SANAE TOKEN Collapse! Sanae Tanaka Denies Supporting Political Coins, Issuer Faces Backlash in Japan

Japanese Prime Minister Sanae Takaichi firmly denies involvement in the issuance of the cryptocurrency called SANAE TOKEN. The coin was promoted with political slogans, and after the Prime Minister issued a statement clarifying that she was not involved, the price plummeted immediately, sparking outrage from the community and investors who labeled it a typical scam.

Sanae Takaichi Issues Statement Denying Involvement in SANAE TOKEN

Recently, a cryptocurrency called SANAE TOKEN has been heavily promoted within Japanese communities and on YouTube. Last night (3/2), Japanese Prime Minister Sanae Takaichi publicly responded, strongly denying any participation or endorsement of SANAE TOKEN. Following her statement, the coin’s value crashed, and Japanese citizens criticized the issuer harshly.

Takaichi pointed out that SANAE TOKEN has some trading volume, but due to its name, it has caused many misunderstandings. She emphasized she was completely unaware of it, and her office had never been informed of any details regarding this token.

She clarified that the Japanese government has never approved or endorsed this project in any form. To prevent public misunderstanding among Japanese citizens, she decided to make this statement publicly.

SANAE TOKEN Uses Political Branding, Promotion Methods Spark Controversy

According to CoinPost, SANAE TOKEN is a meme coin launched on the Solana blockchain on February 25, with a total supply of about 1 billion tokens. The issuer is NoBorder DAO, a Web3 community run by serial entrepreneur Yuji Mizoguchi. The operational team holds a large proportion of tokens and has not locked liquidity.

However, the issuer claims that SANAE TOKEN is not just a meme coin but a reward token related to the “Japan is Back” ideology, aimed at encouraging political participation among the public.

During promotion, Mizoguchi revealed on his YouTube show that they had communicated with Sanae Takaichi’s camp, and even Takafumi Horie, former CEO of Livedoor, Japan’s popular portal site, expressed anticipation. These statements led the public to mistakenly believe that the project had official approval.

Subsequently, a community account claiming to be the official support group for Sanae Takaichi posted support for SANAE TOKEN, causing the coin’s price to surge temporarily.

Because these tactics can easily mislead the public into thinking government officials are involved, industry experts questioned the legality and ethics of such actions. Ultimately, the Prime Minister had to step forward to clarify.

SANAE TOKEN Price Collapses, Community Labels It a Typical Investment Scam

According to data from DEX Screener, after Takaichi’s statement, SANAE TOKEN’s price dropped over 50%, accompanied by a panic sell-off.

Some netizens captured clips from Mizoguchi’s online show, sharply criticizing those promoting the token on the program, saying they deserve punishment. Others criticized that if the Prime Minister was truly unaware and unendorsed, this is a classic community-based investment scam.

Additionally, Mizoguchi is suspected of transferring large amounts of tokens from internal wallets, further fueling community suspicion that this is a malicious Ponzi scheme. The controversy continues to escalate within Japanese online communities.

Start-up company neu Takes Responsibility, but Questions Remain

Mizoguchi later posted that he is seeking expert advice, and the token issuing company, “Kabushiki Kaisha neu,” has come forward to take full responsibility.

CEO Ken Matsui stated that he is responsible for the design and issuance of the tokens, and NoBorder was merely a委託 (commissioned party). He promised to further explain the events so far and future policies.

However, some netizens pointed out that Ken Matsui’s X (formerly Twitter) account was only created in March this year and has only posted this one message.

Additionally, Japanese media personality Kazuyoshi Shimoyasu noted that after searching for the company registration number 2010401171131 of neu, he found no records in the Ministry of Health, Labour and Welfare’s employee pension data, raising doubts about the company’s existence. Some also found that the business scope submitted at registration did not mention Web3, blockchain, or cryptocurrencies, yet the official website claims to offer Web3 services.

Image source: Kazuyoshi Shimoyasu

When personally checking the registered address of Kabushiki Kaisha neu, Google Street View currently shows a rentable apartment in M.A Roppongi BLD, Minato Ward. It is said that their office is located on the third floor of this building.

Image source: Google Street View

Using Celebrity Names Faces Legal Risks; Investors Should Be Cautious

This SANAE TOKEN incident raises serious ethical and legal issues. Unauthorized use of political figures’ names and images for commercial profit may infringe on publicity rights and could lead to significant civil liabilities in the future.

Although the SANAE TOKEN official website states that the project was not directly approved or collaborated with Sanae Takaichi, the overall design heavily uses her name and illustrations, which critics see as a mere formality.

Legally, netizens have pointed out several potential violations:

• If SANAE TOKEN’s issuer has not obtained proper licensing from the Financial Services Agency, it may be operating illegally in the crypto asset exchange business.
• If the project misleads the public and damages the reputation of the political figure, it could violate Japan’s defamation laws and the Act against Unjustifiable Premiums and Misleading Representations, which regulate exaggerated advertising and over-giving.

This incident serves as a reminder for the public to be highly vigilant when encountering cryptocurrencies that use the names of politicians or celebrities. Always conduct thorough research, as such tokens often carry high investment risks and legal controversies. Investors should carefully evaluate and avoid falling into financial traps.