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Jupiter's collaboration with Irene Zhao sparked controversy, and on-chain detective ZachXBT exposed the latter's dark history

Jupiter's collaboration with Irene Zhao sparked controversy, and on-chain detective ZachXBT exposed the latter's dark history

BlockBeats2024/07/24 05:21
By:BlockBeats
Original title: "Jupiter cooperates with Irene Zhao to promote meme coins! Detective exposes fraud history, does he respond?"
Original source: Crypto City


Controversy over cooperation with Irene Zhao


Decentralized cryptocurrency aggregator Jupiter has recently been caught in a storm for announcing a partnership with a controversial KOL. The anonymous founder of Solana decentralized exchange aggregator Jupiter, meow喵, announced on the X platform yesterday (7/23) that it will cooperate with KOL Irene Zhao from Singapore to launch a meme coin. This news has caused strong dissatisfaction in the cryptocurrency community because Irene Zhao has been involved in many suspicious crypto-related activities before.


Meow, the anonymous founder of Jupiter, announced a partnership with Singapore’s KOL Irene Zhao to launch a meme coin


According to the announcement, the partnership aims to improve the “ecosystem of meme coins” 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 meme coin issuance environment, such as “fake wide distribution, front-running” and “lying KOLs”.


Meow 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, paranoid issuance ecology" we have seen so far."


However, the announcement quickly attracted criticism from many netizens, and most comments accused Jupiter of being inconsistent with what it said and what it did, because its cooperation with Irene Zhao was completely supporting fraud. Chain detective ZachXBT released a series of evidence to ridicule 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.


Chain detective ZachXBT released a series of evidence to ridicule the irony of this cooperation


The content of these accusations was also included in X's Community Notes, which added: "Irene Zhu has participated in multiple project scams. Be careful when dealing with them." It was considered a "helpful" evaluation. As of the time of writing, the note has received 81,000 views and is generally considered by netizens to be "citing excellent sources" and "providing important relevant contexts."


Netizens made notes on the content of meow's announcement, and received positive comments from most netizens. 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 had participated in in the past, including the most controversial $SIMP this time, and IreneDAO NFT.


So-Col ($SIMP)


According to the evidence provided by ZachXBT, in February this year, market maker DWF Labs invested $1.5 million to purchase the native $SIMP tokens of Irene Zhao's 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 time period.


DWF transferred $SIMP to the exchange soon after receiving it, which was inconsistent with Irene Zhao's promise that the tokens would be locked for one year


ZachXBT believed that she sold $SIMP to DWF Labs without the knowledge of investors, which was completely different from the aforementioned meow's expectation 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! Detective exposes fraud history, did she respond?


IreneDAO


Irene Zhao became famous 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 the delisting of $KONO. Konomi has neither achieved decentralized governance nor the cross-chain bridge solution that the project is expected to implement.


Konomi ($KONO) coin price trend chart Source: CoinGecko


Responses from the community and several parties


The cooperation between Jupiter and Irene Zhao has sparked widespread discussion and criticism, and many people are dissatisfied with Jupiter's decision. Some netizens even questioned whether meow can represent Jupiter.


Netizens expressed dissatisfaction with the 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. Jupiter's anonymous founder meow directly left a message under ZachXBT's 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 false statements." (As of the time of writing, no statement has been issued.)


Irene Zhao's response to this incident Source: X


This storm undoubtedly provides an opportunity for the cryptocurrency community to reflect. How to find a balance between innovation and risk has become an important issue for future development. As the cooperation progresses further, whether Jupiter and Irene Zhao can resolve the dispute and win the trust of the community still needs time to verify.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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