On-chain researcher ZachXBT, who requested anonymity, has raised questions about the accountability of Irene Zhao, founder of the SO-COL platform and crypto influencer, and what steps she is taking to compensate those harmed by the project.
This is in response to a statement by Zhao detailing several allegations regarding her involvement in several cryptocurrency projects. In the statement, Zhao discussed IreneDAO, a project that she said started in January 2022 as a fun experiment with minimal expectations.
Web3 project failure
The project gained unexpected popularity, with millions of dollars in trading volume in just a week. Zhao ensured transparency by ensuring that the treasury was managed by a multi-signature wallet, preventing any personal control or profit.
Zhao left the DAO management to an executive committee and focused on SO-COL, a Web3 platform that aims to compete with TikTok and OnlyFans, and bring millions of Web2 users to Web3 through creator NFTs.
The project initially attracted 30,000 users and received support from prominent VCs, but the impact of crypto winter on NFT trading has led to a decline in interest from Web2 creators and brands.
SO-COL was under significant selling pressure in February 2023 due to the airdrop and token unlock, which affected its performance. To address this, Zhao secured $1.5 million in investment from DWF to increase liquidity and extend the life of the project.
As the project token price fell due to market and internal difficulties, Mr. Cho regretted not being transparent about the financial difficulties and not discussing them with investors sooner.
A new Mimecoin amidst the failure of SO-COL
Outside of the Web3 world, Zhao clarified her role as CMO at Konomi, her first crypto project. She confirmed that her involvement was limited to PR and had no influence on development, strategy, or execution.
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But Zhao took the opportunity to highlight her new project, @iloveasianmom, which includes a strict lock-in period for herself and her contributors to ensure accountability and trust. She invited those who were disillusioned with SO-COL’s refusal to participate in new projects or abstain from them based on their own experiences.
Despite Zhao’s comprehensive explanation, ZachXBT remained skeptical. He doubted Zhao’s willingness to go beyond an apology to rectify the losses suffered by former project participants.
ZachXBT criticized Zhao’s decision to launch a new meme coin instead of continuing his work on SO-COL, questioning the numerous failed projects and huge losses in the crypto space before Zhao took full responsibility.
Meanwhile, Solana’s new investors were shocked by the recent Celebrity Coin’s poor performance, which has seen its value plummet by up to 99%. In addition, more than 30 Celebrity-backed tokens launched on Solana in June have seen their prices plummet by at least 73.23%.
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