Binance Wallet's new IDO project MYX Finance's dark history exposed! The suspected coin-issuing and harvesting institution behind the scenes

Binance announced a new Binance Wallet IDO project called MYX Finance, but the news sparked community backlash. This is because MYX Finance has a poor past record, like a Web3 repeat offender. Even more shocking is that tracing back to its incubator D11 Labs, key opinion leaders directly point out that this incubator is essentially a token issuance and harvesting group, causing the community to lose confidence in its investment positions.

Previously Issued Mint but Removed Liquidity, CEO Promised Compensation

KOL @_FORAB stated that MYX Finance previously issued a Mint $BMYX in December 2023, with a Mint cost of around 50 U. However, it immediately plummeted 90% after opening, and to make matters worse, MYX Finance removed liquidity, after which the token's daily trading volume was reduced to just 24U, essentially becoming worthless.

Subsequently, MYX Finance CEO Mark Zhang promised compensation and released an announcement in March, explaining that they would reserve $MYX token shares for $BMYX victims.

MYX Finance Suspected of Being a Token Harvesting Mechanism

The fire also spread to D11 Labs, the incubator behind MYX Finance. D11 Labs founder Zhang Li is the CFO of New Fire Technology and previously served as Huobi's CFO. She was responsible for Canaan Technology's US stock listing. She previously worked at Guotai Junan Securities and a well-known Chinese accounting firm, PwC. With over ten years of experience in corporate auditing, financing, and mergers and acquisitions, she graduated from Tsinghua University.

KOL @_FORAB described D11 Labs as a token issuance and harvesting mechanism similar to Web3 Port, currently holding investment positions in MYX Finance, Zulu, Pell, Bool, and Parasail.

According to the Binance Wallet announcement, users with Alpha scores greater than or equal to 142 can participate in the 15th exclusive TGE project MYX Finance event. Additionally, users with scores between 99 and 141 and a UID ending in 8 will be eligible for a lucky draw.