The story of "Yifang" meme coin dropping to zero: From a market capitalization of 46 million USD to a big dump of 99%! Blame the KOL promotion? The community is calling for a lawsuit.

The meme coin named “Yida Fang” has recently spread widely in the Traditional Chinese community, with many students and young people investing in its purchase. The token's market capitalization once skyrocketed to around 46 million USD, only to crash 99% within 48 hours. (Background: CZ calls to “keep up with trends” to continue promoting the Meme wave? BSC meme coins are surging, and BNB is recovering) (Context: How to determine if you are a sucker?) With the slogan “Yida Fang, really generous,” the meme coin named “Yida Fang” has gained significant traction among student crypto communities. At one point on the morning of the 15th, this coin reached a market capitalization of 46 million USD, only to experience continuous declines afterward, with large investors dumping their holdings amid panic, leaving Yida Fang with only around 100,000 USD in the morning. The line chart also shows a nearly perfect arch. Who initiated this token? Initially, Yida Fang was merely a part of the BNB Chinese meme coin craze, with an unknown issuer address of 0xa9b…493, indicating it was a new wallet established on October 8. The pool for Yida Fang was also created on that day. There was no narrative, no financial background, and no team background. At that time, Yida Fang seemed to lack presence in the Chinese meme craze, but a few days after its issuance, it gained prominence due to the extensive promotion by Taiwan's new generation crypto content creators MaxCrypto and Farcrypto in the Traditional Chinese community, branding themselves as the “Yida Fang Foundation” for strong advocacy. Yida Fang claims to be a completely fair token, with later promotions showcasing “early return rates,” releasing short videos, screenshots, and images of 100-fold profits, emphasizing “early return rates,” “last chance to enter,” and “universal crypto education.” Simultaneously, typical pump posts also appeared on Dcard, giving a familiar feeling that the meme wave had truly arrived. On the social platform Thread, popular among Taiwanese users, the promotion of Yida Fang was particularly massive. Two students, identifying as Yida Fang investors, contacted Dongqu, stating they were introduced to the Yida Fang community through Threads and were emotionally influenced to invest most of their funds. 48 hours of soaring and crashing, liquidity drained. “Yida Fang” is deployed on the BNB Chain, with a contract address of 0x799c73a7c4d7103a3a024f56486e4537a7164444. On the 15th, after its listing on the exchange, the coin price was pushed up tenfold by massive buying, with its market capitalization aggressively climbing. According to community friend yimang's tracking research, Yida Fang's price started to retract at 8 AM on the 15th, dropping to 15M, rebounding to 26M, and then began a steep decline after 8 PM, falling to 1M by midnight on the 16th. By the evening of the 16th, the market capitalization had already dropped below 200k, falling more than 99% from its peak. Among them, an investor known as “Wan U Ge” from Hong Kong, whose unrealized gains once reached as high as 150 million NTD, lost around 200,000 USD after the crash of Yida Fang. He also livestreamed, claiming, “I was just too greedy; I initially wanted to reach 1 dollar. I was too greedy, not great enough to sell early, but I didn't want to act contrary to my previous statements, so I haven't sold yet.” As for the reason behind Ethereum's crash, whether it was a rug pull or collective selling remains inconclusive. According to a video apology released by the crypto influencer Farcrypto, the top holders did not sell, and the incident was due to low liquidity leading to a cascading effect. However, discussions among the victim community suggest that both large investors and retail investors contributed to the dump. Some in the community pointed out that based on chip judgments, the top 100 holding wallets of Yida Fang were all “insiders.” Farcrypto apologized: No profits, no market control. Farcrypto, who heavily promoted Yida Fang in the community, also faced backlash from the community due to the crash, later releasing an apology video stating: Yesterday, the market value of “Yida Fang” was slashed from about $40M to 1M USD due to my video directing traffic, impacting viewers' decisions and emotions. I hereby formally apologize, I'm sorry. I did not profit from this, I am not the project's founder, nor do I have any advertising or profit relationship in introducing this coin. It's truly because I found the atmosphere and vision of the early community interesting and wanted to amplify the meme spirit, but I underestimated the liquidity risk and did not sufficiently emphasize the potential for a cascading effect, failing the trust of my viewers. This was my misjudgment in choosing to promote, simply because of my personal interest and lack of deep thinking, leading to such a large mistake and causing losses for everyone, I'm sorry. I will go online tonight with a complete apology statement and clarification, detailing how I got involved with Yida Fang and the key points of my interaction and cooperation with Mars, publicly sharing my relevant wallet address and recent coin records to clarify that I did not profit from this incident, and respond to external false accusations, providing verifiable evidence, and once again apologize to all viewers affected by trusting me, I'm sorry. Currently, Farcrypto and Mars have not provided further public statements. Yida Fang's X account has also deleted all posts. Statements from the victims. Dongqu received reports from several investors who had been in the crypto space for less than a year regarding Yida Fang, stating that they invested between 20,000 to 100,000 NTD, and only after the crash did they realize, “So this is how close diamond hands and zeroing feel.” Their ages ranged from 17 to 21, all being students, but they honestly stated they didn't feel very strong anger or regret; they just truly felt what it meant to be “played for suckers.” Other aftermaths include reports of investors going to file complaints, but whether it will lead to a case or prosecution is still unknown. The remaining investors have already formed a Discord group for Yida Fang victims, planning to initiate follow-up plans after the crash and the market makers clearing their chips, demonstrating the resilience of the crypto community. Related reports: Don’t want to be a sucker in a bull run, seven crypto survival rules you must know. Investment must-read: Legendary trader GCR's 30 trading principles. “The rise and fall of the 'Yida Fang' meme coin: Soaring to 46M USD market cap before crashing 99%! Blaming KOL promotion? Community calls to sue” This article was first published in Dongqu BlockTempo, the most influential blockchain news media.