Cause of the Incident and Timeline
End of November to early December 2025: A serious fire broke out in Hong Fu Court, Tai Po, Hong Kong, causing significant casualties and property damage. Yan Chai Hospital and other institutions established emergency aid funds, and several companies in the crypto industry (such as Binance and Matrixport) donated tens of millions of Hong Kong dollars. The community called for more support.
December 1, 2025: Elizabeth (self-identified as a Bitcoin holder and degen trader, with over 130,000 fans) tweeted on platform X, claiming to donate 200,000 Hong Kong dollars to Yan Chai Hospital, with the caption 'The fire is ruthless, but people are kind,' and attached a screenshot of the 'donation receipt.' The tweet quickly garnered hundreds of thousands of views and thousands of likes, and was once seen as a positive representation of the industry.
Doubt Eruption: Community users (including KOLs like @CryptoNyaRu, @abyssofgambling, etc.) quickly pointed out that the screenshot appears to be digitally manipulated. Specific doubts include:
Inconsistent fonts (for example, the fonts are uniform in places like '$HKD', 'Annual Donation Hotline', 'Fax', but the '2' in the amount '200000' is too thin, with alignment issues and pixel loss).
Abnormal layout (such as the disappearance of the '+' sign in the phone number, overall proportional distortion).
Comparison with real donation vouchers (many users verified by posting pictures after personally donating), confirming that her version is 'amateur and obviously fake.'
Response from the parties regarding the secondary dispute
On the evening of December 1: Facing doubts, Elizabeth released a video response, insisting 'I have donated, and I have a clear conscience,' and displayed another screenshot (redirecting to a website but not refreshing the page). This response did not quell the controversy but instead exposed new issues:
New screenshot phone numbers are inconsistent.
No bank statements or official receipts from Renji Hospital.
Shows 'Executed' instead of 'Funds have been successfully sent to the payee,' which is suspected to be a retractable status or a simulator forgery.
Further evidence: Community users discovered she allegedly used a paid simulator (Hong Kong Bank of China simulator tool, approximately 1500 yuan purchase) to generate fake vouchers. Features of the simulator (such as fixed numbers and simplified interface) were compared and exposed one by one.
Subsequent Behavior: After the response, she did not provide more evidence but continued to post commercial advertisements and irrelevant content, ignoring numerous verification comments, further angering the public. Some users sought verification from Renji Hospital and discussed whether it might involve fraud crimes (maximum penalty of 10-14 years imprisonment) under Hong Kong's (Theft Ordinance).
'Rebranding and Re-emerging' phase (early 2026)
Early February 2026: After public opinion cooled, Elizabeth changed her account name to 'Elizabeth,' with username changed to @Elizabeth2049_, while also changing her avatar and background page. Community users (such as @kaylyn_0x, @lugeweb3, etc.) posted warning messages, stating she 'is preparing to rebrand and deceive traffic again.'
Community Reaction: Many users forwarded reminders to 'avoid at all costs' and 'don't believe a word,' emphasizing that her actions have a detrimental impact on the reputation of the crypto circle ('eating blood buns' and 'industry disgrace'). Some called for reporting, unfollowing, and blocking the account to combat 'black-red traffic.' Some posts pointed out that such behavior would have already led to a permanent ban on traditional platforms.
Motivation Interpretation: The community consensus believes that this name change is not a sign of repentance, but rather an evasion of tracking, waiting for the storm to pass before continuing activities. Early dirt (such as flaunting wealth and advertising orientation) was brought up again, reinforcing her image of 'selfishness, snobbery, and vanity.'
Impact and Reflection of the Incident
The incident exposes issues in the Web3 content ecosystem: a focus on traffic leads to a loss of bottom lines, and public welfare easily becomes a 'battlefield for traffic.' The foundation of trust in the crypto community (decentralization, transparency) has been ridiculed as a joke.
Multiple media outlets (such as BlockTempo, BlockBeats, and BlockWeeks) reported that podcast programs (such as 'The Truth of Web3 Salon') have discussed the topic, listing it as 'one of the most disgusting events in the crypto circle.'
Currently, there are no official legal progress reports, but the community continues to monitor her account, seeing it as a warning: KOL behavior directly affects industry reputation, and project teams need to prudently assess character when collaborating.
However, the crypto circle is not only filled with such negative cases; many projects focus on technological innovation, actual application landing, and long-term value building, striving to rebuild industry credibility and sustainability. Among them, Vanar Chain (native token $VANRY) is a typical representative, transitioning from an early entertainment/gaming positioning to AI-native infrastructure with a pragmatic tech stack and clear application orientation, reflecting the project team's insistence on 'quiet execution rather than loud narratives.'
