Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
MIRA dad Siqi Chen faces backlash over controversial ZERO token launch

MIRA dad Siqi Chen faces backlash over controversial ZERO token launch

Cryptobriefing2024/12/31 18:55
By:Cryptobriefing

Key Takeaways

  • Siqi Chen launched the ZERO token with a warning but it still reached huge value before crashing.
  • Chen faced accusations of a rug pull despite claiming to buy back and burn the tokens.

Share this article

Runway CEO Siqi Chen, father of little Mira, a four-year-old facing a rare brain tumor, has faced community backlash after launching a test token called “ZERO,” which hit $6 million in market value shortly after its debut before crashing by almost 70%.

MIRA dad Siqi Chen faces backlash over controversial ZERO token launch image 1 MIRA dad Siqi Chen faces backlash over controversial ZERO token launch image 2 Source: GeckoTerminal

Siqi has recently gained attention for his heartfelt plea on social media, which resonated deeply with many as he sought support for his daughter Mira, who is battling a rare brain tumor.

On December 25, a crypto trader created the MIRA token and transferred half of the total supply to Siqi, aiming to support Mira’s battle. As Crypto Briefing previously reported , Siqi liquidated part of his holdings, an approach that received strong backing from the community as it was the token’s purpose.

However, the narrative took a turn when Siqi announced on X that he launched a test token called “ZERO” on December 30. He included a waning stating “this token is going to zero and you will definitely lose all your money. Do not buy it.”

Despite his explicit warning, investors flocked to buy the ZERO token. Faced with this unexpected demand, Siqi said he panicked and sold 40% of the token supply, netting a profit of 444 SOL.

Following this sale, the token’s value plummeted by 40%, leading to widespread criticism and accusations of a rug pull. Facing mounting community backlash, Siqi said in a follow-up post that he had used the entire profits to buy back and burn the tokens.

“I’m still learning how this all works,” Siqi said in his apology for the incident.

MIRA dad Siqi Chen faces backlash over controversial ZERO token launch image 3 MIRA dad Siqi Chen faces backlash over controversial ZERO token launch image 4

Blockchain investigator ZachXBT, however, revealed that Siqi was not the crypto novice he portrayed himself to be. Far from it. Evidence surfaced pointing to his involvement in crypto investments dating back to 2021, including ownership of NFTs valued at over $240,000.

ZachXBT stated that Siqi had previously been involved in activities resembling pump-and-dump schemes.

MIRA dad Siqi Chen faces backlash over controversial ZERO token launch image 5 MIRA dad Siqi Chen faces backlash over controversial ZERO token launch image 6 Source: ZachXBT MIRA dad Siqi Chen faces backlash over controversial ZERO token launch image 7 MIRA dad Siqi Chen faces backlash over controversial ZERO token launch image 8 Source: ZachXBT

Siqi said he would reimburse affected investors using his personal funds.

This is a developing story.

Share this article

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

New spot margin trading pair — ES/USDT!

Bitget Announcement2025/07/24 05:56

SLPUSDT now launched for futures trading and trading bots

Bitget Announcement2025/07/23 11:57