On August 15, 2025, the globally renowned YouTuber MrBeast hosted a charity livestream with the theme of "Providing Clean Drinking Water for Remote Areas in Developing Countries". During the livestream, a third-party platform Bags launched a MEME Token called "$MRBEAST", claiming that all copyright income generated by the token would be donated to charity.
However, within just two hours of the token's launch, its market value briefly exceeded $7 million, and then immediately suffered a Rug Pull, causing the token price to instantly drop to zero and resulting in significant user asset losses.
Fairness Should Be More Than Just a Slogan - Fair3 Officially Establishes Tech Fairness Foundation
Facing the extremely unfair behavior exposed by this incident, the Fair3 community officially announced the launch of the "Tech Fairness Foundation" to respond to unfair events in the Web3 world through practical actions and establish a community-driven "compensation support mechanism".
The mission of the Tech Fairness Foundation is to transform "fairness" from an ideal into a systematic protection mechanism - ensuring that community users harmed by fraud, manipulation, Rug Pulls, and black box operations receive the protection and compensation they deserve.
MrBeast Meme Coin Rug: First Compensation Case Launched
As the first compensation case after the foundation's launch, the Fair3 community will initiate a community proposal mechanism and airdrop compensation for the "$MRBEAST Rug" event.
Snapshot Time
August 15, 2025, at 6:45 AM (UTC+8)
Token Information
MrBeast Meme Coin: G1DXVVmqJs8Ei79QbK41dpgk2WtXSGqLtx9of7o8BAGS
Fair3 Token: 0x6952c5408b9822295ba4a7e694d0C5FfDB8fE320
Compensation Eligibility Requirements
Simultaneously holding Fair3 Token and MrBeast Meme Coin at the snapshot time;
SOL + EVM dual wallet bound to CARV Play platform (for on-chain verification);
Participate in CARV Play event page.
Timeline
Application Period: August 15 - August 20
Review Period: August 20 - August 25
Airdrop Distribution: Completed before August 31
Compensation Pool
Total: 100,000 FAIR3 Tokens
Each user can receive up to 10% of the compensation pool
How Does Tech Fairness Foundation Operate?
Tech Fairness Foundation is not just a symbolic establishment, but equipped with a real funding pool, transparent system, and community governance process, aiming to provide substantial support and recovery channels to the community whenever unfairness occurs.
Compensation Eligibility Mechanism
During an unfair event, users must simultaneously hold FAIR3 + the involved token;
CTO team will execute on-chain snapshot for verification;
Community users can submit applications through the foundation page;
After approval, compensation will be airdropped to user wallets within 7 days.
Community Governance Rules
Users holding ≥100,000 FAIR3 tokens can initiate compensation proposals;
Users holding ≥5,000 FAIR3 tokens can participate in proposal voting;
All proposals will be refined by the foundation committee;
Malicious behavior or abnormal accounts will be disqualified.
For each Rug event confirmed through the community proposal mechanism, Tech Fairness Foundation will allocate 50,000 to 100,000 $FAIR3 tokens to the dedicated compensation pool (contract address: 0x6952c5408b9822295ba4a7e694d0C5FfDB8fE320). This is not a charitable act, but a practice of collective justice.
Each quarter, 150,000 to 300,000 $FAIR3 tokens will be continuously invested in the compensation pool. Eligible victim users will share the compensation pool proportionally based on their $FAIR3 holdings. To ensure fair distribution, each qualifying applicant's compensation will not exceed 10% of the total compensation pool for that period.
In Conclusion: We Ensure Not Just "Technical Fairness", But Also "Trading Fairness"
Rug Pulls are not the first, nor will they be the last. But Web3 cannot become a cold harvesting ground, nor can it rely solely on project teams' self-awareness.
Fair3 established the Tech Fairness Foundation to tell the community:
Here, fairness is not a slogan, but a shield;
We not only record harm but also respond;
Each compensation is a defense of Web3 values.
In the future, more support standards and participation methods will be announced. Please continue to follow the @Fair3_community official account and community, join us in creating a crypto world where fairness is no longer absent.
Click to learn about BlockBeats job openings
Welcome to join the BlockBeats official community:
Telegram Subscription Group: https://t.me/theblockbeats
Telegram Discussion Group: https://t.me/BlockBeats_App
Official Twitter Account: https://twitter.com/BlockBeatsAsia
