SOON Token Plunges 40% in a Day: Shadow Founders and Controversy Resurface

The crypto market was shaken recently as SOON, a token tied to a Layer-2 ecosystem integrating the Solana Virtual Machine (SVM) into multiple blockchains, suffered a dramatic 40% drop in a single day. The crash brought renewed attention to past allegations involving the project’s leadership, including claims that its real founders have a controversial history in the industry.

Shadow Founders Linked to Controversial Manta Project

KOL (Key Opinion Leader) Mosi has previously accused Victor and Kenny, co-founders of the troubled project Manta Network, of being the hidden architects behind SOON. He claims that Joanna Zeng, the listed CEO of SOON, is a mere figurehead chosen for public appeal under the guise of female empowerment, while the real control lies with Victor and Kenny.

According to Mosi and another source, Anthropologist, SOON has four chains under its umbrella, including svmBNB, svmETH, and svmBase, with the founders allegedly leveraging connections to secure funding — notably from EigenLayer, which reportedly provided millions in support.

Concerns have also been raised over the pressure placed on projects within the SOON ecosystem to launch their own tokens, even as it’s unclear which chain constitutes the platform’s actual mainnet.

Will SOON Follow Manta’s 95% Decline?

Observers worry that SOON may mirror the downward spiral of Manta, which once peaked at $4 before plummeting to around $0.18, a 95% drop. Mosi alleged that Victor is employing similar tactics with SOON, including inflated token valuations and liquidity exit strategies such as OTC deals — all while benefiting early insiders and venture capital firms like Hack VC and Web3port.

Mosi also claimed SOON attracted attention from the Solana community, referencing data suggesting Solana Foundation Chair Lily Liu may have invested in the project. However, only AB Kuai Dong is publicly listed as an advisor or investor on platforms like Rootdata.

Denials and Deflections

In late March, Victor acknowledged involvement with SOON, but denied being one of its founders. Kenny, meanwhile, has publicly stated he has no ties to the project whatsoever.

The controversy reemerged after the token’s steep decline on July 5, prompting renewed scrutiny. Critics circulated screenshots suggesting Victor is driven more by price action than by long-term product vision. Victor, in response, emphasized that “building meaningful products is difficult, and I prefer doing the hard things rather than taking shortcuts.”

Despite these statements, market sentiment remains wary. The parallels between SOON and Manta have cast a shadow over the former’s future, with many questioning whether another sharp decline is inevitable.

⚠️ Risk Warning

Cryptocurrency investments are highly volatile and may result in the loss of all capital. Always conduct your own research and assess your risk tolerance before investing.