Co-founder of Story Protocol resigns, causing waves of discontent in the community

Jason Zhao, co-founder of Story Protocol (IP), announced his departure from the project just six months after the release of token $IP , provoking strong criticism from the cryptocurrency community.

Reasons for outrage

Mr. Jason Zhao’s sudden resignation without a clear explanation has led many to accuse him of having successfully "dumped" through off-the-books transactions and drained value from the project. The outrage intensified when the community noticed the stark contrast between Jason Zhao's praise of the project’s achievements and the reality that revenue from transaction fees of #StoryProtocol had only reached 45 USD in 24 hours, with a modest total value locked (TVL) of 24.7 million USD.

This incident is reminiscent of the Movement ($MOVE ) scandal and the resignation of the Aptos CEO, raising doubts about the sustainability of projects established by young, ambitious, yet inexperienced founders.

Lessons and negative impacts

The community also directed criticism towards the major investment funds that have invested in Story Protocol, arguing that they operate purely for profit, exploiting uninformed retail investors. This incident is seen as a wake-up call for the cryptocurrency community, emphasizing the need to boycott projects and founders exhibiting "quick profit" behaviors. This not only affects the reputation of the cryptocurrency industry but also harms the entrepreneurial spirit in general. #anh_ba_cong