Solana decentralized exchange aggregator Jupiter has sparked a furious outrage in the crypto community following its announcement of a collaboration with Irene Zhao, a Singaporean influencer previously implicated in multiple crypto-related dubious activities. This Jupiter and Irene Zhao partnership announced via an X statement on July 22, was aimed at improving the “meme coin meta” and offering support to cryptocurrency enthusiasts during challenging times.
The anonymous founder of Jupiter, known online as @weremeow, unveiled the collaboration to address what they described as “major problems” plaguing the current meme coin launch environment. These issues include “fake wide distribution, sniping,” and “lying influencers.” According to @weremeow, “If these works, ideally it can serve as a model for other memecoins in contrast to the sniping, opaque control, instadumping prone, paranoid launch meta we see today.”
Community Backlash and Accusations
However, the announcement was met with swift backlash as the crypto community accused Jupiter of endorsing shady activities by associating with Zhao. Blockchain sleuth ZachXBT highlighted the irony of the collaboration, noting Zhao’s previous dealings.
“literally did exactly this [opaque allocations] with her project SOCOL by rugging all of the early investors by doing a secret deal with DWF where terms were not disclosed to them and community had zero knowledge about.”,
In February 2023, DWF Labs invested $1.5 million in Zhao’s startup So-Col by acquiring native SIMP tokens. Zhao had pledged to lock the tokens in a one-year vesting period ending in February 2024, blockchain data revealed that DWF received over 3 million SIMP tokens in March, which were soon transferred to the KuCoin crypto exchange.
Irene Zhao’s Controversial Crypto Journey
Irene Zhao first gained popularity in the crypto space in early 2022 by selling her photos as non-fungible tokens (NFTs), amassing over $5 million. She later launched an NFT collection called IreneDAO, aimed at “disrupting the creator economy.” Initially, the collection saw a price floor surge to 1.49 ETH but has since plummeted to 0.05 ETH, representing an 87% decline from its all-time highs, according to CoinGecko data.
Jupiter and Irene Zhao: A Controversial Solution to Opaque Allocations?
Jupiter and Irene Zhao’s new partnership claims to offer a solution to the opaque allocation issues that have plagued the meme coin sector. However, the community remains skeptical, given Zhao’s history and the controversy surrounding her previous projects. The partnership aims to provide a nurturing environment for crypto enthusiasts, especially during down times, promising a more transparent and fair launch process for future meme coins.
Looking Ahead: Jupiter and Irene Zhao’s Challenging Path
As Jupiter and Irene Zhao move forward with their collaboration, they face significant challenges from a community that is wary of past misdeeds and sceptical of promises of reform. The partnership has ignited a broader debate about trust and transparency in the crypto sector, with many calling for more stringent oversight and clearer guidelines to prevent similar controversies in the future.
According to reports, the crypto community will be closely monitoring the outcomes of this partnership, with many hoping that it can indeed serve as a positive model for the industry. However, Irene Zhao’s lingering doubts and controversial past continue to cast a long shadow over Jupiter and Irene Zhao’s ambitious goals.
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