforementioned list remains to be seen.
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