Every great cause begins as a movement, becomes a business, & eventually degenerates into a racket
This industry went from we are going to fight the state building decentralised cyberpunk future
..into begging CZ, Nazi Ye, Mark Cuban, Mr. Beast, Joe Rogan & many others to launch a meme..
..to getting rugged by kols, cabals, in the name of cancer, Ansem, Murad's supercycle list, Andrew Tate, logal paul, Haliey Welch, 15 year old kid, Iggy Azalea, AI agent memes, enron (yes again), trump's pastor (?), Dave Portnoy, state officials, celebrities, the First Lady, president of Central African Republic, Argentina, & USA
*Money extracted from memes on solana: $5B+ (this excludes CEXs & other chains) so, real number could be $10B+ or $15B+ we don't know actual number but it's way above $5B obv...
ICYMI: meme playbook: There are Contracts where unknown party pays these celebrities/kols some money upfront & rest after they post on X & post remain up for x amount hours and they can later post "my account was hacked," or "we are not related to this", etc.. so, in almost 100% of the cases it's either really hacked or it's contract kols/cabals pushing shitcoins
These aren't market cycles anymore - they're market seizures. When you need to be glued to your screen every second just to avoid being "late," something's fundamentally broken.
Constant rotation, the 24/7 FOMO, the endless parade of "next big things" it's exhausting even the most seasoned folks.
Now, this burning out builders who are chasing a dragon that doesn't exist. Real projects can't compete with pump-and-dumps masquerading as "communities."
Some Hard Truths:
*It's not scammers/insiders fault, they doing what they supposed to do, it's your/community/projects fault who made celebrities/kols/cabals leaders of this space. Stop giving spotlight to them.
*Stop making memes priority over everything else happening in the space
*This isn't sustainable
*The intention of most launches these days is to purely steal.
*Criminals & crime are not a +ve for crypto. They shouldn't be glorified & their posts liked & promoted.
*Centralised Exchanges needs to give some damm about reputation instead of extracting fees, volumes and listing every shit that's going viral for few hours, you are regulated & centralised for a reason.
*If people on your tl defending this & triggering FOMO, you should unfollow them. They are extracting value from the space & farming you. If u need help with "who to not follow" we know about a list but it's not officially by us so, search around/check grp.
*No-one can rug you if you don't buy their obvious scams & stopped listening to kols/celebrities & obvious scammers on internet....Greed is good... until it isn't...
*Don’t waste your life making some KOL/cabal dork rich.
*do we think this going to change anything? Tbh probably not, you have CZ shilling memes to Coinbase CEO saying there are ~1m tokens/wek so we needs to move from a an allow list to a block list...
h/t 𝕏: ColdBloodShill, Finch in flight, & AlejNavia, coffeebreak_YT, infinityhedge ex founder & others
Now, few related reads:
What Really Happened with $LIBRA: https://x.com/DiogenesCasares/status/1890853180897948091
Money extracted from memes:
https://x.com/0xngmi/status/1890783855054831910
memecoins a serious net -ve for society: https://x.com/0xngmi/status/1890708635208282326
Responses from projects:
https://x.com/KIPprotocol/status/1890844030235561984
https://x.com/KelsierVentures/status/1890914583910449505
Meteora https://x.com/hellochow/status/1891341548115149190
https://x.com/JupiterExchange/status/1891181433588470052
MUST WATCH⚠️
*Coffezilla's interview on $LIBRA https://youtu.be/EqizJTbxAEM
Now, we will read some quotes for sound mind:
*It is difficult to get a someone/community to understand something when their bag depends on their not understanding it
*When the tide goes out, you see who’s been swimming naked
*The media's/kols/many others job is to sell you the illusion of choice (mute the noise)
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infinityhedge
The Week Ahead | @infinityhedge | tit-for-tat tariffs love week WEEKLY US SPOT ETF Flows: *BTC: +$200M *ETH: +$420M US BTC SPOT ETF Options: *Total OI Call/Put Ratio(Nominal): 2.04 *Total OI Call/Put Ratio(Delta): 3.05 Macro: *Tariffs: Trump to announce…
The Week Ahead | @infinityhedge
*No Bitcoin purchase news expected by MicroStrategy this week
*Trump, Elon Musk Fox News interview; 9PM ET: 18
*FTX repayments; Claims <$50k ~ $1.2B at 10AM ET: 18
*Apple Launch Event: 19
*Binance.US Announcement: 19
*Argentina’s Javier Milei’s Libra Token Scandal Fallout
*No Bitcoin purchase news expected by MicroStrategy this week
*Trump, Elon Musk Fox News interview; 9PM ET: 18
*FTX repayments; Claims <$50k ~ $1.2B at 10AM ET: 18
*Apple Launch Event: 19
*Binance.US Announcement: 19
*Argentina’s Javier Milei’s Libra Token Scandal Fallout
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DEEPSEEK WEIGHS RAISING OUTSIDE MONEY FOR FIRST TIME - THE INFORMATION
ALIBABA AND CHINESE STATE FUNDS HAVE EXPRESSED INTEREST IN INVESTING IN DEEPSEEK
ALIBABA AND CHINESE STATE FUNDS HAVE EXPRESSED INTEREST IN INVESTING IN DEEPSEEK
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ECB Wants to Establish Blockchain-Based Payment System: BBG
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*SEC LAUNCHES CYBER AND EMERGING TECHNOLOGIES UNIT
*SEC CYBER UNIT WILL COMBAT FRAUD IN CRYPTO AMONG OTHER AREAS
*SEC CYBER UNIT WILL COMBAT FRAUD IN CRYPTO AMONG OTHER AREAS
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SEC STAFF HAS AGREED IN PRINCIPLE TO DISMISS ITS UNLAWFUL ENFORCEMENT CASE AGAINST COINBASE, SUBJECT TO COMMISSIONER APPROVAL: LINK
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*TRUMP EYES TARIFFS TO COUNTER DIGITAL TAXES HATED BY BIG TECH
President Trump is expected to sign a memorandum on Friday that allows for levies in response to digital services taxes imposed by some countries on US tech giants
President Trump is expected to sign a memorandum on Friday that allows for levies in response to digital services taxes imposed by some countries on US tech giants
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*APPLE PULLS CLOUD ENCRYPTION FEATURE IN UK AFTER BACKDOOR ORDER
Apple is removing its most advanced, end-to-end encrypted security feature for cloud data in the United Kingdom, in a stunning development after the government ordered the company to build a backdoor for accessing user data.
*UK government ordered Apple to build a backdoor into customer data globally.
Apple is removing its most advanced, end-to-end encrypted security feature for cloud data in the United Kingdom, in a stunning development after the government ordered the company to build a backdoor for accessing user data.
*UK government ordered Apple to build a backdoor into customer data globally.
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Forwarded from Investigations by ZachXBT
Currently monitoring suspicious outflows from Bybit of $1.46B+ will update as information becomes available
0x47666Fab8bd0Ac7003bce3f5C3585383F09486E2
0x47666Fab8bd0Ac7003bce3f5C3585383F09486E2
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Investigations by ZachXBT
Currently monitoring suspicious outflows from Bybit of $1.46B+ will update as information becomes available 0x47666Fab8bd0Ac7003bce3f5C3585383F09486E2
ZachXBT: My sources confirm it's a security incident
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BYBIT CEO CONFIRMS A ETH COLD WALLET WAS HACKED FOR $1.4B+ (401K ETH)
*Hacker took control of the specific ETH cold wallet we signed and transfered all ETH in the cold wallet to unidentified address. Please rest assured that all other cold wallets are secure. All withdraws are NORMAL.
Bybit Total Assets: $15.727B (per defillama)
Bybit Processing Withdrawals Normally: Onchain
*BYBIT CEO: Bybit is Solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss.
*Hacker took control of the specific ETH cold wallet we signed and transfered all ETH in the cold wallet to unidentified address. Please rest assured that all other cold wallets are secure. All withdraws are NORMAL.
Bybit Total Assets: $15.727B (per defillama)
Bybit Processing Withdrawals Normally: Onchain
*BYBIT CEO: Bybit is Solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss.
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infinityhedge
BYBIT CEO CONFIRMS A ETH COLD WALLET WAS HACKED FOR $1.4B+ (401K ETH) *Hacker took control of the specific ETH cold wallet we signed and transfered all ETH in the cold wallet to unidentified address. Please rest assured that all other cold wallets are secure.…
Ethena Labs : Not a single dollar of spot backing value is held on any exchange, including Bybit.
Update: the $30m of unrealised PNL noted in the prior post has been reduced to $10m and we expect to have zero unrealised PNL exposure to Bybit within the next hour.
There are currently $2.0b of liquid stablecoins in USDe backing which can be redeemed immediately if users wish.
2nd Update: The unrealised PNL exposure to Bybit has been reduced to zero
Update: the $30m of unrealised PNL noted in the prior post has been reduced to $10m and we expect to have zero unrealised PNL exposure to Bybit within the next hour.
There are currently $2.0b of liquid stablecoins in USDe backing which can be redeemed immediately if users wish.
2nd Update: The unrealised PNL exposure to Bybit has been reduced to zero
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BYBIT CEO Livestream on the Latest ETH Wallet Incident: LIVE NOW
https://www.bybit.com/en/press/live/eth-wallet-incident
https://www.youtube.com/live/Pso66cnmdWk
https://www.bybit.com/en/press/live/eth-wallet-incident
https://www.youtube.com/live/Pso66cnmdWk
Bybit
Buy & Sell Bitcoin, Ether | Cryptocurrency Exchange | Bybit
Crypto trading experience elevated. Buy, sell, trade BTC, altcoins & NFTs. Get access to the spot and futures market or stake your coins securely.
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*BTC DOWN 2.6%
*GOLD UP 0.3%
*SPX DOWN 1.3%
*NVIDIA DOWN 2.6%
*MICROSTRATEGY DOWN 5%
*COINBASE FALL 5.3%, NOW DOWN 18.5% SINCE EARNINGS ANNOUNCED LAST WEEK
*GOLD UP 0.3%
*SPX DOWN 1.3%
*NVIDIA DOWN 2.6%
*MICROSTRATEGY DOWN 5%
*COINBASE FALL 5.3%, NOW DOWN 18.5% SINCE EARNINGS ANNOUNCED LAST WEEK
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Ethena Crypto Project Raises $100 Million to Fund Finance Foray: BBG
The fundraising, which hasn’t been previously reported, was completed in December and drew investors including Franklin Templeton and F-Prime Capital, the venture capital firm affiliated with Fidelity Investments.
The fundraising, which hasn’t been previously reported, was completed in December and drew investors including Franklin Templeton and F-Prime Capital, the venture capital firm affiliated with Fidelity Investments.
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MICROSTRATEGY ACQUIRES 20,356 BITCOINS AT AN AVG. PRICE OF $97,514 BETWEEN FEB. 18 & 23, 2025
Total Holdings: 499,096 BTC
Average Price: $66,357/BTC
Total Holdings: 499,096 BTC
Average Price: $66,357/BTC
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infinityhedge
The Week Ahead | @infinityhedge *No Bitcoin purchase news expected by MicroStrategy this week *Trump, Elon Musk Fox News interview; 9PM ET: 18 *FTX repayments; Claims <$50k ~ $1.2B at 10AM ET: 18 *Apple Launch Event: 19 *Binance.US Announcement: 19 *Argentina’s…
The Week Ahead | @infinityhedge
•Trump to host first official Cabinet meeting on 26
•U.S. Senate Banking Committee hearing on “Exploring Bipartisan Legislative Frameworks for Digital Assets” on 26
•Amazon Event in NY that may include the launch of a revamped “Alexa” with AI on 26
•Nvidia Earnings on 26
•Fed’s Michael Barr to speak on novel activity supervision, like crypto-assets on 27
•US Core PCE ⚠️ (expected to cool to the slowest pace since June) on 28
•Deepseek’s Open Source Week, they'll be open-Sourcing 5 repos: whole week
•Trump to host first official Cabinet meeting on 26
•U.S. Senate Banking Committee hearing on “Exploring Bipartisan Legislative Frameworks for Digital Assets” on 26
•Amazon Event in NY that may include the launch of a revamped “Alexa” with AI on 26
•Nvidia Earnings on 26
•Fed’s Michael Barr to speak on novel activity supervision, like crypto-assets on 27
•US Core PCE ⚠️ (expected to cool to the slowest pace since June) on 28
•Deepseek’s Open Source Week, they'll be open-Sourcing 5 repos: whole week
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Anthropic is finalizing a $3.5 billion funding round that values the startup behind the chatbot Claude at $61.5 billion: WSJ
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*TRUMP: TARIFFS ON CANADA, MEXICO WILL GO FORWARD
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