MIRA Father Siqi Chen Faces Backlash Over Controversial ZERO Token Launch

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

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

On December 25, a cryptocurrency trader created the MIRA token and transferred half of the total supply to Siqi, with the aim of supporting the Mira battle. As crypto Briefing previously reported, Siqi liquidated part of its holdings, an approach that received strong support from the community as it was the purpose of the token.

However, the narrative took a turn when Siqi announced on x that it launched a test token called “ZERO” on December 30. It included a message saying “this token will go to zero and you will definitely lose all your money.” “Don’t buy it.”

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

Following this sale, the token's value plummeted by 40%, leading to widespread criticism and accusations of fraud. Faced with growing community backlash, Siqi said in a follow-up post that it had used all profits to buy back and burn the tokens.

“I'm still learning how this all works,” Siqi said in apologizing for the incident.

However, blockchain researcher ZachXBT revealed that Siqi was not the crypto newbie he portrayed himself to be. Nothing of the sort. Evidence has emerged pointing to his involvement in cryptocurrency investments dating back to 2021, including ownership of nfts valued at more than $240,000.

ZachXBT claimed that Siqi had previously been involved in activities similar to pump-and-dump schemes.