A group of insiders led by Jay Ha, known online as “Kokoro,” front-ran the launch of a token called KIKI, sniped 85% of the token supply, and cashed out in 24 hours. Over $3 million in investor funds vanished across off-chain deals, fake listings, and fake documents.
The entire thing was planned. And when the money was gone, so were the people.
The main actor behind this mess is Jay Ha. He assembled a team that included JayC, Shytoshi, Todor, Jelly, and a few others. He claimed he paid $360,000 to secure KIKI’s IP, but that number was exposed as fake. The real seller, Bryan, said the deal was just $20K. There were no receipts. The IP was never legally transferred. The name KIKI was just a smokescreen.
KIKI launch sabotaged with insider bots and fake tokens
Before launch, Ha leaked the ticker and schedule to Filipino and Korean KOLs. That info was used by bots and snipers to rig the launch. Over 15 fake KIKI tokens showed up on Pump.fun.
The real one had to be delayed a week. By then, the whole thing was compromised. One former team member said, “KIKI’s ticker and internal info were already out before we even pressed go.”
Ha operated under the fake name “Kokoro” to avoid responsibility. While pretending to be hands-off, he was controlling deals, wallets, and communications. Even JayC (the project’s original CEO) said, “Nobody could hold him accountable because nobody knew who he really was.”
When the launch finally happened, the team themselves sniped 85% of the token supply on day one. Then they dumped 20% of it overnight. JayC later admitted the goal was to avoid being detected on Solana Bubble Maps: “We dumped it so our wallets wouldn’t be clustered and exposed.”
Ha was already running OTC sales behind the scenes. He told people it was to fund the team and pay listings. That was a lie. The project had already raised over $2M.
The tokens were supposed to be locked. One of the remaining team members, who preferred to be anonymous, confirmed: “Jay Ha paid people with tokens he wasn’t supposed to touch. I have voice notes.”
OTC scams, fake listings, and stolen funds
Jay Ha told the team to send $1M in Solana, USDT, and KIKI tokens to a wallet for listings. It was done on WhatsApp. Then came the Tony G incident. This investor sent $1.5M across two OTC deals for listings.
After the second deal, Jay Ha made a WhatsApp group with Todor. Then, he made another one, without Todor in it. Suddenly, Ha said the money had been “scammed.” $900K gone. No complaint filed. No legal move. The insiders vanished.
JayT, who was helping with charts, quit right after. Same with JayC. Both knew the money was never coming back. There was no exchange listing. Just a $900K hole and radio silence.
The Kokoro wallet, controlled by Jay Ha, held 50 million KIKI tokens. He said it was a reserve to support the chart. It wasn’t. On-chain data showed he was buying his own dumped tokens through the Victus OTC desk. He made it look like new capital was coming in. But it was the same tokens cycling through to drain liquidity. One team member said, “He acted like he was saving the chart. He was draining it.”
JayC confirmed this. Ha told him he used those OTC deals to fund listings and buy out “friends.” Even though the treasury already had millions. The MEXC market maker setup? Same story. Ha controlled the market making. Nobody else even knew who the MM was.
JayC exposed all of this when he came back after the crash. He had already left before the launch. He was promised 50% of tokens. Got 3%, plus 1% from OTC, and the last 1% never showed.
Marketing lies, stolen goods, and hiding in Southeast Asia
Ha also allegedly stole over $1M in cash and goods from Filipino partners. Witnesses like Frenzel backed up the claims. After that, Ha disappeared. Sources say he’s hiding in either Malaysia or the Philippines.
Meanwhile, James Afante, a Filipino CMO for the project, had his wallet drained by a close contact. The tokens dumped straight into the market. Filipino KOLs, who were under contract not to sell, broke the terms and dumped anyway.
JayC said some of the funds were recovered. But not one dollar was returned to the treasury. Investors were never told. Jelly, another early marketing partner, said he was promised token allocations — 2% for himself, 2% for KC, and 1.67% for team. None of it arrived.
Ha stopped replying, then deleted his account. Jelly said, “There was token pending from Jay… it was not transferred and is pending.”
Jelly also said marketing invoices were inflated. He saw $200K in the books. He said he only received $67K, and delivered all services. “I didn’t make a dime,” he told the team. “They sent 60-70k… and the token went to $49M.”
He said his team helped push the market cap from $12M to $49M, yet had no token access and no input on treasury decisions. He warned the team to exit when volume hit $8M. Nobody listened. They could’ve pulled out $800K. They didn’t.
Jelly now says he was manipulated. “I thought Jay was a nice human,” he said. “I can’t believe I was fooled.” He also said he lost $100K+ of his own money and brought in more from his network. “My friends blame me now.”
After Jay Ha disappeared, what was left of the core team began handing over access to trusted members of the community.
The plan now is to rebuild the KIKI ecosystem under community leadership. Token holders, ex-partners, and community members have formed a working group to relaunch with transparency and strict on-chain controls.
Jelly, despite being scammed himself, offered to support a rebuild and help track “bad wallets.” JayC also said he was willing to return his remaining tokens and help restore trust, especially in the Korean market. These early moves gave some structure back to the wreckage.
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