MIRA Token Creator Siqi Chen Apologizes for Involvement with ZERO Test Token

Siqi Chen, creator of the MIRA token, has issued an apology to the crypto community for his involvement with a test token named ZERO.

The creator of the MIRA token has apologized to the crypto community for his involvement with a test token named ZERO, which resulted in investor losses despite warnings that the token held no value and was not an investment opportunity.

Siqi Chen sold 40% of the ZERO token supply, leading to losses for investors who were misled by its description, which explicitly stated its lack of value. However, the token experienced a 178% price increase following its launch on December 30 on the Solana-based meme coin platform, pump.fun.

Despite the warnings, ZERO attracted significant trading activity and a substantial purchase by a large investor worth $208,900, pushing its trading volume to $32 million.

In a statement on the social platform X, Chen expressed surprise at the token’s unanticipated purchases despite the clear warning, acknowledging his mistake in selling a portion of its supply. He shared intentions to repurchase and burn the tokens sold to correct the situation.

"I really didn't expect anyone to buy ZERO token after I put such a warning, but I was wrong and I made a mistake by selling a portion of the token," Chen wrote.

"I will correct this mistake by using my personal funds to fully compensate those who suffered any financial setbacks resulting from the transaction. I will work directly with those affected to resolve these issues and will not be drawing from the MIRA wallet for these compensations."

Chen, who is also the CEO and co-founder of Runway, gained attention within the crypto community after his child’s diagnosis with a rare brain tumor.

The community rallied to fundraise for research through the MIRA token, which is aimed at supporting medical advancements and aims to fund research into rare pediatric diseases.

Despite the challenges faced, Chen remains optimistic about the potential of cryptocurrency in addressing real-world issues, such as funding medical research.