Decentralized crypto aggregator Jupiter has stumbled on itself within the course of controversy after announcing a collaboration with an uncovered influencer.
Solana decentralized exchange aggregator Jupiter has sparked a livid outrage within the crypto neighborhood following its announcement of a collaboration with Irene Zhao, a Singaporean influencer beforehand implicated in multiple crypto-connected dubious activities.
In an X announcement on Jul. 22, the nameless founding father of Jupiter, is named @weremeow, unveiled the collaboration geared in opposition to enhancing the “meme coin meta” and giving “degens an on-chain mother to appreciate them when they’re sad.” With the initiative, the Jupiter founder stated the buying and selling platform wants to tackle “important complications” plaguing the present meme coin commence ambiance, corresponding to “fake wide distribution, sniping,” and “lying influencers.”
“If these works, ideally it ought to succor as a model for other memecoins in distinction to the sniping, opaque relief watch over, instadumping inclined, paranoid commence meta we watch nowadays.”
@weremeow
The announcement, on the replacement hand, became met with swift backlash because the crypto neighborhood accused Jupiter of endorsing shady activities by associating them with Zhao.
Blockchain sleuth ZachXBT highlighted the irony of the collaboration, noting that Zhao had beforehand engaged in opaque dealings along side her project So-Col. He alleged that Zhao beforehand “actually did precisely this [opaque allocations] along side her project SOCOL by rugging all of the early customers by doing a secret care for DWF the set apart terms weren’t disclosed to them and neighborhood had zero information about.”
Hilarious seeing Irene Zhao fervent with a “resolution” for opaque allocations when she actually did precisely this along side her project SOCOL by rugging all of the early customers by doing a secret care for DWF the set apart terms weren’t disclosed to them and neighborhood had zero information… pic.twitter.com/p0lCpl04mn
— ZachXBT (@zachxbt) July 22, 2024
In February 2023, market maker DWF Labs invested $1.5 million in Zhao’s startup So-Col by acquiring native SIMP tokens. Zhao had reportedly pledged to lock the tokens in a one-yr vesting length draw to complete in February 2024. On the replacement hand, blockchain information later published that DWF bought over 3 million SIMP tokens in March and at some level of the same timeframe transferred approximately 2.6 million SIMP to the KuCoin crypto exchange.
Zhao received repute within the crypto set apart of abode in early 2022 by promoting her images as non-fungible tokens (NFTs), accumulating over $5 million. She later launched an NFT series known as IreneDAO, geared in opposition to “disrupting the creator economy.” Before every little thing set apart, the series seen a trace flooring surge to 1.49 ETH but has since plummeted to 0.05 ETH, representing an 87% decline from its all-time highs, in accordance with CoinGecko information.
