Runway CEO Siqi Chen Faces Community Backlash After Launching a Test Token Called “ZERO”

Runway CEO Siqi Chen, father of little Mira, a four-year-old facing a rare brain tumor, has faced community backlash after launching a test token called “ZERO,” which hit $6 million in market value shortly after its debut before crashing by almost 70%.

Runway CEO Siqi Chen, whose four-year-old daughter Mira is battling a rare brain tumor, has faced community backlash after launching a test token called “ZERO.”

The token, which hit $6 million in market value shortly after its debut, crashed by almost 70% following Siqi's sale.

After launching the token on December 30 and warning that it was “definitely” going to zero, investors flocked to buy the ZERO token. Faced with this demand, Siqi said he panicked and sold 40% of the token supply, netting a profit of 444 SOL.

Following Siqi's sale, the token crashed by almost 70%, sparking widespread criticism and accusations of a rug pull.

In a follow-up post, Siqi apologized for his actions and said he had used the entire profits to buy back and burn the tokens.

“I'm still learning how this all works,” Siqi said in his apology for the incident.

However, blockchain investigator ZachXBT revealed that Siqi was not the crypto novice he portrayed himself to be. Evidence points to his involvement in crypto investments since at least 2021, including ownership of NFTs valued at over $240,000.