Once hailed as a visionary in the blockchain world, Hirokado Koji has morphed into one of the space’s most controversial figures. From co-founding Cardano to allegedly orchestrating multiple rug pulls, Koji's trajectory reflects a dark undercurrent in crypto — where reputation can mask deception, and where centralized exchanges keep enabling the cycle.
Who is Hirokado Koji?
Hailing from Japan, Koji built a long résumé in tech, finance, and energy before stepping into crypto. He claims ties to Ethereum’s early days and is credited as a Cardano co-founder. His venture into data sovereignty with DOP (Data Ownership Protocol), and his backing of projects like Tomi (which raised $40 million in 2023), gave him an aura of credibility.
But the deeper you dig, the murkier it gets.
The Tomi Implosion
Tomi launched at $7 and now sits around $0.0026 — a near-total wipeout. The fully diluted valuation (FDV) has collapsed to under $3M, leaving retail investors rekt.
The tokenomics were rigged from the start:
Koji minted over 1 billion TOMI tokens, hiding them under “team budget.”
85%+ of the supply went to insiders.
Only 1.7% was allocated to the community.
Once listed on Bybit, OKX, and KuCoin, the slow rug began. Massive dumps hit the market. Koji’s wallets funneled tokens to exchanges and exited with millions — while retail bagholders were left behind.
DOP: The Sequel to the Scam
Koji didn’t stop. His next project, Data Ownership Protocol (DOP), promised Web3 data empowerment. Investors bought in at a presale price of $0.08, under the impression of a 1 billion token supply.
But on launch day? A jaw-dropping 23 billion tokens were minted — a classic bait-and-switch. The TGE price was cut to $0.035, and over 92% of the tokens were funneled to the team.
Today, DOP trades at $0.00039. Another 99% collapse. Same playbook. Same result.
Enter: Incentiv Net — Another Setup?
Now Koji is back with a new project: Incentiv Net. No whitepaper. No roadmap. No transparency. Just vague promises and insider token allocations.
Community members like @AnonVee have flagged early warning signs, including:
Questionable token distributions
Shadowy supply manipulations
Lack of accountability
Yet exchanges like Bybit, OKX, and KuCoin continue to list his tokens — effectively enabling this cycle of deception.
A Pattern of Rug Pulls
Hirokado Koji’s alleged fraud isn’t isolated. It mirrors larger systemic issues in crypto:
LIBRA (2025): $87M rug pull
Tomi: $40M raised, now down 99%
DOP: $800M FDV, now worthless
Each time, the pattern is clear: Over-allocate to insiders, mislead retail, dump on CEXs, and vanish. Rinse and repeat.
The Bigger Picture
Koji's transformation from Cardano co-founder to alleged serial scammer highlights a harsh truth: even the “founding fathers” of crypto are not immune to greed. And with centralized exchanges continuing to list these tokens without due diligence, retail investors are the ones who keep paying the price.