Solana-based decentralized change Jupiter introduced yesterday a brand new framework for honest meme coin launches and acquired backlash from the crypto neighborhood by asserting a partnership with Irene Zhao to launch the ASIANMOTHER token. On-chain sleuth ZachXBT accuses Zhao of performing in opposition to the good thing about traders of her earlier initiatives, similar to So-Col.

“Hilarious seeing Irene Zhao involved with a ‘solution’ for opaque allocations when she literally did exactly this 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,” mentioned ZachXBT answering Jupiter’s co-founder, recognized as Meow, submit.

The So-Col talked about by ZachXBT is the Social Collectibles undertaking based by Zhao in 2022, which acquired up to $6.75 million in funding inside a 12 months. All of the rounds consisted of traders shopping for the token SIMP.

Of their $1.5 million funding spherical led by market maker DWF Labs in February 2023, Zhao allegedly acted behind the curtains and omitted particulars from the deal. The deal had a one-year cliff, solely permitting the market maker to promote its tokens in February 2024. 

Nonetheless, as reported by CoinDesk, on-chain information revealed that DWF Labs moved practically 80% of their holdings to the change KuCoin earlier than the SIMP token launch, when it doubled its price. Voices similar to ZachXBT accused Zhao and DWF of performing to revenue from retail consumers, whereas the So-Col workforce claimed that DWF Labs was serving to with market making for the token.

Furthermore, different X customers commented on Meow’s submit mentioning different alleged scams promoted by Zhao, similar to IreneDAO. The undertaking bought non-fungible tokens (NFT) with the promise to reshape the present state of the creator’s financial system however has misplaced over 85% of its worth since January 2022. 

Referred to as CAT, which is brief for “Certainty, Alignment, Transparency”, the framework introduced by Meow envisions a brand new mannequin for meme coin launches to stop scams. The framework consists of actions similar to tokens being airdropped to customers, marking developer wallets with cliffs, and multi-round distributions to profit early traders.

Meow answered the critics on Jupiter’s Discord server, claiming that the partnership intends to check the framework and a high-profile determine is required. 

“I will clarify later that I am not endorsing, but they are one of the first users. Moving forward, we will not talk about the project anymore, but focus on the mechanics,” added Jupiter’s co-founder.