Siqi Chen, creator of the MIRA token, has issued an apology to the crypto community for his involvement with a test token named ZERO. Despite warnings that ZERO held no value and was not an investment opportunity, Chen sold 40% of its supply, prompting investor losses. Chen pledged to compensate affected parties from his personal funds.
ZERO was launched on the Solana-based meme coin platform, pump.fun, on December 30. The token’s description explicitly stated its lack of value, cautioning investors against any potential losses. However, it experienced a 178% price increase following its launch, attracting significant trading activity and a substantial purchase by a large investor worth $208,900, pushing its trading volume to $32 million.
In a statement on the social platform X, Chen expressed surprise at the token’s unanticipated purchases despite the clear warning, acknowledging his mistake in selling a portion of its supply. He shared intentions to repurchase and burn the tokens sold to correct the situation.
In his further efforts to rectify the mistake, Chen emphasized his commitment to restoring any financial setbacks resulting from the transaction, assuring the affected individuals that he’d resolve these issues without drawing from the MIRA wallet, instead planning a direct compensation to those impacted.
Siqi Chen, known as the CEO and co-founder of Runway, gained attention within the crypto community after his child’s diagnosis with a rare brain tumor. The community rallied to fundraise for research through the MIRA token, aimed at supporting medical advancements. Despite challenges, Chen remains optimistic about the potential of cryptocurrency in addressing real-world issues, such as funding medical research.
