Wallets suddenly had assets worth 430,000 U, and a normal person would have long been unable to sleep, planning how to get rich quickly. But this big shot simply destroyed them with a single click, leaving over 2800 coin holders collectively stunned — this operation completely exposed the value issues in the crypto world. Even many industry insiders were forced to come forward and speak out.

I’ve been working in the on-chain data field for 5 years, and today I’ll clarify the ins and outs of this incident for you. After reading, you’ll understand who is truly sticking to the bottom line and who is actually just swimming naked.

**Where did the 430,000 U come from?**

The origin of this matter is actually quite heartwarming. There was a person named Siyuan who deeply engaged in the blockchain ecosystem. Because he had suffered quite a few hardships during his PhD studies, he wanted to create a purely公益项目 — using encrypted assets to fund financially constrained doctoral students and researchers. Many industry insiders also donated directly to support, which sounds quite good.

But the sniffing ability of crypto people is really sharp. The Chinese community saw the combination of "charity + industry KOL" and immediately sniffed out an opportunity for hype. They spontaneously created a meme coin of the same name, riding the wave of popularity. Even more outrageous, they added a 3% buy and sell tax in the coin’s setup, with all transaction taxes automatically flowing into Siyuan’s wallet — it sounds like they are "supporting charity."

**From "charity" to "cutting leeks" is just one step**

The subsequent套路 is old and familiar: building a community, finding KOLs to shout buy signals, organizing various lotteries, and even setting up a fake donation detail website. Thus, a completely unauthorized, no-cooperation "hype coin" was driven up to over 2800 holders. Trading volume kept increasing, and the taxes accumulated in Siyuan’s wallet also grew — eventually leading to that 430,000 U.

But the problem is: this money didn’t come through normal channels at all, each transaction reeked of fraud and false advertising. So that big shot finally chose to destroy it. Rather than being noble, it was more like an act of helpless but necessary closure.