Original title: Jupiter cooperates with Irene Zhao to promote meme coins! The detective exposed the dark history of fraud, did he respond?
Original source: Crypto City
Collaboration with Irene Zhao sparked controversy
Jupiter, a decentralized cryptocurrency aggregator, has recently been caught in a storm for announcing a partnership with a controversial KOL. Meow, the anonymous founder of Jupiter, a Solana decentralized exchange aggregator, announced on the X platform yesterday (July 23) that it would launch a meme coin in partnership with Irene Zhao, a KOL from Singapore. This news has caused strong dissatisfaction in the cryptocurrency community because Irene Zhao has been involved in several suspicious crypto-related activities before.
Jupiters anonymous founder meow announced a partnership with Singapore KOL Irene Zhao to launch a meme coin
According to the announcement, the collaboration aims to improve the ecosystem of memecoins and provide crypto enthusiasts with a chain mother they can rely on when they are sad. He also pointed out that the plan hopes to solve major problems in the current memecoin issuance environment, such as fake wide distribution, front-running and lying KOLs.
Meow Miao said: If the plan is successful, it can ideally provide a model for other meme coins to compare with the front running, black box control, instant selling, and paranoid issuance ecology we have seen so far.
However, this announcement quickly attracted criticism from many netizens, with most comments accusing Jupiter of being inconsistent in what it said and what it did, because its cooperation with Irene Zhao was simply supporting fraud. On-chain detective ZachXBT released a series of evidence to tease the irony of this cooperation, pointing out that Irene Zhao had conducted opaque transactions in her So-Col project. ZachXBT accused Irene Zhao of defrauding early investors through secret transactions with DWF in the past, and the community was completely unaware of this.
On-chain detective ZachXBT released a series of evidence to tease the irony of this collaboration
The accusations were also included in Xs Community Notes, which added: Irene Zhao has been involved in multiple fraud projects. Be careful when dealing with them. It was considered a helpful comment. As of the time of writing, the note has been viewed 81,000 times and is generally considered by netizens to be citing excellent sources and providing important relevant context.
Netizens commented on the content of meow 喵s announcement, and received positive comments from most netizens. Image source: X
Controversy and responses in early projects
Icing, a netizen on X, also specifically mentioned: The Internet has memory and sorted out the projects that Irene Zhao has participated in in the past, including the most controversial $SIMP and IreneDAO NFT.
So-Col ($SIMP)
Evidence provided by ZachXBT shows that in February this year, market maker DWF Labs invested $1.5 million to purchase the native $SIMP tokens of Irene Zhaos So-Col project. Irene Zhao had promised to lock these tokens for one year, until February 2024. However, on-chain data shows that DWF received more than 3 million $SIMP tokens in March and transferred about 2.6 million $SIMP to KuCoin during the same period.
DWF transferred $SIMP to the exchange soon after receiving it, which is inconsistent with Irene Zhao’s promise that the tokens would be locked for one year.
ZachXBT believes that she sold $SIMP to DWF Labs without the knowledge of investors, which is completely different from the aforementioned meow expected to solve the black box control, instant selling, and paranoid issuance ecology. According to Coingecko data, the price of $SIMP is only $0.0009283, and the market value is only $453,900. Basically, this project is dead.
Jupiter cooperates with Irene Zhao to promote meme coins! The detective exposed the dark history of fraud, and the person himself responded?
IreneDAO
Irene Zhao rose to fame in the crypto world in early 2022 for launching an NFT series called IreneDAO with her photos as NFTs, accumulating more than $5 million in revenue. The project aims to disrupt the creator economy. The series initially soared to 1.49 ETH, but according to NFTGo data, the current floor price is 0.19 ETH, down 87% from its all-time high.
「IreneDAO」 NFT data source: NFTGo
Other controversial projects include Konomi ($KONO), which was originally listed on OKX, but in January, OKX announced that it would delist $KONO. Konomi has neither achieved decentralized governance nor the cross-chain bridge solution that the project was expected to implement.
Konomi ($KONO) coin price trend chart Source: Coingecko
Reactions from the community and several parties involved
The collaboration between Jupiter and Irene Zhao has sparked widespread discussion and criticism, with many people expressing dissatisfaction with Jupiters decision. Some netizens even questioned whether meow can represent Jupiter.
Netizens expressed dissatisfaction with this incident Source: X
However, some people are taking a wait-and-see attitude, believing that more time is needed to observe the final effect of the cooperation.
Some netizens are taking a wait-and-see attitude, believing that more time is needed to observe the final effect of the cooperation. Source: X
The two parties involved in this incident also responded to this matter. Jupiters anonymous founder meow directly left a message under ZachXBTs post: The key concepts here are allocated developer market share, known airdrop allocations, and long-term liquidity adjustments. We can only understand how past events work over time.
Irene Zhao herself posted a message saying: A statement will be issued regarding the false statements. (As of the time of writing, no statement has been issued.)
Irene Zhaos response to this incident Source: X
This incident undoubtedly provides an opportunity for the cryptocurrency community to reflect on how to strike a balance between innovation and risk, which has become an important issue for future development. As the cooperation progresses, it will take time to verify whether Jupiter and Irene Zhao can resolve the controversy and win the trust of the community.
