Jupiter and Irene Zhao launched a meme that was ridiculed by the public, and the past projects of Asian Mom were accused of fraud

Original | Odaily Planet Daily ( @OdailyChina )

Author｜Nan Zhi ( @Assassin_Malvo )

Yesterday, Jupiter co-founder meow announced that it would work with Irene Zhao to launch the Meme project ASIANMOM to realize its vision of PPP Meme Token and achieve fair and transparent token distribution. However, this cooperation has aroused strong dissatisfaction in the community. Chain detective ZachXBT commented: It is so funny to see Irene Zhao involved in solving the problem of opaque distribution . She ostensibly did the same thing in her project SO-COL, but behind the scenes, she deceived all early investors by reaching a secret agreement with DWF, but the terms of the agreement were not disclosed to them, and the community knew nothing about it.

New Project Analysis

In early June, Jupiter co-founder meow published an article introducing his PPP vision: One of the most important things for me is to transform cryptocurrency from PVP thinking to PPP thinking. The difference is that the PPP (player pump player, mutual assistance) community hopes that the last person to enter can also win; while the PVP (player vs player mutual cutting) community hopes that the last person to enter will become their exit liquidity. By definition, PPP is an infinite game, while PVP is a deep finite game by default with a clear end point - the last person to take over becomes a fool.

At the end of June, meow published a post to further promote the “ PPP Meme Token Experiment ”. Users who plan to participate can leave their addresses and retweet.

Yesterday, meow retweeted the previous tweet and announced the new project ASIANMOM. Meow said that the current Meme tokens have problems such as opaque project allocation, false propaganda KOL, project parties and pre-sale dumping . The new project aims to solve the problems and provide participants with a lot of room for development and incentives.

meow said that Jupiter will be responsible for the project mechanism and initial airdrop list, while the token issuance time will be determined by Irene Zhaos team.

Early Project Controversy

ZachXBT pointed out that the opaque and unfair issues that ASIANMOM wants to solve are exactly the controversial criminal records of Irene Zhao, specifically involving Konomi, IreneDAO and So-Col according to the timeline.

Konomi

Konomi is a cross-chain solution for Polkadot ecosystem assets. In 2021 , Irene was the Chief Marketing Officer (CMO). The project token KONO was launched on OKX for spot trading on April 6, 2021 , and was removed from OKX on January 25 this year . The official project has not released any information for half a year, and has entered the actual runaway state from Soft Rug.

IreneDAO

On January 15, 2022, Irene released the selfie NFT series IreneDAO. At the time of the NFT craze (for example, the Indonesian guy’s selfie at the same time), the floor price broke through 3 ETH within 3 days, and the five-day trading volume reached 2,100 ETH.

But since then, the price has been falling. The current floor price of this NFT series is 0.15 ETH, and the total historical transaction volume is 2380 ETH , which means that after the transaction volume reached 2100 ETH in the first five days, the transaction volume in two and a half years was only 280 ETH.

So-Col

So-Col is the most controversial and problematic project. So-Col is an NFT social platform created by Irene, and the project token is SIMP.

On March 28, 2023, So-Col announced that it had received $1.5 million in token rights financing from DWF Labs (equivalent to selling SIMP to DWF Labs). In the report, Irene stated that the tokens have a one-year lock-up period and will be unlocked in February 2024.

However, this lock-up period is actually ineffective. According to CoinDesk , DWFs wallet received 3.3 million SIMPs between March 6 and 24. During the same period, DWF continued to transfer funds to KuCoin, with a total of 2.6 million tokens transferred in. After the announcement of the financing, SIMP doubled in a week, and then plummeted 70% on April 4 .

Response from the parties

In response to ZachXBT’s comment, meow said: “The key issues now are project allocation, known airdrop allocation, and long-term liquidity adjustments. We will know how this works over time.” But no explanation was given to Irene’s allegations.

Irene herself said: There have been a lot of false statements against me recently, and I will make a statement. (No direct response as of the time of posting)