SANAE Token team apologizes, announces refunds, name change, and expert review after Solana meme token controversy. The team behind SANAE TOKEN, a Solana-based meme coin, has issued a public apology after the project drew controversy. The Japan is Back team admitted to communication failures that caused confusion for Japan’s Prime Minister Sanae Takaichi and token holders.  As previously reported by LiveBitcoinNews, the token hit a market cap of $27.7 million before falling sharply to around $6 million. Concerns over wallet concentration and the prime minister’s denial of involvement added pressure on the project. Now, the team has outlined a series of major corrective steps. Related Reading: New Solana Meme Token Skyrockets to $27M, Then Crashes to $6M SANAE TOKEN Team Acknowledges Communication Failures In a post on X, the NoBorder project team took full responsibility for how events unfolded.  The team said there were clear shortcomings in how they shared information with Prime Minister Takaichi’s office. Those gaps, they admitted, led to confusion that affected the prime minister, related parties, and token holders. Serial entrepreneur Yuji Mizoguchi, one of the project’s key figures, also posted a public apology on X. まず、高市総理ならびに関係者の皆様、そして本プロジェクトに賛同してくださった皆様に、心よりお詫び申し上げます。 高市総理側の発信を否定する意図はありません。 今の時点で私たちに最大限できることは、投機目的でないプロジェクトを応援してくれていたトークンホルダーへの補償（返金）… https://t.co/JFgsqMHuec — 溝口勇児 | 連続起業家 (@mizoguchi_yuji) March 4, 2026 He did not deny any of the statements made by Prime Minister Takaichi’s side. Instead, he acknowledged that the project’s execution fell short of its original goals. The original vision, as the team described it, was to use a decentralized autonomous organization structure to channel citizen voices into the political process. That vision, however, clashed sharply with how things played out in practice. Compensation Plan and Snapshot Details for Token Holders The team announced three immediate steps in response to the fallout. First, it plans to compensate all token holders. Second, it will rename SANAE TOKEN and conduct a fundamental review of the project. Third, it will set up an expert verification committee to develop measures that prevent similar incidents. To identify eligible holders for compensation, the team announced a wallet snapshot. The reference time for the snapshot was set at March 4, 2026, 12:00 PM. This step also aims to curb confusion that could arise from speculative trading around the compensation announcement. Compensation details were not finalized at the time of the announcement. The team said it was working with experts and would share full details once confirmed. The group also stressed that it had not received any fees or sales revenue from the project since launch. As for the project’s liquidity, the team noted that LP tokens tied to its Raydium DEX position are locked. Additionally, the rights NFT issued at the time of the liquidity lock has been burned, meaning the team did not collect swap revenue from the DEX either. 【SANAE TOKENに関するお詫びと今後の対応について】 Japan is Backプロジェクトチームです。 私たちはこれまで、高市事務所ならびに高市総理公認の後援会である「チームサナエが日本を変える」と、neu社を通じて協議を重ね、連携していく方針について双方のSNS等でご報告してまいりました。… — NoBorder/ノーボーダー【公式】 (@NoBorder_info) March 4, 2026 Japan Is Back Project Faces Full Review Amid Meme Token Controversy As LiveBitcoinNews previously reported, SANAE TOKEN attracted scrutiny early on due to unusual wallet concentration. The top three wallets held 60% of the total token supply. That level of concentration raised red flags among observers tracking the token’s rapid rise and fall. Prime Minister Takaichi made her position clear on X. She stated she had no involvement with the token or the Japan is Back project. Her clarification came as the token was still in the spotlight, adding pressure on the team behind it. The team said it plans to cooperate fully with authorities if contacted. It described its next steps as a careful, expert-guided process to examine the facts and plan a proper response. Whether the project continues under a new name or shuts down entirely remains to be seen. The SANAE TOKEN saga fits a familiar pattern in the Solana meme coin space, where low fees and fast transactions make it easy to launch and trade tokens quickly.  Such dynamics often result in sharp price spikes followed by steep declines. This case adds a political dimension that makes it stand out from typical meme coin controversies. The post Solana Meme SANAE Token Team Admits Mistakes, Plans Compensation and Overhaul appeared first on Live Bitcoin News.

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