Wang Xin, founder of Qvod and a well-known serial entrepreneur, announced that he has increased his holdings of FAIRÂł tokens during a recent Binance China Community Q&A.
Although he did not disclose the specific amount of his investment, the market quickly reacted, driving the token price up by more than 30% in a short period of time. As of the last update, FAIRÂł is trading at $0.01767. However, the token is not yet listed on centralized exchanges and could be high risk and could also be a fraudulent pump-dump scheme.
Wang has previously expressed his commitment to the Web3 ecosystem and expressed interest in projects that support the principles of technological justice. “I have always joined Web3 with a learning attitude, so I support the FAIR³ token, which is dedicated to technical justice. As mentioned in the previous AMA, although I will not be personally issuing coins, I will remain committed to technical justice and contribute as much as I can,” he said.
The entrepreneur’s involvement in Web3 comes after a turbulent past. Wang Xin was an early pioneer of China’s online video streaming industry, but became a controversial figure after he was sentenced to prison in 2016. Beijing’s Haidian District People’s Court sentenced Wang Xin to three and a half years in prison and fined him 1 million yuan (about $159 million at the time).
Two weeks ago, Wang took to social media to reiterate his support for FAIRÂł and broader technological justice initiatives. In the post, he revealed that he had purchased 200 SOL worth of the altcoin, half of which was earmarked for a support fund dedicated to technological justice and artificial intelligence.
*This is not investment advice.