The crypto community is still divided over Irene Zhao’s new project. Zhao, the founder of the SO-COL platform, is a well-known figure in the crypto world. ZachXBT, a fake chain detective, has asked Zhao how she plans to make things right with the people hurt by the failed projects she worked on.
This argument began following Zhao’s lengthy response to many allegations that she participated in multiple Bitcoin initiatives. Zhao discussed IreneDAO, a “fun experiment” project that attracted much attention in January 2022 with millions of dollars worth of trades in just one week.
Zhao underlined the initiative’s openness and noted that a multi-signature wallet operated the fund to prevent anyone from gaining control or making money.
Zhao then worked on SO-COL, a Web3 platform aiming at rivals including OnlyFans and TikHub. Author non-fungible tokens (NFTs) would be used here to transfer Web2 users to Web3 ones. Thirty thousand people adopted the concept, which first appealed to many investors.
Brands and artists on Web2 lost interest when the crypto winter wrecked NFT sales. Because they made SO-COL less valuable, airdrops and token locks made many individuals desire to sell it in February 2023. To solve this, Zhao recruited DWF to spend $1.5 million, extending the lifetime of the project and boosting cash flow, so addressing
She claimed she felt guilty about not being more open about her financial difficulties and for not informing investors earlier when market and business concerns caused the token price of the project to decline.
ZachXBT Questions Zhao’s Leadership And New Memecoin Amid Criticism
Zhao also discusses her work with SO-COL, her leadership skills, and her starting her first Bitcoin business, Konomi. She confirmed that her only job was to promote and that she had no say in planning, development, or delivery.
ZachXBT is still unsure about Zhao’s responses. He disagreed with Zhao’s decision to work on SO-COL rather than starting a new memecoin titled “ASIANMOM.” ZachXBT questioned Zhao on how many failed crypto projects and large losses had to occur before he would accept full responsibility. He also asked Zhao if she would resolve issues from her past initiatives rather than only apologizing.
However, New Solana-based memecoins have startled many unfamiliar with them by their poor performance. Their value has changed; it is not what it was. Originally added to Solana in June, over thirty celebrity-backed tokens today value at least 73.23% less than they did in June.
Since the ongoing debate, the Bitcoin world has suffered several issues and hazards. Big enterprises and unstable markets have consequences for investors and influential people.
