The crypto community remains divided as Zhao attempts to clarify her past actions and emphasize her commitment to transparency and accountability in future endeavors.
Pseudonymous onchain investigator ZachXBT has questioned Irene Zhao, the founder of the SO–COL platform and a prominent crypto influencer, about her plans to make amends to those affected by previous failed projects she was involved in.
This response follows a detailed statement by Zhao addressing multiple allegations concerning her involvement in several cryptocurrency projects. In the statement, Zhao discussed IreneDAO, a project that began as a fun experiment in January 2022 with minimal expectations but quickly gained traction with millions in trading volume within a week of its launch. Zhao ensured transparency by managing the treasury with a multisignature wallet, preventing personal control or profit.
Web3 Project Failures
Zhao then shifted her focus to SO-COL — her Web3 platform aimed at rivaling TikTok and OnlyFans — leaving the management of the decentralized autonomous organization (DAO) to the executive committee. SO–COL aimed to bring millions of Web2 users into Web3 through creator non-fungible tokens (NFTs). Initially, the project attracted 30,000 users and significant venture capital backing. However, the crypto winter’s impact on NFT transactions led to waning interest from Web2 creators and brands.
In February 2023, SO-COL faced significant selling pressure due to airdrops and token unlocks, impacting its performance. To address this, Zhao secured a $1.5 million investment from DWF to boost liquidity and extend the project’s lifespan. Zhao expressed regret over not being transparent about financial struggles and consulting investors sooner, as the project’s token price declined due to market and internal challenges.
New Memecoin Amid SO-COL’s Failure
Beyond the Web3 space, Zhao clarified her role in Konomi, her first crypto project, where she was the chief marketing officer. She confirmed her involvement was limited to promotion, with no impact on development, strategy, or execution.
Summary Review: As Irene Zhao launches a new memecoin, the crypto community remains skeptical, with many questioning her ability to deliver on her promises given her track record with previous projects. Zhao’s commitment to transparency and accountability in her future endeavors will be closely watched by both supporters and critics.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
