After rallying the crypto community to raise funds for cancer research, motivated by his daughter's diagnosis, Runway CEO Siqi Chen is now facing a challenging time.
The executive has now been accused of a rug pull using the ‘Zero’ token.
Siqi Chen’s ‘Zero’ Token Sparks Backlash
After Mira Chen was diagnosed with a brain tumor, Siqi Chen asked for donations online. A user on X then created a memecoin on Solana called MIRA to support the research efforts. Chen received half of these tokens.
As the story spread on social media, the crypto community rallied behind the coin, and Chen's holdings rose to $14 million. According to CoinGecko, MIRA was trading at $0.01518 at the time of publication, down 13% in the last 24 hours.
Now, just a few days later, it appears that Siqi Chen has engaged in a pug pull. The executive created a token called “zero” on Pump.fun with the statement: “This coin is going to zero… don’t buy it.”
However, because Siqi Chen used the same donation wallet address to mint this new memecoin in the past few days, many investors bought in. Thus, pushing the token’s market cap to over $6 million in just one hour.
Chen sold at ZERO and burned 444 SOL.
“I didn’t expect everyone to just see it and buy it – I thought it would be something I would need to tweet about. So I panic sold 40% of the supply and made about 444 sol. I bought it back with every penny of profit (444 sol) I made and then burned everything I have so the community at least knows I didn’t make any profit from this. I’m so sorry about this – I’m still learning how all this works,” Chen wrote on Twitter.
He further clarified that “MIRA’s mission is too important and that doing a rug pull on a coin makes no sense.”
Chen explained that he was just trying to understand how Pump.fun works so that other pediatric disease organizations could also benefit from what happened with MIRA.
I take responsibility and am committed to compensating each affected wallet with my own personal funds, Chen added.
However, blockchain researcher ZachXBT pointed out that Chen used the same exact excuse a few days ago with another token.
The article Father of MIRA Siqi Chen is accused of pulling a rug with Zero token appeared first on BeInCrypto Brasil.
