The Dark Forest Law of Crypto: Where did Zishi's $20 million come from?
It came from project funds.
Retail investors' money.
And the money of those lured in to provide liquidity. Let's clarify the people involved first.
Nemo (Ge Xuantian), a major shareholder of Zishi (Xia Zihan), was early on the BD for Myrraha.
At that time, Dov and Zishi introduced "Huma" to Myrraha's boss R*L.
Thus, the gears of fate began to intersect.
During HUMA's first launch, Zishi, Dov, and Nemo watched R*L operate in Xiamen together.
They were greatly shocked.
At that time, Nemo felt his boss didn't share enough profit, so he was unhappy. He went to Yunnan, mixed with local meme coin issuers, and established a new market maker called "Rasen" with Zishi, actively entering the game rather than just acting as an intermediary.
Also participating was M Boss, a rich second-generation from Yunnan whose family is in real estate; they owned a building where their market-making operations took place.
In Yunnan, Nemo and M Boss had some arguments because M Boss discovered that Nemo and Zishi were engaging in front-running (rat trading) with Huma, so M Boss decisively chose to part ways.
After all, M Boss had previously worked under R*L. Although there were some minor unpleasantnesses and they later split, he still held goodwill in his heart.
Now M Boss is doing his own thing and has achieved some success.
HUMA's first launch went well, so after the split, Dov recommended HUMA to Zishi's team for swing trading, establishing this revolutionary friendship.
HUMA's founder, R Boss, trusted Dov and gave Zishi $5 million USD for swing trading. However, Zishi colluded with others to engage in front-running. The more they traded, the less money remained, and the price dropped.
Their explanation was always the same:
"Market selling pressure is too high."
$5 million vanished like that.
R Boss maintained harmony on the surface, not wanting to get involved, but privately hated these two men.
RIVER was even worse.
The project side gave Zishi over $10 million in market-making funds.
Zishi's team first tricked them into futures contracts, then spot markets, constantly making the project side pump money in.
The excuse was always the same pie in the sky: "We're about to list on Binance Spot, just add a bit more."
Where did the money come from?
River directly misappropriated the underlying assets of its stablecoin—users' deposited USDT—to pump the price.
When it wasn't enough, they cyclically minted their own stablecoins and used them as collateral on lending platforms to borrow more.
Zishi's team engaged in market-making while simultaneously running front-running schemes.
This $10+ million disappeared into the market.
Outside rumors say: This is equivalent to pumping project funds into the market to dump their own front-run positions—a classic wash trade. They even continued to persuade the project side to add more capital.
The project side's own funds had issues, so they dared not seek legal recourse, resulting in being double-crossed by Zishi.
Sidekick was also done by them.
It was originally a good project, but marketing, growth, market-making, and listing were all taken over by Zishi and Dov.
The token was sold until it was delisted by Binance. The project side received almost no profit, completely drained.
Back to Zishi and Nemo themselves.
In 2025, they made a fortune.
The big boss is Nemo, holding the majority of the profits.
Zishi personally profited over $15 million.
What did they do with the earnings?
Speculated in US stocks to show off.
Bought an Urus supercar in Shenzhen.
Also preparing to buy a house worth around $40 million in Shenzhen.
Both applied for Irish immigration. Zishi still needs two years to meet residency requirements.
Nemo has already immigrated his whole family. Zishi got married in Shandong last year and plans to immigrate as well.
On one hand, they are extracting money from projects and retail investors in Crypto, on the other, they are converting it into luxury cars, real estate, and overseas identities, preparing to flee.
Project after project: HUMA, RIVER, Sidekick.
Project founders handed over money one after another.
Retail investors entered to catch falling knives one after another.
Finally, projects failed one after another.
The ones truly left at the table are Nemo and Zishi.
Project sides bear the losses, retail investors bear the crashes, and they take the money away.
How much did they make?
The Urus in Shenzhen. The $40 million house they are looking at. US stock accounts. Irish identities.
By the way, when I met Nemo in Shanghai, he was driving a McLaren. At the time, he self-deprecatingly asked why young entrepreneurs succeed so easily. Now I know.
When a team uses its own market-making company to continuously inject project funds into the market while simultaneously running front-running schemes, leaving project sides and retail investors to bear all losses while they reap huge profits—is this still normal market-making? Especially for those who were brought into projects by them.
Where did your money go? Why did you end up as the bag holders? And where did their money go?
The car is already parked in Shenzhen, the house is being viewed, and the identity is secured.
We will expose each project, calculate every fund flow, reveal who gained, who lost, and who bought cars, houses, and changed identities—laying it all out.
Don't rush, this is just the beginning.
