MIRA dad vows to repay losses from rugged test token ZERO

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As a researcher who has been closely following the crypto world for quite some time now, I must say that Siqi Chen’s latest move leaves me with mixed feelings. On one hand, I admire his innovative spirit, demonstrated by the creation of the MIRA token which raised funds for a noble cause. On the other hand, his recent action with the ZERO token seems to contradict this image of integrity and responsibility.

Chen’s life experience, particularly his daughter Mira’s battle against craniopharyngioma, has undeniably shaped him into a compassionate individual who uses his influence for good. However, his decision to launch a test token with such a clear warning to not buy it, and then selling a significant portion of it, seems to be an oversight at best and an act of irresponsibility at worst.

It’s commendable that he has acknowledged his mistake and vowed to make amends. His promise to restore the losses suffered by affected wallets shows a level of accountability that is often lacking in this fast-paced, volatile market. I hope that he will follow through on his word and find a way to rectify the situation.

In the end, I can’t help but add a bit of humor to this situation. It seems that even in the world of crypto, there are still lessons to be learned about the power of clear communication and the potential consequences of unintended actions! Perhaps Siqi Chen should consider adding a disclaimer to all his future projects: “Buyer beware – even test tokens may surprise you!

Siqi Chen, the man behind the MIRA token, has expressed regret and offered an apology within the cryptocurrency community for launching a trial token named ZERO and offloading 40% of its total volume. He promises to reimburse the losses incurred by wallets affected by this action.

Recenty, Chen shared with his audience on X that he initiated a trial cryptocurrency named ZERO, which he termed as such on the amusing initial coin offering platform, pump.fun, built upon the Solana blockchain (SOL).

The warning for this token indicates that its worth will decrease to nothing, assuring potential buyers that investing in ZERO means they’ll lose every penny put into it. In simpler terms, the description advises against buying it, as the token has no purpose and will always be worthless.

Regrettably for Chen, despite the circumstances, ZERO continued to be purchased by others. As reported by DEX Screener, the Solana-based token has witnessed an impressive surge of 178% since its debut on Dec. 30 at 22:00 UTC. The latest figures show that a significant investor spent $208,900 on ZERO tokens, marking the largest single purchase to date. At the moment, the token boasts a trading volume of $32 million. By Dec. 31, it had been reclaimed by the community under the handle ZeroCTO.

Over the last six hours, the token’s value plummeted to almost 70%, but it appears to be gradually regaining 15% in the recent hour. To date, ZERO has amassed a market capitalization exceeding $710,000 and a fully diluted trading volume of an equivalent amount.

Chen chose to discuss the matter regarding ZERO with X, expressing that he had initially released the token merely for an experiment to gauge interest in purchasing it. He admitted to being taken aback by the fact that individuals continued to invest in ZERO even after receiving a warning.

In a post, Siqi Chen mentioned that he hadn’t anticipated people would be able to simply view and purchase the item based on its description – instead, he assumed he’d need to share it via tweet. As a result, he rushed to sell 40% of his supply for around 444 SOL, but then he used those earnings to repurchase tokens and destroyed them all.

I created a test token named “Zero,” with the note: “Heading towards zero… don’t purchase it.” I assumed that people would understand not to buy it based on the description, but I didn’t anticipate everyone would be able to buy it without any additional communication – like a tweet about it.

— Siqi Chen (@blader) December 30, 2024

In a different message, he expressed regret on behalf of both the MIRA and Solana groups and promised to reimburse every affected wallet due to his actions.

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In another communication, he apologized not only for himself but also the MIRA and Solana communities, assuring them that he would make good on every lost wallet balance resulting from his actions.

Chen stated, “I’ll be covering this expense from my own resources, not the MIRA wallet. I’m still working out the specifics, but I plan to collaborate with the community to iron out the details soon. My intention is to directly compensate those impacted through an airdrop.

Who is Siqi Chen?

In formal terms, Siqi Chen is recognized as the co-founder and CEO of a business named Runway. However, within the crypto community, she is more commonly known as the father of a four-year-old girl named Mira who has been diagnosed with a rare brain tumor called craniopharyngioma.

Following Chen sharing news about his daughter’s health condition (being diagnosed with a brain tumor), the crypto community united in support, pooling resources to finance research aimed at discovering a cure. Notably, a trader known as @shawmakesmagic and the ai16z community collaborated to introduce a token named MIRA, after Chen’s daughter, with the primary goal of gathering funds for this noble cause.

The coder transferred half of the MIRA token total amount to Chen. Initially unsure about cashing them out due to concerns over causing a potential exit scam, Chen eventually chose to sell a tenth and invested 5% in the Hankinson Lab’s research, which was valued at approximately $49,263 at that moment.

Chen remarked, “Let me clarify: There are indeed valid uses for cryptocurrencies. For instance, financing research into rare diseases is a very authentic example.

Currently, as I’m typing this, MIRA appears to have dropped approximately 20% over the last 24 hours based on information from DEX Screener. Right now, it is being exchanged at roughly $0.015 per token, with a total market capitalization of about $15 million.

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2024-12-31 12:48