My Journey in Cryptocurrency: Learning from the Past and Building a Transparent Future Hello everyone, In the past few days, I have come under a lot of scrutiny, and I want to take this time to address all my past cryptocurrency projects and clarify the accusations against me. 1. IreneDAO IreneDAO began as a proof of concept that I initially had little expectation for. It started as a fun, free mint from Telegram stickers in January 2022, which minted out in 40 minutes. To my surprise, it generated millions in trading volume within a week, gaining significant media attention. I want to make it clear that I did not keep or sell a single NFT for myself. The treasury was managed by a multi-signature wallet with other DAO members, and I had no unilateral control over it. The DAO was primarily managed by the Executive Committee (Exco), and we even donated $100,000 to ECPAT, an anti-child sex trafficking NGO in Southeast Asia. I am grateful to everyone who supported the NFT for various reasons. I actively engaged with DAO members on Discord to promote the DAO, but my attention quickly shifted to SO-COL after the DAO’s launch. Consequently, I left the DAO to be managed by the Exco. 2. SO-COL I started SO-COL with a vision to create the "TikTok or OnlyFans of Web3," aiming to bridge millions of Web2 users into Web3 through creator NFTs. The concept attracted interest from top-tier celebrities and secured backing from several notable VCs. However, as a first-time founder, I soon realized the challenges of building such an ambitious platform. Despite initial success with nearly 30,000 unique users, the crypto winter hit hard, causing NFT transaction volumes to plummet and eventually most of the web2 creators and brands lost interest in creating their own NFTs.. By 2023 February, selling pressure mounted as airdrops and tokens began to unlock, impacting the token performance. We introduced strategies to support the token's market health. During this period, DWF proposed a $1.5 million investment as well as to maintain liquidity and order book depth. The deal seemed logical to relieve our financial strain and provide a much-needed runway. At the time, the deal made sense for a number of reasons. Firstly, it helped to relieve our own resources from having to maintain liquidity and the order book depth using our own funds. Secondly, it provided further runway, which was much needed after months of attempts to raise additional funds during the crypto winter. Thirdly, at the time, DWF was a leading investor, and we were the only creator economy project they invested in. We believed they had an incentive and alignment to help with the long-term growth of the project. In hindsight, I probably should have been much more transparent about our difficult situation at the time and consulted current investors before agreeing to new deals. As a first-time founder, I felt that it was on me to rescue the company and that it was common place in that climate to accept such investments – many leading projects were accepting funding from DWF in much larger volume. We urgently needed to resolve the issues of liquidity and runway and had to make a quick decision in the moment. Whether it was the industry standard or not, I now understand that as a matter of courtesy I should have first discussed the new round with the existing investor. However, I’d like to make it extremely clear that the intention was never to rug or scam anyone. I truly believed it to be the only solution to extend the runway and keep the project alive. We also should have sought interest from investors on similar terms first. We subsequently did that but only after we paused the investment from DWF. All of us on the team honestly thought at the time that the DWF investment was a third round of financing we were raising and did not see it as an OTC to disadvantage the earlier investors or retail. We explained this rationale to our investors afterwards, and fortunately, many of them understood. The funding was also immediately announced afterwards. We in fact released a media statement on The Block about it. The Block Article. DWF’s official Twitter account also announced the deal. So what happened? After an initial strong rally, we could not reverse the situation. Our early investor base took issue with this deal as well, and we ended up pausing the investment deal. Throughout this process, we kept our investors and advisors up to date via official investor emails and updates in our internal Telegram group. Until today, I believe the drop in the token price was a combination of factors, including the wavering narrative of Social-fi, creator NFTs, the market forces, and of course, people generally losing interest and hope in the project – which of course I take responsibility for. 3. Konomi Konomi was my first crypto interaction in early 2021. I did not launch it; I was engaged as the CMO after its launch due to my growing Web2 fan base. My role involved hosting AMAs, creating partnerships, and promoting the project on social media. I was not involved in the development, strategy, or execution of the project or tokens in any way. In fact, watching the project unfold from the sidelines was what partially motivated me to found my own project around the creator economy and Social-fi space. Therefore, in early 2022, I left Konomi to solely focus on my new project, SO-COL, and discontinued all involvement with Konomi. 4. Addressing Other Accusations $IRENE: This was not my project. It was a fan initiative, and the community sent me 3% of the token supply. I had no involvement in its distribution and never endorsed or sold any tokens. Rug by @Pauly0x: An individual used my name and ticker to create a fraudulent project. I should have better protected my branding to prevent such scams. Fake IG account: Additionally, a fake Instagram account impersonating me has been scamming people. I am working to resolve this issue, so please be cautious. 5. ASIANMOM @iloveasianmom is a project built on the lessons I’ve learned from my past experiences. I specifically chose this project because it is themed around extreme transparency. We have assembled a proven and experienced team to ensure accountability and trust. Emphasizing extreme transparency, we have implemented an 18-month lock-up for myself and a 9-month lock-up plus 9-month vesting for contributors. Our aim is to build with and for the community, ensuring long-term support. If you feel that the failure of SO-COL impacts your interest in @iloveasianmom , I respect your decision not to get involved. However, I hope you will support the Certainty, Accountability, and Transparency mentality we are promoting. To @zachxbt I understand you are doing your job to protect the Web3 ecosystem. Your role is crucial in holding malicious parties accountable in such a chaotic and novel industry. While I acknowledge my mistakes as a first-time founder, I would ask that we have the grace to separate a failed project from a ‘scam’. Words are powerful and important, and I think it is crucial that we be specific with them. However, I understand your perspective given the information you had. I am also grateful to you for pushing this conversation and for me to clear the air. To Everyone I understand this is a lot to digest, and my journey is complex. If you have further questions or criticisms, please feel free to contact me. I welcome an open conversation. Thank you for your time and understanding. Warm regards, Irene Zhao