tl;dr
Siqi Chen, CEO of Runway, initially raised funds for cancer research through the 'MIRA' token after his daughter's diagnosis. However, he has now been accused of a rug pull scheme with the token 'zero'. Chen created the 'zero' token on Pump.fun, causing its market cap to exceed $6 million within an ...
Runway CEO Siqi Chen has been accused of orchestrating a rug pull using the 'zero' token. This comes after his involvement in the creation of the 'MIRA' token, initially designed to raise funds for cancer research following his daughter's diagnosis.
Chen's actions with the 'zero' token sparked backlash within the crypto community due to his previous association with the 'MIRA' token. Despite claiming that the 'zero' token would plummet in value, Chen used the same donation wallet address as 'MIRA', ultimately leading to investor purchases. Within an hour, the 'zero' token's market cap surpassed $6 million after being listed on Pump.fun.
Chen proceeded to sell his 'ZERO' holdings, acquiring 444 SOL, which he later burned. He took to Twitter to apologize, expressing regret and committing to reimburse affected investors. However, blockchain sleuth ZachXBT highlighted similar behavior with a previous token, casting doubt on Chen's intentions.
Following his daughter's illness, Siqi Chen had rallied support for cancer research by encouraging donations to a children's brain tumor fund. This led to the creation of the MIRA token on Solana, with half the supply being sent to Chen. The coin gained traction on social media, with Chen's holdings reaching $14 million.
However, the swift creation and subsequent actions involving the 'zero' token have raised concerns about Chen's conduct, leading to allegations of a rug pull. Despite Chen's public apologies and commitment to rectify the situation, skepticism remains regarding his handling of the 'zero' token and its impact on investors.