A prominent Chinese pro-democracy figure known as 'Teacher Li' has been accused of operating a memecoin scheme, which some describe as a scam. The scheme reportedly raised $1 million on its first day, with claims that its market value has plummeted from $30 million to $6 million. Critics, including various social media users, have linked Teacher Li's activities to fraudulent practices, comparing them to those of other known scammers. Additionally, there are allegations that journalists from organizations such as Voice of America and Radio Free Asia have supported this initiative, raising questions about their involvement and potential financial gains from the scheme. The memecoin market is currently experiencing heightened interest, with discussions around its risks and rewards ongoing among investors.