Pseudonymous on-chain investigator ZachXBT doubts that Irene Zhao, the CEO of the SO-COL platform, would have raised the token price through the method of a new list of people to lose. This leaded him to question her accomplishments:.
Review session with Zhao is the first try at the leader’s dealings with the charges attaching her to various various investing ventures with cryptocurrencies. In that statement, Zhao revisited the episode of her journey with IreneDAO, which she said was just a fun, impromptu experiment that was only supposed to last throughout January 2022 but ended up having millions in trading volume its first week after its reality.
ZachXBT Web3 Project Failures
IreneDAO’s life had a good start when the total treasury was secured thanks to Zhao on the multisig wallet function that was set up thus no personal control or profit was possible. However, the conversion of this idea to SO-COL, which is a Web3 platform trying to bring down social media masters like TikTok and OnlyFans, was the amendment. SO-COL was planning to convert millions of Web2 users into the Web3 ecosystem with the help of creator non-fungible tokens (NFTs).
In addition to the original accomplishment of 30,000 users who were attracted to the platform in the first phase of the project, the company also managed to raise some necessary funds through different ventures. However, the bearish weather of the crypto market and relevance issue faced by Web2 creators and brands led to the commissioning of NFTs enthusiasts dipping down to that token. The platform was severely helped down in February 2023 by airdrops and token unlocks that were the main causes of the platform’s struggles. Zhao blamed her tardiness in opening up about the financial difficulty and her lack of investor advice for the token price of the project decreasing during market crashes and management issues.
New Memecoin Amid SO-COL’s Failure
As her first venture in the cryptosphere, Konomi’s co-founder and CEO, Professor Zhao declared that her only role was as the CMO. this was of promotional nature, she didn’t influence any development, strategy, or execution. Despite this clarification, Zhao took the opportunity to promote her latest venture, “ASIANMOM,” a memecoin with strict lock-up periods for herself and contributors to foster accountability and trust. She invited those disillusioned by SO-COL’s failure to either support the new project or abstain based on their previous experiences.
Despite Zhao’s explanations, ZachXBT remained skeptical. He criticized Zhao’s decision to launch a new memecoin instead of focusing on resolving the issues with SO-COL. ZachXBT questioned how many failed projects and significant losses the crypto space would endure before Zhao would take full responsibility for her actions.
Celebrity Crypto Tokens and Community Concerns
On the other hand, the newbies who decided to invest in Solana-based memecoins were not pleased with the bad performance of the celeb tokens, which once again have come down as much as 99%. It’s also worth mentioning that around 30 celebrities who supported coins on Solana in June saw the costs cut by at least 73.23%.
The crypto community remains divided as Zhao attempts to clarify her past actions and emphasize her commitment to transparency and accountability in future endeavors. ZachXBT’s criticism highlights the ongoing debate about trust and responsibility in the volatile world of cryptocurrency.
