As a researcher who has spent years studying the intersection of technology and human emotion, I find myself deeply troubled by the recent events surrounding Siqi Chen and his ‘Zero’ token. Having personally experienced the heart-wrenching journey of supporting a loved one through a life-threatening illness, I can empathize with Chen’s desire to use his platform to raise funds for cancer research.
However, the allegations of a rug pull using the ‘Zero’ token have cast a dark cloud over his actions and tarnished the goodwill he had garnered from the crypto community. It is disheartening to see someone who was once hailed as a hero for his philanthropic efforts now embroiled in such controversy.
Chen’s explanation that he was simply trying to learn how Pump.fun works to benefit other pediatric disease organizations does not fully alleviate my concerns. As a researcher, I understand the importance of experimentation and learning from mistakes, but the consequences of this particular experiment have been far-reaching and damaging.
I am left wondering if Chen’s good intentions were clouded by his desire to capitalize on the success of the MIRA token. Regardless of his motives, it is essential that he takes full responsibility for his actions and makes good on his promise to make affected investors whole.
In the world of crypto, where trust can be fragile and communities are built on transparency, Chen’s actions have shaken the faith of many. I hope that this serves as a cautionary tale for all those who seek to leverage the power of cryptocurrency for good causes.
As for a joke, let me leave you with this: If Siqi Chen were a superhero, he would be “Crypto-Man,” capable of raising millions in the blink of an eye – but unfortunately, also prone to making mistakes that leave him grounded and in need of redemption.
Following his daughter’s cancer diagnosis, Runway CEO Siqi Chen launched a fundraising campaign using cryptocurrency for cancer research. However, it seems that he has now encountered some difficulties or problems.
Siqi Chen has now been accused of a rug pull using the token ‘zero.’
Siqi Chen’s ‘Zero’ Token Sparks Backlash
In response to his daughter Mira Chen’s brain tumor diagnosis, Siqi Chen turned to social media for help, requesting donations to a children’s brain tumor fund. As a result, an anonymous user on X platform launched a meme coin named MIRA on the Solana network as a means of backing research. Half of the MIRA tokens were sent directly to Chen.
wording A: The news about the coin circulating on social networks sparked enthusiasm within the crypto community, leading to an increase in Chen’s assets valued at approximately $14 million. Currently, as per CoinGecko, MIRA is priced at around $0.01518, marking a 13% decrease over the last day.
wording B: With the buzz about the coin on social media platforms, the crypto community got behind it, resulting in Chen’s wealth growing to about $14 million. At this moment, according to CoinGecko, MIRA is being traded at around $0.01518, experiencing a drop of 13% over the past 24 hours.
wording C: The buzz on social media concerning the coin encouraged the crypto community, causing Chen’s holdings to swell up to approximately $14 million. At present, as per CoinGecko, MIRA is going for roughly $0.01518, showing a 13% decline over the previous day.
It seems that a few days after, there are indications that Siqi Chen might have orchestrated a “rug pull” incident. Chen introduced a token named “zero” on Pump.fun, stating, “This coin will reach zero… do not purchase it.
Consequently, since Siqi Chen repeated the use of the same wallet for a recent meme coin offering, numerous investors jumped on board. As a result, the token’s market capitalization surged beyond $6 million within an hour.
At one point, Chen sold his ZERO holdings and acquired 444 SOL, which was later burnt.
Chen posted on Twitter, ‘I didn’t anticipate everyone would be able to instantly recognize and purchase it. I assumed I would need to share it on Twitter first. In a panic, I sold 40% of the supply and earned approximately 444 SOL. Using all of that profit (444 SOL), I repurchased what I could and then got rid of everything else to make it clear that I haven’t gained any money from this. I apologize sincerely for my mistake – I’m still figuring out the ropes.’
He emphasized that the objective of MIRA is far too significant, and pulling a coin, or intentionally manipulating its value, “is not logical.
Chen shared that his intention was simply to grasp the workings of Pump.fun, aiming to let other pediatric disease organizations learn from MIRA’s experience as well.
Drawing upon my years of diligent work and financial prudence, I assure you that I am ready to personally cover every single loss suffered by those affected, using my own savings. This is a commitment I make from the heart, having learned through life’s experiences that it’s our actions during challenging times that truly define us as individuals.
Yet, investigator ZachXBT noted that Chen had previously used an identical explanation for another digital token just a few days prior.
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2024-12-31 14:42