🤑 Crypto Drama Alert: Did Jason Zhao Just Pull the Ultimate Rug? 🏃💨

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Oh, honey, grab your popcorn 🍿 because the crypto world is serving us a hot mess on a silver platter! Traders are losing their minds (and their money 💸) over Story Protocol co-founder Jason Zhao’s dramatic exit. Apparently, he’s leaving with a cool $281 million in his back pocket, and the community is *not* having it. 😱

  • Jason Zhao: “I’m leaving to focus on AI and robotics.” 🦾
  • Traders: “Yeah, right, after rug-pulling a $2.2 billion project!” 🚩

On August 16, Zhao dropped the mic 🎤 and announced he’s stepping down as co-founder but staying on as a “strategic advisor.” Sure, Jan. The crypto community? They’re not buying it. David Hoffman from Bankless summed it up perfectly with a classy “Bro what.” 🤔

Founder-led rug-pulls are as common as bad Tinder dates in crypto, but this one’s got a twist: it happened after big-name VCs like a16z threw their weight (and money) behind it. Oopsie! 😬

Zhao’s holding 5% of the tokens, which could net him $281 million if he sells. And let’s not forget the $134.3 million in equity funding Story Protocol raked in. VC softrug, anyone? 🤑

One trader dropped a SpongeBob meme (because why not?) calling it “another shameless VC softrug.” Another clapped back, telling Zhao to “post one good trade before drumming up exit liquidity.” Ouch. 😂

“Story just got started and you’re dipping out?” one trader whined. Another asked, “Curious how much you pocketed?” The shade is real, folks. 🌞

Why is Jason Zhao leaving? 🧐

Zhao claims he’s chasing his “original passion” for AI and robotics, specifically with Poseidon, a full-stack data infrastructure layer. “It’s like a new industrial revolution!” he gushed. Sure, sure, we’ve all got passions, but do they come with a $281 million paycheck? 🤷‍♂️

“After 3.5 years, I’m stepping out. But don’t worry, I’ll be a strategic advisor. Also, AI and space are cool now, apparently.” 🚀- Jason Zhao (@jasonjzhao) August 16, 2025

He called this moment a “crucial inflection point” for humanity, like a new industrial revolution. Because nothing says revolution like leaving your $2.2 billion project mid-launch. 🧨

Zhao got sentimental, calling Story the “most meaningful experience” of his life. Aww. But don’t worry, he’s passing the torch to S.Y Lee and Andrea, Amazon’s ex-conversational AI guru. Good luck, guys! You’ll need it. 😘

Story’s IP token: A rollercoaster ride 🎢

The IP token is having a worse week than me after a breakup. Down 15% in the past week, 22.35% in the past month, and another 4.7% after Zhao’s announcement. Oof. At press time, it’s trading at $5.58 with a market cap of $1.7 million. And trading volume? Down 75%. Yikes. 😵

Since its launch in February 2025, IP has been more volatile than my mood swings. Surging from $1 to $7.3, then crashing to $5.55. Today, it flirted with $7 before ghosting us all. Classic. 👻

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2025-08-18 16:28