Yescoin Founder Zhang Chi Detained by Shanghai Police Amid Business Dispute

Yescoin founder Zhang Chi, also known as Zoroo, has been detained by Shanghai police following a business dispute with his partners, according to an announcement by Yescoin on March 7.

The statement attributes the situation to a disagreement between Zhang and his business partners, identified as Wang. The conflict, initially a business matter, has now escalated into a legal case.

Yescoin Community Reacts to Founder’s Detention

“We regret to inform you that Zoroo (@Zorooeth), the founder of Yescoin, has been taken away from Hangzhou by Shanghai police due to a dispute with his business partner, OldWang,” the post wrote.

Despite Zhang’s detention, the team assured that Yescoin’s operations remain unaffected. “We sincerely appreciate your concern for Zoroo (@Zorooeth) during this time,” the statement concluded.

Following the announcement, community reactions have been overwhelmingly negative. Some users questioned the project’s integrity and speculated about the nature of the dispute, with some calling Yescoin a scam and expressing doubts about its long-term viability.

Many expressed their thoughts on this when they called it a scam, stating that the project has spent months farming and hyping without an official launch, with some speculating that this is being done to avoid the token generation event (TGE).

“Since Q1 is nearly ending they’re starting excuses, no tge is coming here,” one user replied.

A few investors also expressed panic and disbelief upon learning that the project’s core team is based in Mainland China , where crypto is strictly regulated despite its overseas market focus.

The Yescoin team also released an announcement in Chinese, which includes additional information not present in the English version, stating that Zhang is still a student at Zhejiang University.

Legal Risks and Investor Confidence in Web3

The incident raises broader concerns about leadership transparency and governance in crypto projects, especially those operating in jurisdictions with strict regulations. Investors often rely on trust in project teams, but unexpected legal issues can shake confidence and lead to increased scrutiny of how projects are structured and managed.

While many crypto initiatives promote decentralized governance, the reality is that most still rely on central figures for decision-making and operations. When these figures face legal trouble or disputes, projects can be thrown into uncertainty.

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