After raising funds for cancer research through Cryptocurrency after his daughter was diagnosed, Runway CEO Siqi Chen seems to be struggling.
Now Siqi Chen allegedly pulled off a rug using ‘zero’ Token.
Siqi Chen’s ‘Zero’ Token Causes Outrage
When her daughter Mira Chen was diagnosed with a brain tumor, Siqi Chen took to social media to ask her supporters to contribute to the children’s brain tumor fund. A user on X then created a “Coin Meme” on Solana called MIRA to support research efforts. Half of the MIRA coin supply has been sent to Chen.
When the story spread on social networks, the Cryptocurrency community supported MIRA coin, and Chen’s ownership increased to 14 million USD. According to CoinGeckoMIRA is trading at $0.01518 at the time of writing, down 13% in the past 24 hours.
Now, just a few days later, it appears that Siqi Chen has been involved in a carpet pull. Chen created a Token named “zero” on Pump.fun with the statement, “This coin will go to zero… don’t buy.”
However, because Siqi Chen used the same wallet address that received donations to issue this new Meme Coin in the past few days, many investors have bought in. This pushed the token’s market capitalization past $6 million in just one hour.
At one point, Chen sold all of his ZERO holdings for 444 SOL, which was then burned.
“I didn’t expect people to see it and buy it – I thought this was something I needed to tweet about. Then I panicked and sold 40% of the supply and made about 444 SOL. I bought back with all the profits (444 SOL) I had made and then burned everything I had so the community would know I wasn’t making any profit from this. I’m so sorry for this – I’m still learning how things work,” Chen wrote on Twitter.
He went on to explain that MIRA’s mission is too important and that withdrawing a penny “doesn’t make sense.” Chen explained that he was just trying to understand how Pump.fun works so that other pediatric organizations can also benefit from what happened with MIRA.
“I take responsibility and pledge to compensate each affected wallet with my personal funds,” Chen added.
However, blockchain analysis expert ZachXBT highlighted that Chen made a similar excuse a few days ago with another Token.
