Siqi Chen, the father who inspired the MIRA token, apologized to the cryptocurrency community for creating a test token called ZERO and selling 40% of its supply. He pledges to pay the losses incurred by the affected portfolios.

In the last X mailChen told his followers that he launched what he called a "test code" called ZERO on Solana (Sol) Same angle Launchpad, Pump.fun.

The description of the token warns traders that its value will drop to zero and guarantees that anyone who buys ZERO will lose all the money they invest in it. The description even explicitly tells traders not to buy it because it “does nothing and never will.” Its value is zero."

Unfortunately for Chen, people are still buying zero. according to DEX testing devicethe Solana-based token is up 178% since its launch on December 30 at 22:00 UTC. Recent data shows that a whale bought $208,900 worth of zero-value tokens, making it the largest zero-value purchase. At the time of writing, the token's trading volume has already reached $32 million. By December 31, it had already been restored by a community with the handle X ZeroCTO.

In the past six hours, the value of the token has fallen by nearly 70%, but appears to be slowly recovering by 15% in the past hour. Overall, ZERO has accumulated a market capitalization of over $710,000 and fully diluted volume of the same value.

Chen went to X to explain what happened with ZERO. He said he only released the code as an experiment to see if anyone would buy it. Chen claimed that he was surprised when people continued to invest in ZERO despite the warning.

“I didn’t expect everyone to be able to see it (the description) and buy it – I thought it was something I would need to tweet about. “Then I sold 40% of the supply and made about 444 soles,” Siqi Chen wrote, adding that he bought back the tokens for 444 soles. And everything was burned.

So I launched a test code called Zero, with the description: “This is going to zero...don't buy it” thinking people would read it and not buy it.

I didn't expect everyone to be able to see it and buy it - I thought it was something I would need to tweet about.… pic.twitter.com/bH4b0PIlJH

- Siki Chen (@blader) December 30, 2024

In separate mailHe apologized on behalf of the MIRA and Solana communities and pledged to restore "every wallet that lost money as a result of my actions."

“I will do this from my personal funds, not from the $MIRA wallet. I don’t know how exactly yet, but I will try to figure out the details soon with the help of the community. I will drop the losses directly to the affected wallets,” Chen said.

Who is Siqi Chen?

Officially, Siqi Chen is known as the co-founder and CEO of a company called Runway. However, he is best known in the cryptocurrency community as the father of a four-year-old girl named Mira who was diagnosed with a rare brain tumor called craniopharyngioma.

After Chen shared his daughter's diagnosis, the cryptocurrency community rallied together to raise money to research a cure for the brain tumor. A trader with the username @shawmakesmagic and ai16z community creature A code called MIRA, named after Chen's daughter, to raise money for research.

The developer sent Chen 50% of the MIRA token supply, which he hesitated to sell because he did not want to provoke anyone. Ultimately, Chen decided to sell 10% and use 5% of the tokens to fund Hankinson's lab research, which was worth $49,263 at the time.

“I just want to say that whoever says cryptocurrencies have no legitimate use cases, you can tell them that funding rare disease research is a very legitimate use case,” Chen said.

At the time of writing, MIRA is down approximately 20% over the past 24 hours according to data from DEX testing device. It is currently trading at $0.015 and has a market cap of $15 million.