Open Letter of Accusation: Deeper Network Defrauds Seed Round Investors, Five Years of Breach and Deception Lead to Total Loss, We Demand Refunds and Legal Sanctions!
We are seed round investors in Deeper Network (
$DPR )
@deeper_network . Five years ago, driven by trust in the vision of a decentralized network, we invested our hard-earned money—amounting to over RMB 100 million—through channels like “币市小姐姐,” supporting the project.
As of July 26, 2025, we find ourselves utterly betrayed! Deeper Network raised over $13.35 million through public, private, IEO/IDO, ICO, and seed rounds, yet unilaterally altered seed round token lockup rules, repeatedly delaying releases with false promises like “release after listing on Coinbase.” On July 21, 2025, we were informed of the unlock via a fellow investor, but the DPR price had crashed from $0.002 to $0.0008, rendering our investments worthless!
The project team evades communication, with CEO Russell Liu and CMO Eric Ma briefly joining then abandoning our WeChat group, ignoring our demands. “币市小姐姐” vanished post-2021, possibly due to disputes with the team.
We will not yield! We urge all seed investors to unite, pursue legal action, demand full refunds of our $6.5-$6.6 million investment, compensate for five years of lost time, and hold Russell Liu, Eric Ma, and the team accountable under U.S. or Singapore law!
I. Deeper Network Background: A Fraudulent Shell Built on False Promises
Founded in 2018 in California, Deeper Network claimed to build a decentralized private network (DPN) and Web 3.0 infrastructure via its Deeper Connect hardware, promising decentralized VPN, ad-blocking, and blockchain mining.
It raised ~$13.35 million—$1 million via Indiegogo, undisclosed private funds, $7.35 million from IEO/IDO/ICO, and $6.5-$6.6 million in the 2019 Q3 seed round (18.625 billion DPR tokens at $0.002-$0.008, 18.625% of total supply). Investors included Spark Digital Capital and Youbi Capital, with over 15% from retail via “币市小姐姐.” Promised 15% unlock by April 10, 2021, and full release by February 2022, the team breached this, delaying for five years until the July 21, 2025, unlock notice—when DPR hit $0.0008!
Community feedback (Reddit, Trustpilot) highlights underperforming devices, false marketing, and opacity. Twitter/X now pushes Web2 products, abandoning Web3 tokens.
II. Deeper Network on the Brink, Five Years of Deception and Neglect
Deeper Network’s operations are collapsing after years of deceit:
・False Promises: Claimed “release after Coinbase listing” for five years, unlocking only on July 21, 2025, via an investor, not officially.
・Stalled Updates: Twitter/X and Medium updates dried up since 2024; promised cross-chain and staking features never materialized.
・Abandoned Community: Reddit (r/DeeperNetwork) and Trustpilot overflow with fraud accusations; support is sluggish.
・Market Failure: Lagging behind Mysterium and Orchid, its 30,000 nodes and 12,000 devices lack economic viability. DPR trades at $0.0008, down 99.76% from $0.34, with daily volume at mere thousands of USDT.
・Financial Strain: The $6.5 million seed fund may be exhausted; a 2023 EMURGO-led round failed to revive it.
The project’s vision is dead, leaving investors ruined!
III. Project Team’s Inaction, Chaotic Management, and Outrageous Fraud
Led by CEO Russell Liu, ex-CEO Michael Liu, and CMO Eric Ma, the team’s negligence and fraud are egregious:
・Unilateral Breach: Altered lockup rules, delaying tokens for five years, violating SAFT agreements. Etherscan shows 18.625 billion DPR (over a third of non-mined supply) possibly still held, blocking major exchange listings.
・“币市小姐姐” Disappearance: This key channel, driving 15% of seed investment, vanished post-2021, likely due to disputes over funds or commissions, exposing opaque dealings.
・Management Chaos: Michael Liu’s brief 2022 CEO stint and a Twitter Space AMA with Eric Ma promised action but delivered none; he soon left, with Russell Liu returning.
・Evasion: Russell Liu and Eric Ma briefly joined our WeChat group, then fled, ignoring demands. Eric Ma (
@helloericma) disregards community cries.
・Fake Assets: The 2021 IPO-NFT scheme, offering $2,000 pre-IPO shares, remains unfulfilled, hinting at fund diversion.
・Fraud Tactics: Delaying tokens for five years, inducing low-price dumps post-unlock, shifting to Web2 for a U.S. listing, and treating us as “foolish fuel.”
Their conduct is despicable!
IV. Seed Investors Left Penniless, Five Years Wasted
Investing at $0.002-$0.008 per DPR, we’ve lost everything:
・No Tokens: From July 31, 2020, to July 31, 2025, no DPR was released. The July 21, 2025, unlock came too late, with prices at $0.0008.
・Total Loss: A $6,000 investment (3 million DPR) is now worth $2,400 at best, but zero in reality due to delays.
・Price Collapse: DPR fell from $0.34 to $0.0008, with MEXC marking it high-risk (ST).
・Time Cost: Five years of our lives, with some investors uncontactable, while the team profits from our funds!
We, the early backers, bear the heaviest burden—betrayed!
V. Deeper’s New Plot: Unlock, Crash, Abandon Web3
The July 21, 2025, unlock exposes their scheme:
・Token Dump: Unrestricted unlocks aim to force low-price sales ($0.0001), crashing DPR.
・No Support: No buybacks or burns; trading volume is negligible.
・Web3 Exit: They’ve shifted to Web2 hardware, eyeing a U.S. listing, ditching DPR.
・Trust Broken: Five years of silence and Eric Ma’s inaction have eroded all faith.
Their plan is clear: bleed us dry and escape!
VI. Our Demands: Refunds, Compensation, Legal Action
We demand:
・Full Refund: Return our $6.5-$6.6 million.
・Compensation: Cover five years of lost time.
・Transparency: Reveal delay reasons, false promises, “币市小姐姐” disputes, and provide Etherscan data.
・Legal Accountability: Prosecute Russell Liu, Eric Ma, and the team in the U.S. or Singapore.
We will:
・Sue: Hire California or Singapore lawyers to enforce SAFT.
・Complain: File with the SEC.
・Expose: Share via CoinDesk, The Block, Twitter/X (
#DeeperNetworkScam), and Reddit (r/DeeperNetwork).
・Unite: Partner with institutional investors for collective pressure.
VII. Call to All Seed Investors
Five years of deception have drained us! Our investments are gone, lives wasted. “币市小姐姐” vanished, Russell Liu and Eric Ma fled our group, and they now push Web2 while calling us “fools.” We won’t back down! Join us:
・Speak Up: Share SAFTs, records, and chats on Telegram, Discord, or Reddit.
・Fight Together: Link with institutions, hire lawyers (e.g., Cooley LLP), and sue.
・Raise Awareness: Post on Twitter/X (
@deeper_network,
@helloericma) with
#DeeperNetworkScam; contact CoinDesk (editor@coindesk.com).
・Persist: We are victims, not fuel—let’s reclaim justice!
VIII. Conclusion
Deeper Network lured us with a Web3 dream, stole over RMB 100 million, delayed tokens for five years, and crashed DPR to $0.0008. Russell Liu, Michael Liu, and Eric Ma’s negligence reeks of fraud! They plan to dump tokens, abandon Web3, and list in the U.S., using us as “fuel.”
We demand refunds, compensation, and legal action! United, we will fight until justice is served!
Deeper Network Seed Round Investors’ Joint Statement
July 26, 2025