Shilling Arc Chain's new platform mocked by the community, has Bonkguy fallen from grace?

Original | Odaily (@OdailyChina)

Author | Wenser (@wenser 2010 )

No one expected the downfall of Bonkguy, currently the hottest Meme coin trader, to come so quickly—though from his perspective, he had merely fired off a casual post.

This morning, on the eve of the launch of Circle's Arc network, Bonkguy published a long post sharing his views on the chain, mentioning that relevant developers on Arc had reached out to him and other Meme coin traders multiple times recently, and stating that he had bought the native token LONG of Arc ecosystem launchpad Long.supply as well as the platform's top three Meme coins. Although he emphasized that "participating in Arc is a short-term experiment," the move was still seen as an explicit call to buy.

Soon, community users discovered that the launchpad "has rug permissions at any time and can print fake USDT," pointing directly at the project team's self-built cross-chain bridge; the so-called "Arc on-chain stock tokens" were also not officially issued by Robinhood or Circle, but minted by the platform itself. In other words, this platform is using its own packaged on-chain assets to exchange for users' real stock assets.

Bonkguy's latest response stated that he received no compensation for his previous tweets about Arc and did not profit from them. He invested tens of thousands of dollars buying "what he believed to be tokens of leading projects" due to his optimism about the fomo integration, admitted insufficient research, and acknowledged he deserved the criticism.

Whether the Arc chain can replicate the Meme rally of Robinhood Chain remains unknown for now, but Bonkguy may have already tasted the backlash of traffic.

Behind the Arc Ecosystem Launchpad: Multiple Platform Risks, Domain Updated After Attack

The story begins with the long post Bonkguy published today.

At 8 AM Beijing time, Bonkguy published a long post before going to sleep, expressing positive thoughts on positioning for Arc Chain, and emphasizing that "fomo will quickly integrate the network after Arc mainnet launches." Notably, fomo co-founder @seyong previously posted in late August that trading support would be provided on the first day of Arc chain's launch. In response, Circle CEO Jeremy Allaire also proactively replied at the time: "Already FOMO?"

Based on the idea of positioning early, Bonkguy discovered a project featuring an Arc Chain ecosystem launchpad—long.supply—and openly stated he had invested tens of thousands of dollars buying its platform token LONG (Odaily note: unrelated to Robinhood chain launchpad Long.xyz) and the top three tokens by market cap.

Subsequently, Bonkguy peacefully went to sleep, but due to his enormous influence, the LONG token briefly surged. Yes, you read that correctly—although the Arc mainnet has not yet launched, its ecosystem launchpad and platform token have already taken the lead.

As the crypto market discussed and further investigated, many hidden risks behind the long.supply platform were exposed.

Three Hidden Risks: Domain Updated After Attack, Mystery of Stock Token Issuer Identity, Centralized Cross-Chain Bridge

As of writing, the platform officially stated that its website was under a large-scale spam attack and reminded users they could visit the new domain longstocks{.}io, but this move was interpreted by the market as a sign that the project is unreliable. In addition, its original domain can no longer be accessed, giving off a strong impression of an exit scam.

Furthermore, regarding the "Arc on-chain launchpad" endorsed by Bonkguy, crypto KOL @ShawnThread posted:

• "This is a platform with rug permissions at any time that can print fake USDT. The project built a cross-chain bridge for Robinhood-Arc chain stock tokens through its own bridge—the stock tokens on the Arc chain are not officially issued, but issued by the platform itself.
• Additionally, the underlying protocol of the cross-chain bridge is not a reliable protocol like Wormhole or L0. This means: 1. The project team can shut down the cross-chain bridge at any time and withdraw the locked funds from the Robinhood chain. Users are essentially using their real USDT to exchange for fake USDT on the Arc chain, similar to the pre-chain eUSD platform, which was urgently investigated by officials and ultimately collapsed. 2. After the chain officially launches this week, the official real stock tokens will be deployed on the Arc chain, and this fake stock token narrative will come to an end."

Finally, the platform's official cross-chain bridge introduction also shows that the OpenAI and Anthropic pre-market stock tokens on the platform are issued by an obscure company called RobinVista, with specific emphasis that it is unrelated to Robinhood and does not represent shares in OpenAI or Anthropic; moreover, its cross-chain bridge is not a decentralized, permissionless bridge—the relevant vaults are controlled by official wallets, and use implies trusting the team to perform 1:1 asset pegging and custody.

Although the platform subsequently clarified the 1:1 correspondence between stock tokens and the underlying stock assets, it avoided addressing the risks of the centralized cross-chain bridge, which undoubtedly further deepened market doubts about the authenticity of the platform's assets and whether cross-chain redemption can be smoothly processed.

And so, what should have been a "Meme coin trader sharing Alpha" storyline turned into a "Bonkguy shilling a potentially risky project" downfall narrative.

Bonkguy Admits Mistake, Clarifies It Was Not a Paid Promotion, Awaits Arc Chain Mainnet Launch

An hour ago, Bonkguy finally woke up and belatedly published a clarifying tweet.

In it, he said: "I posted about Arc and went to sleep, only to wake up and find it had blown up in all sorts of absurd ways. A lot of the attention turned into criticism directed at me, angry replies, DMs, and personal attacks, and I have to admit: most of it is deserved.

Although I said trying Arc was just a short-term exploration for me, I really should have done a deeper dive into the ecosystem before posting that tweet—my followers deserve at least that much. I now also realize that the Arc ecosystem is far richer than I originally thought."

In addition, he also clarified externally:

• "i was paid ZERO to post my original tweet about Arc."
• "as i said in my original post, this was mostly a 'degen, degen' activity for me"
• "i have earned ZERO from my activity on Arc so far"

Finally, he specifically emphasized: "I have transferred all the Arc ecosystem tokens I bought to my fomo wallet to prepare for the upcoming integration feature; I won't touch them until the fomo integration goes live, and I only invested tens of thousands of dollars. Also, if there are indeed quality opportunities on Arc that I haven't covered yet, please let me know."

Overall, Bonkguy's attitude in admitting his mistake is fairly earnest. It's evident that after this experience, he has gained a deeper understanding of "with great power comes great responsibility."

As for whether long.supply—the project operating under the banner of an "Arc on-chain ecosystem launchpad"—can clear up the current market controversy and project doubts, perhaps only after Arc Chain officially launches on September 16 will the truth truly be revealed.