The most disappointing Platform Token HSK has fallen 60% from its peak! Korean community: Hashkey has abandoned retail investors and will lose all trust.

Recently, Xtormfrog, a member of the HashKey Korean community, published an “Open Letter to Dr. Xiao Feng” on the community platform, expressing strong dissatisfaction with HashKey's current strategy and HSK Token policy, accusing the company of betting on a high-risk business gamble, the consequence of which is losing all credibility. This open letter has spread widely in the Korean and Chinese communities within just a few days, sparking significant attention from the outside regarding HashKey's Compliance strategy and community management.

The Korean community accuses Hashkey of focusing only on Compliance and ignoring the original intention of HSK issuance.

Xtormfrog pointed out in the letter that since HashKey entered the South Korean market in April 2024, he has witnessed the entire process through multiple personnel changes and strategic shifts. From being led by personnel code-named K and J, it is now under the responsibility of Skylar.

The letter states: “Doctor, it seems that you are using HashKey Group as the chessboard, seeking your own ultimate winning move. You want to achieve an almost monopolistic market position under the guise of compliance — but this gamble is being made at the expense of community trust.”

Xtormfrog believes that HashKey's core goals include Hong Kong IPO, stablecoin license, and future listing on the US Nasdaq. While the direction is correct, the process has overlooked the original intention and responsibility of HSK issuance.

HSK was created to raise funds from retail investors, but has no intention of giving back to investors.

He questioned: “If it is only for the RWA market, the exchange business itself is sufficient. Many L2 public chains do not issue native Tokens and still operate well; the absence of platform coins does not hinder the advancement of RWA business. Therefore, the birth of HSK must be a decision made by someone with a certain purpose. This person, regardless of who the initial proponent was, cannot implement this decision without your approval. And the so-called purpose is undoubtedly financing.”

HSK was created to raise funds from retail investors; however, the vast majority of retail investors were misled by J's exaggerated claims and unfulfilled promises, buying in at a high point around 1 dollar, and now suffering losses of over 60%. Xtormfrog strongly criticized HashKey for almost not providing any returns to HSK investors, and he directly pointed out that if the group has no intention of maintaining the coin price and fulfilling promises, then they should not have promoted and sold HSK to the retail market in the first place.

Xiao Feng talked extensively about the future of Ethereum but never mentioned HSK.

Xtormfrog further illustrates by comparing with other cryptocurrency exchanges:

Binance (Binance): During the liquidation storm in 2025, retail investors will be provided with liquidation assistance funds.

OKX: In January 2024, OKB plummeted due to a liquidity error, and full compensation for the losses was provided.

Bybit: In February 2025, hackers stole $1.4 billion in assets, and withdrawals have not been blocked, with the platform absorbing the losses itself.

FTX: ultimately went bankrupt due to the abuse of user funds, and founder SBF was sentenced to 25 years in prison.

He stated: “The ability to establish trust assets determines the fate of a group. And HashKey is losing it.”

Currently, not only in South Korea or Hong Kong, the trust of retail investors globally in HashKey is rapidly fading. Countless unfulfilled promises and vague responses are disappointing; regardless of which department is responsible, the ultimate responsibility still lies with Dr. Xiao Feng. Dr. Xiao Feng is always present in forums, discussing the future of Ethereum, the grand vision of RWA and Compliance, yet has never mentioned HSK in any occasion.

The HSK community calls for Skylar to serve as CEO.

Finally, Xtormfrog expressed a strong hope that Hashkey can thrive. If Xiao Feng is wary of regulation and inconvenient to manage HSK, HashKey should appoint a decisive leader to rebuild community trust. He specifically mentioned the current head of the Korean market, Skylar, describing her as one of the few who can face problems directly, listen to the community, and possess decision-making ability and industry experience.

The management of the Korean markets K and J was previously considered a disaster, but since Skylar's appointment in August, she has quickly improved several issues between the exchange and the HSK project. This is the consensus of the entire HSK community. He believes that the group should grant Skylar more power and an independent position, allowing her to report directly to Xiao Feng, and suggested that Skylar be appointed as the CEO of HashKey Global.

This article discusses the most disappointing platform coin HSK, which has dropped 60%! Korean community: Hashkey abandons retail investors and will lose all trust. First appeared on Chain News ABMedia.