Community Exposes Major Scandal in Polygon: Executives Manipulating Meme Coins to Exploit Investors?

But I agreed to help, after all, it's always good to have some nice things in your pocket.

The person who authorized me to access the domain was none other than Kenzi Wang himself. Now, I was skeptical, so for my friend's sake, I contacted some VC friends to confirm that the tg account indeed belonged to Kenzi from Symbolic Capital (glad to have at least some good news).

Here are a few exchanges.

I got involved after the website was launched, but I wasn't removed from the group. Over the next three months, I observed a long-drawn-out story. Wealthy individuals exploiting others' time and money. Non-payment, constant selling, gas manipulation, outright fraud.

Within days, as the team pushed the narrative and worked on the project, some large early wallets began to slowly sell off. Thousands of dollars daily, with constant assurances that the project was solid, involving only early snipers or hunters.

Next came Sandeep's tag. It was a set of well-orchestrated steps, "approved by the Polygon team," constantly releasing Sandeep's tag to eventually get him involved and grow the community.

The team was promised that Sandeep and other Polygon personnel would actively participate in the team's work. And they did. From the first interaction to the first reply, to turning his PFP into an elephant meme, the timing was impeccable.

It was all pre-planned (at least it seemed so). Promises, team instructions, how to make it look legitimate, and how to get involved. Everything operated as promised, with some forwarded messages hiding users' accounts, like Voldemort (yes, that Voldemort).

All along, the selling continued, with early wallets constantly selling off, while the developers and KOL team pushed the narrative day after day. Twitter spaces, airdrop events, raids, community engagement...

I observed how the mem coin reached critical mass.

When the initially hired tg mod team didn't succeed, some people paid out of their own pockets to join a better team, believing they would get paid anyway.

Meanwhile, the constant selling continued. For nearly three months, the team worked on it like a full-time job, with promises of payment and the hope of catching a big project.

The situation persisted, with continuous selling from super early buyers, but no one could blame insiders because all these wallets were new funds obtained from CEX before purchasing.

Then one night, someone broke the resistance, and everything spiraled out of control, the whole situation plummeted. In less than two weeks, the market cap dropped from $17 million to below $2 million. After that, all early wallet holders started selling, and the situation was chaotic. As expected, all the team members who worked without pay were furious.

The Polygon team tried to shirk all responsibility by sending Sandeep's "elephant photo," indicating that it was a pretty bad scam from the start. This "pet elephant" was actually a rescued elephant, and Sandeep just made a small donation for its welfare (haha).

But like every Gooner, someone left traces on the chain. It was none other than Shawn Chong and Jiayi Li. Seriously, how do these guys run a security company?

In response, Jiayi became super conservative, claiming that insiders sold because they had internal conflicts. Now, I don't want to spread any rumors, but these people really need to tone it down.

After selling $5 to these developers, she continued to offer a $100 marketing budget, how generous!

After all this, @0xkenzi still had the courage to propose raising funds for the meem coin fund. By the way, he has already raised millions of dollars for a Crypto x AI project @sentient_agi, with Sandeep being a part of the team, which might eventually also be sold in retail.

I would like to remind you that @zachxbt has already posted about Kenzi and his previous fund, where they threatened and abused founders. Now he leads @symbolicvc, with @sandeepnailwal as a partner and co-founder.

Then there's Jack Lu, who keeps launching junk projects, from the ordinal multi-signature bridge project @multibit_bridge, to the scam launch platform @bounce_finance, and a centralized "BTC re-pledge" platform @bounce_bit.

This is my brief story, witnessing the rise and fall of a memecoin driven by greed, deception, exploitation, and destruction, and to some extent, desire. The only reason I can post this is that developers and KOLs are still angry that they were never paid!

It is frustrating to see influential executives and venture capitalists using their positions to exploit earnest developers and community members.

If bad actors can mislead and defraud without consequence, the web3 ecosystem will not realize its transformative potential. We need to foster a culture of transparency, integrity, and respect. When powerful participants abuse their positions, they must be held accountable.

Exploiting others for personal gain goes against the spirit on which this industry was built.

As a community, we must do better. When we see misconduct, we must first speak out, as the brave people here have done in exposing this fraud. But it cannot end there.

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