Solana-Based DEX Jupiter Announces New Framework for Fair Meme Coin Launches, Receives Backlash from the Crypto Community

Solana-based decentralized exchange Jupiter announced yesterday a new framework for fair meme coin launches and received backlash from the crypto community

Solana-based decentralized exchange Jupiter announced a new framework for fair meme coin launches on Wednesday, also revealing a partnership with Irene Zhao to launch the ASIANMOTHER token. However, the announcement has received backlash from the crypto community.

On-chain sleuth ZachXBT accused Zhao of acting against the benefit of investors in her previous projects, such as rugging early investors in her project So-Col with a secret deal with market maker DWF Labs.

“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,” said ZachXBT in response to a post by Jupiter co-founder, known as Meow, on X.

The sleuth also added that Zhao is known for promoting scams, such as IreneDAO, a project that sold NFTs promising to reshape the creator economy but lost over 85% of its value.

“She is also known for promoting scams like ireneDAO which sold NFTs promising to reshape the creator economy and lost 85% of the value,” said ZachXBT.

So-Col, founded by Zhao in 2022, received up to $6.75 million in funding over the course of a year. Each funding round saw investors purchasing the token SIMP.

In a $1.5 million funding round led by DWF Labs in February 2023, Zhao is alleged to have acted behind the scenes and omitted details from the deal. The deal had a one-year cliff, only allowing the market maker to sell its tokens in February 2024.

However, on-chain data showed that DWF Labs moved nearly 80% of their holdings to the exchange KuCoin before the SIMP token launch, when it doubled in price, CoinDesk reported at the time.

Several X users also commented on Meow’s post, mentioning other alleged scams promoted by Zhao, such as IreneDAO, a project that sold non-fungible tokens (NFT) promising to reshape the current state of the creator’s economy but has lost over 85% of its value since January 2022.