Jeffy Yu, a 22-year-old co-founder of the AI-based cryptocurrency project Zerebro, found himself at the center of a growing controversy after reports surfaced that he may have faked his death.
Initially, it was believed that Yu had committed suicide, and his alleged death caused a significant spike in the value of his meme coin LLJEFFY. Its market capitalization rose to approximately $105 million. However, growing evidence suggests that Yu may be alive and actively engaged in cryptocurrency transactions.
The Rise and Fall of Legacoin: The Alleged Death of Jeffy Yu and the $105 Million Surge
On May 4, a video reportedly showing Yu committing suicide during a live broadcast on the Pump.fun platform surfaced. This caused widespread shock in the crypto community. His now-deleted obituary was published on the Legacy platform on May 6, and many memorial posts appeared afterward. On the same day, a pre-scheduled article attributed to Yu was published. The article introduced “Legacoin,” a new category of meme coins related to legacy and permanence.
Yu launched LLJEFFY as the first legacoin on the day of his alleged death.
«If you are reading this, it’s because my 72-hour “dead man’s” mechanism has activated, so I’m not here, at least physically, or my ADHD really took over (oh, I’ll post an update when I have that “oh shit” moment, awkward if the token is inactive) this is legacoin, my final art piece LLJEFFY,» the blog stated.
The token does not promise any profits or returns. It is described as “interactive performance art,” where trading activity on the blockchain reflects human emotions such as fear, greed, and hope. Yu also expressed dissatisfaction with how wealth and fame led to the destruction of meaningful relationships.
«You only truly die when you are forgotten. How will you define your legacy?» Yu asked in his last blog.
After the blog post, the associated token LLJEFFY sharply increased in value. According to DEXScreener, its market capitalization reached approximately $105 million, representing an increase of 2,115%. The Zerebro token also experienced moderate growth, raising its market capitalization to $46.5 million. However, this increase was short-lived. According to the latest data, LLJEFFY lost 96.19% of its value, and its current market capitalization is just $4.0 million. ZEREBRO also faced a double-digit decline of 19.9%, according to CoinGecko data.
Is the Co-Founder of Zerebro Alive?
The rapid decline occurred when users began posting evidence that Yu was still alive and actively trading.
«Incredibly, the ghost of the Zerebro developer is buying his “legacoin” in his phantom wallet, which gives new meaning to a phantom wallet, I think,» noted a user.
On-chain analysis by user X Vee revealed that the wallet address (G5sjgjPdFdoz7hRa49yDobeSdqMooCmDwsCUERqLTfyr), likely associated with Yu, remained active after his reported death.
«I just noticed that one of Jeffy Yu's addresses dumps ZEREBRO, then sends USDC to the HTX exchange, and then that money goes to Jeffy's address that created LLJEFFY,» Vee posted.
Additionally, Lookonchain revealed that a wallet possibly linked to Yu sold 35.55 million ZEREBRO for 8,572 SOL ($1.27 million). After that, the wallet transferred 7,100 SOL ($1.06 million) to the wallet of the developer “G5sjgj,” associated with LLJEFFY.
Further fueling suspicions, several sources, including crypto influencer Irene Zhao, noted insider information claiming that Yu faked his death. Additionally, another user named Daniele posted a letter that Yu allegedly sent to an early investor, admitting that he created a video to step back from the public eye.
«The crypto industry just witnessed the first pseudo-suicidal exit strategy,» wrote Daniele.
In a letter, Yu shared that he was being stalked, blackmailed, and had his personal information exposed, which made him fear for his safety. He noted that an open exit would negatively affect the value of his projects. Therefore, he chose this path for his safety and peace of mind.
«I did not profit from this situation; on the contrary, I incurred significant legal expenses and related costs associated with this planned exit,» Yu wrote in a letter.
At this moment, Yu's whereabouts remain unconfirmed, and the crypto community continues to discuss the implications of this unprecedented event.
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