坐标Snow

"AEX founder arrested in Thailand! 5 million US dollars pig slaughtering scheme exposed, once cut leeks for 20 million dollars!"

The old sickle of the currency circle, Huang Tianwei, finally fell! On June 12, the founder of Anyin Exchange (AEX) was arrested at the Thai airport, suspected of 200 million Thai baht (about 5 million US dollars) encrypted pig slaughtering scheme. What's more exciting is that this is his old business in Thailand after AEX crashed and ran away in 2022!

💣 Huang Tianwei's "Sickle Career" timeline
2013: Founded Bit Era (one of the earliest exchanges in China)
2018: Renamed AEX, launched high-interest financial management (annualized 30%+)
2022: AEX crashed, withdrawals frozen, 20 million US dollars evaporated
2025: Thailand opened a pig slaughter again, specifically targeting Chinese investors
"He was arrested in Guangxi, but he was able to run away to Thailand to continue cutting leeks" - victim

🕵️♂️ Details of the Thai fraud case
Method: "Bitcoin high return investment" lured 2 Chinese people
Stolen money: 200 million Thai baht BTC transferred to the mixer in seconds
Caught: Airport facial recognition triggered an international arrest warrant
(Compare the show operation)

🇨🇳 Domestic AEX crash:
22,000 victims
147 BTC cannot be withdrawn
Company cancelled early and ran away

⚠️ Industry warning: Precursor of exchange crash
1️⃣ Crazy promotion of high-interest financial management (classic Ponzi scheme)
2️⃣ Legal person affiliated companies collectively cancelled
3️⃣ Founder frequently travels abroad
4️⃣ Withdrawal delay + customer service death

The 'Crypto Paradise' Dream of Singapore Shatters! MAS's New Regulations Strike, The Web3 Retreat Begins?

Singapore has flipped overnight, directly issuing a 'death notice' to the crypto industry! Once hailed as the 'Crypto Paradise of Asia,' Singapore is now turning the table — new regulations effective at the end of June, with no grace period, leaving the Chinese crypto community stunned!

The new regulations have a nuclear-level impact
1️⃣ License Massacre: All unlicensed exchanges are out (refer to the Hong Kong JPEX incident)
2️⃣ KYC Hell Mode: Anonymous trading becomes history, on-chain transfers over 1000 SGD will trigger police alerts
3️⃣ Defi Crackdown: Even 'unauthorized smart contracts' are deemed illegal (V God shook his head)
"Yesterday we were having afternoon tea at Marina Bay Sands discussing web3, today we got raided" — some individuals stuck in Singapore lamenting in their circles

♂️ The Last Days of the Chinese Crypto Community

2017-2022 Golden Era: Issuing air tokens to fleece mainland investors, Singaporean foundations acting as white gloves

2022 Great Escape: Rapidly chartering flights to Singapore following the issuance of a Chinese judicial interpretation
Retribution has arrived: Temasek lost 275 million dollars to FTX, the government is completely furious

'Compliance' Fleece Formula:
Singapore shell companies + Chinese white papers + masking local IPs = 'Legal' ICO
Result: 90% of projects go to zero, founders reside in the presidential suite at Marina Bay Sands

Industry Earthquake Warning

✅ Good News:
Compliant exchanges (Binance, Coinbase laughing awake)
Hong Kong seizing the opportunity to attract talent (issuing 'crypto entrepreneur visas' overnight)
❌ Bad News:
Chinese capital pools collectively collapse (some USTC teams have disbanded)
Local OTC traders selling off USDT overnight (exchange rate plummeted by 3%)

Survival Guide for Investors
1️⃣ Withdraw funds immediately! Small exchanges may suddenly run away
2️⃣ Close Singapore-based accounts (to avoid repercussions later)
3️⃣ Monitor policy windows in Hong Kong/Dubai
#非农就业数据来袭 #加密市场回调

$DONKEY Who can withstand this trend, I couldn't help but get on board again

「3 Days Up 1800%, 1 Day Down 60%, VC Cashes Out 20 Million, Who Exactly is MYX's ATM?」

01｜Crazy Bull in Three Days 📈

In the past 72 hours, MYX price rose from $0.113 → $2.1, an increase of over 1800%.

In friend circles and group chats, everyone is flaunting screenshots of the “new rich in the crypto world.”

But!

The smile of sudden wealth, before it could be captured, was shattered by a plummet —

📉 Within 24 hours, MYX plummeted directly to $0.82, and now hovers around $1.05.

02｜The Culprit Behind the Crash: VC Running Away 🏃💨

On August 7, on-chain analyst @ai_9684xtpa revealed:

Hack VC withdrew 1.27 million MYX (about $2.157 million) from the airdrop contract within 7 hours.

Among them, 445,000 were sold at an average price of $1.68, cashing out $747,000.

After the crash, liquidity instantly dried up, and Binance contract trading volume surged to $7 billion in a single day.

This operation directly turned the long-short betting into a hellish scene — some became rich overnight, while others went to zero in an instant.

03｜The Halo Story of MYX 🌟

Don't forget, MYX has a top-tier lineup:

In 2023, it received investments from more than a dozen institutions including Sequoia China, Consensys, and Hack VC.

Focusing on the MPM matching pool mechanism, claiming zero slippage + 125 times on-chain leverage.

In 2025, it entered the Linea ecosystem investment alliance (LEIA), with a TVL exceeding $27 million and trading volume over $84 billion.

On the surface, this is a revolutionary on-chain derivatives player.

But the story of capital always has another side.

04｜Old Accounts Behind the Prosperity 📜

In 2023, the BRC-20 token BMYX associated with MYX was accused of harvesting, causing heavy losses for investors.

Before this year's TGE, public opinion dug up this history again, pointing directly at the incubating institution D11 Labs.

CEO Mark Zhang was forced to promise compensation:

30% Stablecoins

70% MYX (Unlocked in installments)

And reserved 4% of tokens for dynamic adjustments.

This means the project is still carrying historical burdens.

05｜The Ending is Still the Same Old Script 🎭

The story of MYX tells us:

The cost for VCs is far lower than the market price; pumping is easy, cashing out is even easier.

Retail investors chasing highs are essentially taking over for the VCs.

All surges may be for better exit opportunities next time.

Next time you see a token rise 1800% in 72 hours,

Remember to ask first: Who is cashing out?

"Elon Musk's Political Economy: From Trump Ally to Deficit Hawk"

Musk's political stance seems to be undergoing a subtle shift.
Just after he announced the formation of the "American Party," a user on X directly asked:
"What made you go from being a strong supporter of Trump (DJT) to now criticizing him?"
Musk's response was brief yet powerful:
"The deficit will increase from $2 trillion during Biden's presidency to $2.5 trillion under Trump. This will bankrupt the country."

1. Musk vs Trump: Once Allies, Now Divided

2016-2020: Musk was once Trump's "technology advisor," with SpaceX and Tesla benefiting from policies.
2024 Election: Initially, Musk continued to publicly support Trump, even joking, "If Trump is elected, I’d be willing to be an advisor."
Turning Point: Recent revelations about Trump's fiscal policy—$2.5 trillion deficit, far exceeding Biden's $2 trillion.
Musk's Concerns:
U.S. national debt has exceeded $36 trillion, with interest payments accounting for 3.5% of GDP.
If the deficit continues to spiral out of control, the dollar's credibility may collapse, directly affecting global financing for companies like Tesla and SpaceX.

2. Why Does the Deficit Make Musk 'Jump Ship'?

Musk's core interests are directly at odds with the fiscal deficit:
✅ Tesla: Relies on global capital; a devalued dollar will increase overseas financing costs.
✅ SpaceX: NASA contracts are settled in dollars; fiscal tightening may cut space budgets.
✅ X (Twitter): If an economic crisis erupts, advertising revenue will plummet.
"Musk is not a politician; he is a capitalist—when policies threaten business, he will definitely retaliate."

3. The True Objective of the 'American Party': Fiscal Reform?

Musk's new political party has the slogan "Technology, Freedom, Fiscal Responsibility," with key tenets including:
Reducing the deficit: Optimizing government spending through AI to cut waste.
Crypto-friendly: Promoting Bitcoin as a "fiscal safe-haven asset."
Reducing intervention: Opposing Trump's trade protectionism (like tariffs on Chinese electric vehicles).
Potential Impact:
Diverting Trump's "tech billionaire" voter base.
If it secures over 10% of the vote, it could become a key kingmaker in 2028.

The 'Hidden Swordsman' of the Bitcoin World: The 140,000x Legend of a Mysterious Miner

An address that has been silent for many years suddenly glimmers — 80,000 BTC, worth $7.55 billion, quietly rests in the wallet of an 'independent miner'.

This is neither Satoshi Nakamoto nor MicroStrategy, but a 'hermit' from the early Bitcoin world. His holding size is equivalent to:
MicroStrategy (590,000 BTC) at 13.4%
Satoshi Nakamoto (estimated 1.26 million) at 6.35%
7.5 times the 24-hour BTC spot trading volume of Binance

Even more astonishing is that his cost was only $0.76 per coin, yielding a return of 140,000 times, enough to make any hedge fund blush.

1. Who is this 'independent miner'?
Early miner: Around 2010, the difficulty of Bitcoin mining was extremely low, and a home computer could participate.
Long-term holder: He has not moved his holdings for over a decade, surviving multiple bull and bear markets, including the 2013 Mt. Gox collapse, the 2017 ICO frenzy, and the $60,000 peak in 2021.
Non-institutional, non-exchange: The address has no large transfer records, ruling out the possibility of custodianship or funds.
'He is not Satoshi Nakamoto, but he may be the closest holder to 'Bitcoin fundamentalism'.' — On-chain analyst

2. A cost of $0.76, and a return of 140,000 times
In 2009-2010, Bitcoin was virtually worthless, and mining electricity costs were negligible.
Assuming he mined with an ordinary computer back then, the electricity cost was approximately $0.76/BTC.
Today, 80,000 BTC is worth $7.55 billion, yielding a profit of 140,000 times.
Comparison:
MicroStrategy average price ~ $35,000/coin
Tesla average price ~ $31,000/coin
His cost ≈ the price of a fast-food meal

3. Why has he been discovered now?
Mature on-chain monitoring: Tools like Glassnode and Arkham leave whales nowhere to hide.
Market liquidity shrinkage: Binance's 24-hour BTC trading volume is only $1 billion, with 80,000 BTC representing too high a proportion; moving it could trigger a massive shock.
Industry curiosity: The mysterious address from the Satoshi Nakamoto era has always been a 'Holy Grail'-level puzzle in the crypto circle.

4. Will he sell? Can the market bear it?
If sold all at once: 80,000 BTC is approximately a week's trading volume for Binance, which could cause a waterfall decline.
More likely methods:
OTC off-exchange trading (to avoid market impact)
Gradually transferring to exchanges (e.g., 500 coins per day)
Continue to hold (believer's logic)

'His existence itself is the best advertisement for Bitcoin's 'scarcity'.'

「AEX Founder Released on Bail: An Unfinished Chapter in the Crypto Underworld」

Dusk in Bangkok, Thailand, where the humid wind carries the shouts of street vendors. At 7 PM on July 3rd, AEX (Anyin) exchange founder Huang Tianwei walked out of the police station and disappeared into the neon-lit street corner with family by his side. This industry turmoil, lasting for months, has finally reached a vague pause — but the assets locked for users remain trapped in the gray area of the crypto world.

1. The Silent Game Behind Bail

The symbolic significance of the three individuals compensated: The official report's mention of "partial asset return" is intriguing. Are these three lucky ones ordinary users, institutional investors, or insiders? The industry generally speculates that this may be a "showcase drama" to soothe the market.

The profound legal implications of Thailand's choice: Compared to the strict criminal case filing in mainland China, Southeast Asian countries are more inclined to classify such cases as civil disputes, leaving room for subsequent asset handling.

Bail ≠ Innocence: Lawyers familiar with Thailand's judicial system reveal that the bail for economic cases is typically 1-3% of the amount involved. Based on AEX's previous claim of a $500 million shortfall, this bail may cost several million dollars.

2. The Survival Rules of the Exchange Underworld

The AEX incident acts like a mirror, reflecting the collective dilemma of established exchanges:
Asset management black hole: Misappropriating user assets for quantitative trading, lending, and even high-risk speculation has become an "industry secret that cannot be spoken of."

Regional arbitrage: Registering the entity in Seychelles, having operations in Southeast Asia, and retaining the tech team in China — this "sandwich structure" was originally intended to evade regulation but has become a dead end in rights protection when issues arise.
Humanity test: During the LUNA collapse in 2022, AEX suspended withdrawals under the guise of "protecting users," which now appears more like a stalling tactic.

3. The Harsh Revelation for Retail Investors

Withdrawal is the only standard to evaluate an exchange: Whenever there are delays with phrases like "system maintenance" or "liquidity optimization," initiate the largest-scale withdrawal immediately.
Cold wallets are the ultimate destination: In 2025, exchange hacking incidents increased by 217% year-on-year. Earning interest on stored coins is essentially a gamble with a tiger.
Illusion of rights protection: The average handling period for cross-border cases is 3-5 years, and even if one wins, the enforcement rate is less than 20%. Early financial impairment is the rational choice.

The recent market is increasingly off.

The previously clear trends have suddenly reversed; when they should break out, they crash, and when they should pull back, they rally.

Stop losses are repeatedly targeted, as if the market is intentionally going against us.

The new game of the big players: hunting down 'logical traders'.

In the past, the market had rules to follow:
Chase longs on breakouts, go long on pullbacks.
Sell on rebounds during significant declines.

But now, the big players have started to specifically hunt down 'consensus trading':

- Waiting for a breakout? OK, first a false breakout to hit stop losses, then a reverse crash.

- Waiting for a pullback to buy the dip? They will directly pump it up, leaving you out.

- Smart money on-chain going long? The big players will smash through key support, forcing them to stop out.

—— The market no longer rewards 'correct analysis' but punishes 'the public consensus'.

The Ice and Fire of the Crypto World: While the West rushes, the East remains silent

In the United States, the daily trading volume of Bitcoin spot ETFs broke 5 billion USD, and Wall Street institutions are lining up to enter; in Europe, the pilot of Central Bank Digital Currency (CBDC) is accelerating, and traditional finance is starting to merge with DeFi; in Southeast Asia, young people in Vietnam and the Philippines are obsessed with Meme coin trading, with Telegram Bots and on-chain leverage becoming new casinos.

And what about us?

JD.com has announced plans to develop stablecoins. As soon as the news broke, before the market could get excited, a bunch of “JD stablecoin” Ponzi schemes emerged, harvesting funds and then running off. — This is the current situation.

1. The West is in a rush, and we are watching
Although the US SEC is still in a tug-of-war with the crypto industry, at least exchanges like Coinbase and Kraken can still operate normally. Ripple has fought a lawsuit with the SEC for years but has not been completely crushed.
The European MiCA legislation has been implemented, granting “compliance passes” to crypto companies, banks are starting to hold Bitcoin, and even allowing payments in stablecoins.

And what about us?

Exchanges? They either go overseas or transform into “blockchain technology consulting.”
Public chains? The technology is strong, but they can only tell stories overseas.
Retail investors? They either use VPNs to trade contracts or speculate on “digital collectibles” in WeChat groups, only to find out they are just air.

2. The JD stablecoin farce: The barrenness of innovative soil

JD Finance once revealed it would explore stablecoins, which should have been good news — at least it shows that large companies are still paying attention to this field.

But what’s the reality? As soon as the news broke, scammers immediately packaged themselves as “JD official stablecoin,” formed groups, issued tokens, and painted grand visions, only to run away in the end. — Why do scammers always manage to run ahead of legitimate projects?

Because true innovation is stifled, while scams can exploit information gaps and regulatory vacuums to thrive unchecked.

3. Are we really lagging behind?

Technologically, not necessarily.
China leads the world in the number of blockchain patents.
Ant Chain and Tencent Chain’s BaaS (Blockchain as a Service) are also competitive internationally.
But ecologically, we are indeed falling behind.

DeFi? Cannot participate.

NFT? Can only be called “digital collectibles” and cannot be traded on secondary markets.

Public chains? The technology is strong, but they can only serve overseas markets.
— We excel at building skyscrapers, but we do not dare to let anyone live in them.

Are we participants, or bystanders?

Guotai Junan International's stock price doubled in a day, just because it obtained a 'crypto license'?

On June 25th, what seemed like an ordinary announcement sent the Hong Kong stock market into a frenzy: Guotai Junan International received approval from the Hong Kong Securities and Futures Commission to provide virtual asset trading services. The next day, its stock price surged nearly 2 times, triggering strong associations in the market regarding the 'national team entering crypto'.

01｜Who is Guotai Junan International?

Guotai Junan International is one of the Hong Kong brokerage firms with the strongest Chinese background. Its major shareholder is Guotai Haitong Group, which was formed from the merger and restructuring of Guotai Junan and Haitong Securities. The controlling entity behind it is the Shanghai State-owned Assets Supervision and Administration Commission.

Its mission is clear: to build a 'main force for a strong financial nation'. This means that its every move goes far beyond that of an ordinary brokerage firm.

02｜What exactly is this crypto business?

The license obtained this time is an upgraded version from the Hong Kong Securities and Futures Commission (SFC), allowing it to provide trading services for virtual assets such as Bitcoin and Ethereum on its platform, and to offer investment advice related to these assets, as well as issue and distribute over-the-counter derivatives products.

Although it does not directly participate in matching (currently done by Hashkey), the opening of the channel is still of great significance to traditional investors.

03｜Why did the market react so violently?

Firstly, this is the first Chinese-funded brokerage in Hong Kong to obtain such a complete service license;

Secondly, its background raises speculation—could this be a signal that the 'national team' is testing the waters in crypto?

Finally, it is the biggest piece in the game of Hong Kong's push for the legalization of Web3 over the past year.

04｜Not just crypto, but also institutional imagination

Guotai Junan International began laying out structured notes linked to virtual currencies and distributing tokenized securities last year. This crypto license event is actually one of the nodes in its long-term crypto layout. As Chinese-funded brokerages gradually embrace underlying infrastructures such as DLT and Tokenization, the trend of 'institutionalization' in the crypto industry is becoming increasingly clear.

05｜A 'new variable' in the crypto space

From FOMO hype in the crypto circle to state-owned brokerages entering the game, Guotai Junan International's surge may be a landmark event. In the future, will the accelerated issuance of such licenses represent further openness from the Hong Kong government and local governments towards a Web3 regulatory framework? Will state-owned enterprises truly become the catalyst for the next stage of 'Crypto adoption'? This is worth close attention.

『400 Million FDV's 'Eastern Coinbase' - Is it a Golden Pit or a Zero Trap?』

Hong Kong Compliance King HSK dropped to $0.4 (FDV 400 million), employees rely on it for salaries! Wanxiang's favored child + Eastern Coinbase script, odds are 10 times higher than the local dogs! But the risks are also maximal...

「Speculators: Logic Chain of Price Surge」

1️⃣ Expected Listing:
Only on Gate? Ondo listed at 0.2 on Gate → surged to $2.5
If OKX/Binance lists (high probability for OK), fomo funds will rush in

2️⃣ Compliance Windfall:
CRCL compliance skyrocketing demonstrates effect
80% market share in Hong Kong + expectations of cooperation with JD stablecoin

3️⃣ Token Economics:
Group profits 20% used for buyback and destruction (though not yet initiated)
Employees have a cost price of $0.4, limited selling pressure

📈 Target Estimation:
Short-term speculation → 2-3 times (benchmarking OSL's 7 billion HKD market value)
If listed on major exchanges → 5-10 times (FDV rush to 2-4 billion dollars)

「Investors: Five Major Death Warnings」

1️⃣ Business Decline:
Hong Kong users are poor, mainland restrictions, overseas operations are constrained
Trading volume is being beaten by OSL (only 1/8 of theirs)

2️⃣ Internal Team Struggles:
Three waves of executive turnover, suspected makeshift team
Lack of 'self-reliant idealistic tough individuals'

3️⃣ Compliance Shackles:
Hong Kong policies are as slow as a snail, no hope for loosening
Cannot compete with Binance/OK's 'wild routes'

4️⃣ Hard to Chew Stablecoin Bonuses:
JD stablecoin cooperation ≠ easy profit
USDT/USDC's dominant position is hard to shake

5️⃣ Wanxiang is not a Savior:
Favored child ≠ unlimited blood transfusion, poor performance will still be cut

What does this university dormitory's cryptocurrency experiment teach us, from missionary Alpha to accidentally becoming rich?

I am a university graduate from this year. After experiencing Binance Alpha's 'money-making myth' during my internship, I decided to bring my roommates into this seemingly risk-free airdrop game while back at school.

My approach was very simple—dividends, emotional value, and friendship coercion. But soon I discovered that no matter how persuasive I was, it couldn't overcome the psychological barrier of identity verification; even if they trusted me, it couldn't withstand the deterrent of the Huawei phone pop-up warning 'this software is a virus.' The threshold of Alpha is not technology, but prejudice.

Even so, my roommates were gradually persuaded to join the initial exploration of the cryptocurrency world. At first, they couldn't even distinguish between the buy and sell buttons, but surprisingly, a mistaken operation led one roommate to hit the bottom of LA, and a single sale turned dozens of U's in airdrops into profits of over three hundred U's. This 'serendipitous' fortunate occurrence made me, an old player, momentarily question life.

However, the joy was short-lived, and reality was heavy. As Alpha activities entered deeper waters, the competition became fiercer, the cryptocurrencies became harder to trade, transaction fees gradually ate into profits, and there even arose situations where 'trading volume was brushed but no coins could be grabbed.' My 'small entrepreneurship' gradually sank into a high-risk, low-return quagmire.

But in the end, I realized that this was not a 'failure.' My roommates and I gained a lot of real experiences about the cryptocurrency world during this journey, and we witnessed how the wealth effect gradually broke people's cognitive biases. Binance Alpha also successfully achieved its goal: in a short time, it captured those ordinary people who were originally indifferent to cryptocurrencies.

In this seemingly absurd story, we participated in a typical user growth and education experiment in reality.

Perhaps, in a few years, those classmates who registered Binance accounts in the dormitory will become one of the earliest OGs on the Alpha chain.

"Trump warns that the Middle East powder keg is about to explode!"

"I have dealt with both countries, and they are exhausted... but the conflict will inevitably reignite!" — Trump's latest assessment of the Middle East situation

Core impact chain:
1️⃣ Energy Crisis 2.0: If Iran blocks the Strait of Hormuz, oil prices could soar above $100

2️⃣ Safe-haven asset reshuffling:
Traditional path: Gold → US Dollar

New trend: Bitcoin becomes digital gold (on-chain whales added 32,000 BTC in a single day)

3️⃣ Amplifier for cryptocurrency market volatility:

On the day of the Iranian missile attack on Israel in March 2025, BTC surged by 12%
CME Bitcoin futures open interest surged by 47%

Trump's "War Economics":

Military stocks quietly rising: Lockheed Martin up 15% this month

Cryptocurrency policy leverage: Using geopolitical risks to promote "Bitcoin as a safe-haven asset" legislation
Crude oil → Inflation → Interest rate hike expectations: The probability of the Fed cutting rates has plummeted, and high interest rates are more negative for altcoins

Smart money is already acting:

Grayscale GBTC: Net inflows for 5 consecutive days (institutions rushing to hedge)
Middle Eastern capital: UAE sovereign fund increasing holdings in Bitcoin mining stocks
On-chain signals: Bitcoin ETF attracted $2.6 billion in a single week, setting a new high for 2025

「Sahara ignites the crypto circle! $74.5 million public offering hides secrets, USD1 cold start + WLFI support, is AI narrative about to take off?」

【Project Express】🔥

$74.5 million public offering, nearly $60 million from USD1

118 countries participated, 30,000 people KYC, trending on Twitter in the US Top 2

CZ + WLFI dual kings retweeted, resources fully loaded

Sahara's operation is outstanding!

Is this an ordinary project? $74.5 million public offering, nearly $60 million from USD1, 30,000 people KYC, directly surged to the second spot on US trending! I don't believe there aren't big players behind the scenes!

Sahara's super strategy

1️⃣ USD1 cold start: The hardest part for stablecoins is the first batch of real scenarios, Sahara directly took in $60 million USD1, WLFI's move is ruthless!

2️⃣ AI + Web3 narrative: Web2 humanoid robots are going crazy, Web3 finally has a strong AI project!

3️⃣ CZ + WLFI dual endorsement: Resources in place, heat exploding, this configuration is not something an ordinary team can handle!

Why is it said to be not simple?
Strong background: WLFI support, a large amount of USD1 entering, clearly an ecological-level layout
Timely opportunity: Small bull correction + AI boom, right place and right time

Strong resources: 30,000 people KYC, participation from 118 countries, trending second on Twitter

🚨 Risk Warning

USD1 background remains a mystery: A large amount of USD1 entering, is it investment or ecological cooperation?

Secondary market performance: The public offering is booming, but can it sustain high valuation after listing?

AI narrative implementation: Most AI projects in Web3 are loud but lack substance, can Sahara break through?

"Mai Gang: Pop Mart, Bitcoin, and the Man Who Was 'Kicked Out of the Group Chat'"

Pop Mart's market value has surpassed HKD 300 billion, Wang Ning has become the richest man in Henan, and Labubu is popular worldwide.

Behind this feast, there is a name that is often overlooked - Mai Gang.

He was the first angel investor in Pop Mart and one of the earliest evangelists of Bitcoin, as well as a co-founder of OKCoin (later known as OKX).

In 2013, because he talked about Bitcoin in a WeChat group chat, he was 'kicked out of the group chat' by the mainstream VC circle. Today, Bitcoin has surpassed $100,000, and the market value of Pop Mart, in which he once invested, has increased twenty thousand times. This marginalized investor has defined the super growth of two eras.

Mai Gang has never raised funds from LPs, insisting on using his own funds for 'counter-cyclical' investments. His investment logic is simple but clear: What problem does a company solve? Who are its competitors? Why will it win? With this approach, he recognized the overlooked Pop Mart and understood Bitcoin, which was still being incubated in 'computer labs'.

Even more remarkably, his few 'casual matchmaking' efforts have influenced the entire landscape of the crypto industry. He was the one who introduced the host He Yi to OKCoin; he was also the one who facilitated Zhao Changpeng's entry into OKCoin; and all of this eventually led to the rise of Binance and the transformation of the crypto realm.

Mai Gang is a contradictory person: he once won the Silicon Valley Startup Competition but does not chase trends; he is an angel investor but does not form groups or expand; after graduating from Renmin University, he has been an entrepreneur yet always emphasizes that character is more important than strategy.

He said, 'Ultimately, what is left on your tombstone is not CEO, but 'Compassionate Father', 'Generous Friend'. You cannot take fame and wealth with you; what you can leave behind is only emotion and memories.'

Now it seems that this is not only the copy on his website's homepage but also a footnote to his life investment portfolio.

「【Institutional Manipulation Revealed】LD Capital Holds 64% of Meme Coin NEIRO! Is it a Strategic Move or Market Manipulation?」

LD Capital is reported to control 64.25% of the circulating supply of Meme Coin NEIRO,

The founder's statement "Bought with real money" has caused a major earthquake in the crypto community—Is this value investing or blatant market manipulation?

Core Controversies of the Incident
1️⃣ Terrifying Holding Ratio:

Holding 173,000 ETH (approximately 500 million dollars)

Controlling 64.25% of NEIRO's circulating supply (absolute control)

Started buying when the project's market cap just broke 10 million dollars

2️⃣ Founder’s Response:

"Pure buying in the secondary market without selling"

"Aiming to support NEIRO as the leading Meme in the ETH ecosystem"

"Buying more and more to become a currency powerhouse"

"In the crypto world, a 64% holding is not called investing; it’s called market manipulation" — Anonymous Market Maker

Is it investment or manipulation? Three Major Doubts
❓ Why not disclose?

Holding over 5% should be publicly disclosed (traditional financial market rules)

Only responded passively after being exposed

❓ How to guarantee no price crash?

64% of the chips could instantly drive the price to zero

The founder only verbally promised "not to sell"

❓ Ecosystem Leader or a Tool for Exploiting Investors?

NEIRO has no actual ecosystem application

Recent trading volume shows 90% coming from a single exchange

Current State of the Meme Coin Market
✅ Institutional Entry:

Institutions like LD Capital and Alameda have started to position themselves in the Meme sector

The hype logic has shifted from "community governance" to "institutional control"

❌ Retail Risks:

Among the top 10 Meme coins, 6 are controlled by institutions with over 40%

Recent on-chain data for NEIRO shows: 95% of addresses are at a loss

「Surpassing Meituan in just 3 months, Liu Qiangdong's strategy is ruthless...」

Liu Qiangdong is back, but he is not here to take jobs; he is here to change the dining table.

JD's food delivery service has been online for 3 months, with daily active users surpassing Meituan for the first time, 120,000 delivery riders, and 900,000 employees...

Behind this is not just a subsidy war, but a lightning-fast supply chain battle.

Liu Qiangdong:

"We are not doing food delivery to make money from it."

"What I am doing is to redefine the catering supply chain."

What he wants is not just food, but the industrial-level road network behind it—

Cold chain, delivery, merchant SaaS, ingredient procurement...

Food delivery is just a guise; the supply chain is the main task.

【Data speaks, surpassing Meituan in 3 months】

Launched in March, daily active users reached 169 million by June.

40% of food delivery users also order e-commerce products.

3,000-4,000 new riders are added daily.

Net employee growth in the second quarter is expected to exceed 180,000.

📌 In summary: Food delivery has become the cheapest "traffic acquisition method."

【Liu Qiangdong's food delivery logic】

"While others subsidize to increase GMV, I subsidize to gain private domain users."

Compared to spending money to buy traffic from Tencent and Douyin, Liu Qiangdong uses his investment to directly acquire JD user assets.

These people order food today, buy electronics tomorrow, and purchase medicine the day after...

The traffic is owned, and the lifecycle is closed-loop.

【What he really wants to fight against is platform monopoly】

"If we can divide the world into three parts, catering businesses won't have to choose one."

This battle is not just against Meituan; it's a head-on confrontation against the "platform monopoly model":

No high commission fees.

No forcing merchants to take sides.

Using JD logistics + supply chain to reduce costs for merchants.

JD is not just selling food; it's selling freedom.

【Liu Qiangdong's layout in the entire service industry】

The new channel division currently services:

✅ 1.5 million convenience stores.

✅ Layout in hotels, medical aesthetics, hospital supply chains.

✅ Comprehensive entry into the offline service industry system.

Food delivery is just the first entry point; in the future, every street-side store may be a part of JD's supply chain.

JD has been down for five years; now it is starting anew:

Reconstructing the value chain with self-operated advantages.

Food delivery feeding back into e-commerce's private domain.

Comprehensive penetration of service industry supply chains.

📌 Liu Qiangdong is betting not on the dining table, but on the commercial foundation for the next twenty years.

「CZ announces the launch of the 'Dark Pool' feature on Aster DEX in just 18 days! 30+ projects rushing for collaboration, is the DEX privacy war about to begin?」

The CZ effect is showing its power again!
In early June, Zhao Changpeng (CZ) called for the development of the 'Dark Pool DEX' feature on platform X, and just 18 days later, Aster DEX announced the launch of the 'Hidden Order', becoming the first decentralized exchange to respond to CZ's proposal!

🔍 Is CZ's vision of a 'Dark Pool DEX' coming true?
On June 2, CZ published an article questioning the excessive transparency of DEXs, which leads to issues such as MEV attacks, front-running, and targeted liquidations, and suggested using zero-knowledge proof (ZK) technology to hide orders.

On June 20, Aster DEX announced the launch of the 'Hidden Order' feature, where the order book is no longer public, and trade details are only visible after settlement, perfectly aligning with CZ's vision!

CZ himself responded: “I did not discuss this feature with any project prior, but since my post, over 30 projects have proactively contacted us for collaboration.”

💡 Why is the 'Hidden Order' important?
1️⃣ Protecting whales: Large transactions are no longer targeted, avoiding 'Liquidation Hunting'.
2️⃣ Reducing MEV attacks: Bots cannot front-run trades, lowering slippage.
3️⃣ Improving capital efficiency: Institutional investors are more willing to trade on privacy-protected DEXs.

30+ projects rushing for collaboration, is the DEX landscape about to change?
CZ's influence is once again evident, including:
Tristero (has developed a similar solution), 0x0 (about to launch the privacy trading platform Spectre), SKALE (launched the BITE protocol to combat MEV)
Other undisclosed ZK technology teams

Market reaction:
Aster DEX token (AST) surged 40% in the short term
Tokens related to the privacy track (such as ZK, FHE) also rose

Controversy: Dark Pool vs. Decentralization Spirit
Despite the popularity of CZ's proposal, there are still opposing voices:
“The dark pool goes against the spirit of transparency in crypto” (X user Cedric Beau)
“It may encourage insider trading” (StealthEX CEO Maria Carola)

“Circle Rises 390%, Wall Street Announces ‘Crypto Bull Market’?”

Circle's price rose 390% in ten days, with market capitalization soaring to $36.7 billion!
In just 10 days since its listing, the stock price surged from $31 to $165, an increase of 387%, with a single-day rise of 13% on June 16, reaching $165.6 during trading.

Core Drivers:
USDC reserve income from interest rate differentials: In 2024, USDC reserves are expected to generate approximately $1.7 billion in revenue, 99% coming from stablecoins + U.S. Treasury yields.
Compliance and Transparency: Detailed disclosure of reserve structure sets a standard for the stablecoin issuance industry.

It’s not just about token investment, but rather positioning as an “on-chain asset mapping company.”
This market trend reflects a larger trend:
“On-chain financial infrastructure” is being revalued by Wall Street!
Compliance and transparency become the foundation of trust.

Stablecoins, vaults, wallets → become new asset allocation opportunities for traditional capital.

Investors are no longer fixated on tokens but are looking at the long-term value of these “on-chain asset companies.”

Do you think the market valuation is reasonable? Feel free to leave a comment for discussion!