FF invested $41 million in CXC10 to explore legitimate Web3 and blockchain ventures.
A response to X by the founder and co-CEO of Faraday Future, Jia Yueting, claims that he, Faraday Future (FF), and CXC10 have neither minted nor intend to mint any meme coin. The assertion followed rumors and bogus promotions posted online purported links between the firms of Jia and a new meme token named Binance Car.
According to on-chain metrics, the counterfeit Binance car token had a market capitalization of more than 30 million dollars in 24 hours after its launch. The abrupt spike was similar to the recent trend in Asia where meme coins tend to soar to an extreme new high on hype before falling down. Its short-term growth is compared to more recent meme coins such as BURN and MANYU, both of which spiked their percent change by triple digits in late September. BURN upsurged 2,385% on a single day to a market value of $41 million, and MANYU grew 203 percent to $56 million. The $30 million valuation of the Binance Car token leaves it in a middle meme coin category, yet not being affiliated with Binance or FF, the experts expect a high risk and zero legitimacy.
Faraday Future, the EV company (a startup based in California) that Jia founded in 2014 and recently shifted its priorities to the Web3 integration. The firm invested 41 million dollars in Qualigen Therapeutics, which rebranded to CXC10, and the company has turned to blockchain-based applications and digital ecosystems.
Although this crypto pivot was legitimate, it most likely contributed to the confusion concerning the relationship between FF and the issuance of the token. In late September 2025, FF updated its press release and stated that it had intended to partner with blockchain technology but did not mention any type of token or coin. FF flagship model FF91 will go into production in large scale with projections of delivering tens of thousands in 2 years.
The crypto business is experiencing increasing worries regarding identity abuse, and Jia refusal only highlights that. Over the past few months, many counterfeit currencies have played on the fame of celebrities to invest hastily in their coffers – a move that has cost millions of traders their hard-earned money.
Jia is trying to insulate investor confidence by quickly dissociating FF and CXC10 with the meme coin claims as the company widens its Web3 alliances. The statement would also be compliant with investor disclosure policy of FF that requires transparency as stipulated by the U.S. Private Securities Litigation Reform Act.
Since FF had a high profile crypto investment of $41 million and is going to be very visible globally, the clarification by Jia has come at a very critical time to avoid brand dilution and regulatory checks.
Although controversial, the meme coin industry has remained an industry that attracts traders who want to gain quick profits. Bitget News (Sept 30, 2025) noted that the meme coin market had briefly leveled off in mid-September but recovered its momentum with community-based tokens.
