Wallet suddenly had assets worth 430,000 U, 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 token holders collectively stunned — this operation completely exposed the value issues within the crypto community. 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 their 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 warm-hearted. There was a person named Siyuan who deeply engaged in the blockchain ecosystem. Having suffered quite a few hardships during his PhD studies, he wanted to create a purely公益项目 — using crypto assets to fund financially struggling PhD students and researchers. Many industry insiders also donated support directly, which sounds quite good.

But the sniffing ability of crypto people is really sharp. When the Chinese community saw the "charity + industry KOL" combination, they immediately sensed an opportunity for hype. They spontaneously created a meme coin with the same name, riding on the trend. Even more outrageous, they added a 3% buy and sell tax to the coin, with all transaction taxes automatically flowing into Siyuan’s wallet — it sounded like they were "supporting charity."

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

The subsequent routine is all too familiar: building communities, finding KOLs to shout buy signals, organizing various lotteries, and even setting up a fake donation detail website. Thus, a completely unauthorized, no-cooperation-based "hype coin" was driven to over 2800 holders. As trading volume increased, 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 ultimately chose to destroy it. Rather than being noble, it’s more like making a helpless but necessary conclusion.