Onchain investigator ZachXBT questions Irene Zhao’s accountability for her past crypto project failures as she launches a new memecoin.
Points
- ZachXBT questions Irene Zhao’s new memecoin launch.
- Past project failures and lack of accountability.
- Irene Zhao’s response and plans for SO-COL and other ventures.
Pseudonymous onchain investigator ZachXBT has raised concerns about Irene Zhao, the founder of the SO-COL platform and a prominent crypto X influencer. Zhao recently addressed multiple allegations regarding her involvement in several failed cryptocurrency projects, including IreneDAO and SO-COL.
Web3 project failures
IreneDAO started as a fun experiment in January 2022 but unexpectedly gained traction, with millions in trading volume within a week. Zhao ensured transparency, managing the treasury with a multisignature wallet, preventing personal control or profit.
Zhao then focused on SO-COL, a Web3 platform aimed at rivaling TikTok and OnlyFans through creator non-fungible tokens （NFTs）. Despite initial success with 30,000 users and venture capital backing, the project faced significant challenges during the crypto winter, leading to declining interest from Web2 creators and brands.
SO-COL experienced selling pressure in February 2023 due to airdrops and token unlocks. To address this, Zhao secured a $1.5 million investment from DWF to boost liquidity and extend the project’s lifespan. Zhao admitted to not being transparent about financial struggles and failing to consult investors sooner.
New memecoin amid SO-COL’s failure
Zhao clarified her limited role in Konomi, her first crypto project, where she served as chief marketing officer without influencing development or strategy. She now faces scrutiny as she launches a new memecoin, with critics questioning her plans to rectify past project failures.
As Zhao continues to navigate the crypto space, accountability and transparency remain critical to her ventures’ success and community trust.