Today's news tips:
Google is exploring using Google Sign-In to log into Bitcoin wallets
Strategy announces $2 billion convertible bond issuance to support future Bitcoin purchases
US SEC confirms receipt of Bitwise’s spot XRP ETF application
Curve founder’s new project Yield Basis raises $5 million at a $50 million token valuation
Binance Alpha Launches BROCCOLI (f2b), CZ'S DOG, and Broccoli (f3b)
FTX's next round of repayment distribution will begin on May 30
Changpeng Zhao: All tokens received in the wallet will be donated
Regulatory/Macro
According to the latest regulatory roadmap "ASPI-Re" released by the Hong Kong Securities and Futures Commission (SFC), Hong Kong will further improve the regulation of the virtual asset market to balance innovation and risk management. The global virtual asset market will exceed US$3 trillion in 2024. The SFC has established a series of regulatory mechanisms since 2018, including the Virtual Asset Trading Platform (VATP) license and Asia's first spot ETFs. However, the market still faces liquidity fragmentation, regulatory arbitrage and investor protection issues. The roadmap includes five pillars: market access (Access), safety guarantees (Safeguards), product innovation (Products), infrastructure construction (Infrastructure) and relationship management (Relationships), and proposes 12 measures, such as optimizing the licensing system, promoting OTC and custody service supervision, studying allowing professional investors to trade derivatives and staking, and strengthening market monitoring and cross-border cooperation. The SFC emphasized that the framework will promote Hong Kong to become a trusted virtual asset liquidity center while ensuring market stability and investor protection.
According to Cointelegraph, Coinbase and its several executives have been hit with shareholder lawsuits, accusing them of misleading investors about the company's bankruptcy risks and violating securities laws. On February 18, Coinbase shareholder Wenduo Guo filed a lawsuit in a federal court in New Jersey, claiming that Coinbase and its leadership failed to disclose that customer assets could be considered part of Coinbase's bankruptcy property, making retail customers unsecured creditors. The lawsuit pointed out that before Coinbase went public in April 2021, at least 75 crypto exchanges went bankrupt, leaving customers of these exchanges unable to recover their digital assets. "Despite repeated denials by the company's management, Coinbase is no different in terms of the risk of losing digital assets in bankruptcy." The lawsuit also claimed that Coinbase did not disclose its proprietary trading to make up for the decline in cryptocurrency prices, which the lawsuit called a "risky behavior of trading assets with company funds." Wenduo Guo's lawsuit also mentioned the U.S. SEC's lawsuit against Coinbase in June 2023, accusing the company of listing unregistered securities and not registering with the agency. The lawsuit accuses several executives, including CEO Brian Armstrong, of selling millions of shares and making hundreds of millions of dollars in personal profits. Wenduo Guo claims that these actions have caused Coinbase to suffer substantial losses, regulatory penalties, lawsuits, and reputational damage. The lawsuit requests a jury trial and seeks damages and corporate governance reforms to prevent similar misconduct from happening again.
According to Lookonchain, Dave Portnoy (@stoolpresidente) created Greed and bought 357.92 million Greed (35.79% of the total supply). He sold all 357.92 million Greed in one transaction, causing the price of Greed to plummet by 99%. He made a profit of about $258,000 from Greed. Next, Dave Portnoy created Greed2 and currently holds 268.25 million Greed2 (26.8% of the total supply). Please ensure your funds are safe and be aware of the risks.
Charles Schwab creates digital asset manager position to expand cryptocurrency services
According to The Daily Hodl, citing Barron's, as financial services giant Charles Schwab expands its business tentacles into crypto asset investment, the company is setting up a new executive position. This new position is the head of digital assets, who will be responsible for Schwab's overall crypto asset strategy. Joe Vietri, who was previously the head of the financial services giant's branch network, will serve as the first head of digital assets. Schwab manages approximately $10.33 trillion in total client assets and has provided clients with exposure to cryptocurrencies through regulated products such as Bitcoin spot ETFs, which were approved in the United States in January 2024. Under Vietri's leadership, the financial services giant is planning to expand its range of cryptocurrency products. During last month's fourth-quarter earnings call, Worster said Schwab's clients are increasingly interested in crypto assets.
Google is exploring using Google Sign-In to log into Bitcoin wallets
According to Crypto Briefing, Google Cloud Asia Pacific Web3 expert Kyle Song revealed in his speech at the Hong Kong Bitcoin Technology Carnival that Google is working to make Bitcoin wallets as user-friendly as Web2 applications. Google's vision is to enable users to log in to Bitcoin wallets using existing Google accounts. The purpose of this goal is to make Bitcoin closer to mainstream users. Song said that the launch of the spot Bitcoin ETF in 2024 has opened up a more convenient path for large Web2 companies such as Google to enter the Bitcoin industry. Since last year, the tech giant has been working with companies and developers in the Bitcoin field. Song said: "We are exploring ways to lower the entry barrier so that Web2 users can easily use Bitcoin." When talking about bridging the technical gap between traditional finance and blockchain-based finance, Song pointed out that Google is focusing on improving security. Song said: "We are also working on solutions to solve the trust problem between on-chain systems and off-chain systems. Google is particularly considering how to use advanced cryptographic technologies such as zero-knowledge proofs (ZKP) to improve reliability."
John Reed Stark, a former SEC official, wrote on the X platform that the SEC's lawsuit against Coinbase may have ended because the regulator's newly formed cryptocurrency task force is seeking to resolve previous enforcement actions against the exchange. Stark explained why the SEC asked for a 28-day extension to respond to Coinbase's petition for permission to appeal. He said: "According to the 3-page joint motion, the SEC's review of cryptocurrency-related issues is 'ongoing', and the extension will give the SEC time to conduct an 'appropriate review' as it prepares a response to Coinbase's petition. In other words, the SEC's lawsuit against Coinbase may have ended." Stark estimated that the SEC's lawsuit against Binance will also usher in the same result. He cited a joint motion filed on February 11, in which both parties believed that the SEC's cryptocurrency task force "may affect and promote the potential resolution of this case." The same is true for Ripple, which has been embroiled in litigation with the SEC since 2020. "It is expected that all cryptocurrency-related appeals, including those in the Ripple case, will be suspended, and more likely to be withdrawn entirely."
Crypto-backed Howard Lutnick confirmed by Senate as U.S. Commerce Secretary
According to Cointelegraph, Howard Lutnick, a cryptocurrency supporter who has hundreds of millions of dollars in exposure to Bitcoin, has been approved by the Senate as U.S. Secretary of Commerce.
Crypto Custody Company BitGo Adds OTC Trading Business and Considers IPO
Crypto custody company BitGo Inc. has launched a global digital asset over-the-counter trading platform as it plans to go public, Bloomberg reported. As cryptocurrency prices rise and demand for cryptocurrencies from institutional investors such as hedge funds increases, BitGo has made this business expansion. Earlier this month, people familiar with the matter revealed that the company is considering an initial public offering. BitGo said in a statement on Tuesday that the over-the-counter trading desk will provide spot and options trading services and lending services to institutional investors to facilitate margin trading. Since the beginning of last year, the company has begun serving some selected customers, with trading volumes of billions of dollars and a loan book of more than $100 million. In addition to the United States, the trading desk is also available in other jurisdictions including Hong Kong and countries in the Middle East.
Bullish obtains Hong Kong virtual asset trading platform license
According to Sing Tao Daily, the Hong Kong Securities and Futures Commission has granted virtual asset trading platform licenses again. The latest one is Bullish, a virtual asset trading platform, which has been approved, bringing the number of licensed virtual asset trading platforms in Hong Kong to 10. In an earlier interview with this newspaper, Liu Dehao, senior vice president and head of global sales of Bullish, said that Hong Kong is an important business point and currently has more than 100 employees in Hong Kong. He hopes to focus on institutional business after obtaining the license. It is worth noting that Bullish has previously acquired CoinDesk, a comprehensive media, event and index platform. There are currently 8 platforms on the list of applicants for virtual asset trading platforms. Ye Zhiheng, executive director of the intermediary agency department of the Securities and Futures Commission, said a few days ago that the market is becoming more and more clear about the standards for the Securities and Futures Commission to issue licenses, and new licenses will be issued again, but whether all applicants obtain licenses depends on whether they meet the requirements.
US SEC confirms receipt of Bitwise’s spot XRP ETF application
According to The Block, the U.S. Securities and Exchange Commission (SEC) confirmed on Tuesday that Cboe BZX Exchange, a subsidiary of the Chicago Board Options Exchange Group, submitted an application on behalf of Bitwise for the listing and trading of shares of the Bitwise XRP spot ETF. In a document confirming the proposal, the SEC requested comments within 21 days from the date of publication of the document in the Federal Register. After that, the agency may decide to approve, disapprove or "start the process." The 19b-4 document is the second step in the two-step process of proposing a crypto ETF to the SEC. Once confirmed, the document will be published in the Federal Register, thereby initiating the SEC's approval process. The SEC has previously confirmed XRP spot ETF applications submitted by 21Shares and Grayscale, but has not yet confirmed applications from Canary Capital and WisdomTree. According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, there is a 65% chance that an XRP-based ETF will be approved.
LIBRA Token Co-creator Hayden Davis Claims He Paid Bribe to Argentine President’s Sister
According to CoinDesk, a key figure behind the Libra token boasted that he had paid his way into the inner circle of Argentine President Javier Milei months before the scandal-ridden meme coin failed to launch. According to the text messages reviewed, Hayden Davis, CEO of Kelsier Ventures, claimed that he could "control" Milei because he had been paying a heavyweight in Javier Milei's government and the president's sister, Karina Milei. Davis claimed in a text message in mid-December last year, "I control that guy," adding, "I send money to his sister and he will sign anything I say and do what I want." It is unclear whether there was any money exchanged between Davis and Milei's inner circle before Libra was launched. In the text messages in December last year, Davis claimed that he could let Milei promote related projects on social media. Two months later, Milei's tweets about Libra fueled its price surge. But after finding on-chain evidence showing suspicious transactions, Milei deleted the tweet just five hours after it was posted, and Libra's price had already plummeted. In response, Hayden Davis, co-founder of the Libra token, denied bribing the Argentine president in a statement, calling the media reports "politically motivated." When asked if he denied making such allegations via text messages, his public relations representative said that there was no memory or record of Hayden's phone.
Strategy announces $2 billion convertible bond issuance to support future Bitcoin purchases
According to The Block, hours after issuing a profit warning, Strategy (formerly MicroStrategy) said on Tuesday that it plans to issue $2 billion in zero-interest convertible senior bonds. Strategy intends to use the proceeds from the issuance for general corporate purposes, including the acquisition of Bitcoin. The bonds will mature on March 1, 2030 unless repurchased, redeemed or converted in advance. According to the announcement, Strategy will settle the conversion in cash, Class A common stock, or a combination of both. Strategy also plans to grant initial purchasers the option to purchase up to $300 million in additional bonds within five business days after the issuance. Earlier on Tuesday, Strategy issued a profit warning in a 10-K filing with the U.S. SEC due to a potential increase in tax burdens. Strategy reviewed its net loss for the fiscal year ending December 31, 2024, mainly due to a $1.79 billion impairment loss on digital assets. The company warned that "profitability may not be restored in the future," especially if its Bitcoin holdings suffer significant fair value losses. It added that a significant decline in the market value of Bitcoin could have an adverse effect on the company's ability to repay its debts. Strategy said its enterprise analytics software business did not generate positive cash flow in 2024 and the company may need to rely on equity or debt financing to meet its financial obligations. The success of obtaining such financing depends largely on the market value of its Bitcoin holdings, and a significant decline in the value of Bitcoin could trigger liquidity risks, which in turn could force the company to sell Bitcoin at unfavorable prices. The company explained that this could have a significant impact on its financial performance and future financing prospects. Strategy acquired a total of approximately 258,320 BTC in 2024. After the latest acquisitions between February 3 and 9, 2025, the company currently holds 478,740 BTC, valued at more than $46 billion.
Financing
According to official news, the modular yield layer Cygnus announced the completion of a $20 million Pre-Seed round of financing, with participation from Manifold, OKX Ventures, Mirana Ventures, Optimism Retro Funding, etc. This financing will accelerate the growth of Cygnus and expand its product range. According to reports, Cygnus is a modular actual yield layer that enables blockchains to customize their own re-staking networks and achieve shared security. In addition, Cygnus is building the first Web3 Instagram application layer, integrating on-chain and off-chain assets to power the creator economy.
Curve founder’s new project Yield Basis raises $5 million at a $50 million token valuation
According to The Block, Michael Egorov, founder of decentralized exchange Curve Finance, is working on a new project called Yield Basis and has raised funds for it. According to a presentation on January 11, 2025, Yield Basis aims to initially help tokenized Bitcoin and Ethereum holders earn income through market making by mitigating impermanent loss. The presentation wrote that Yield Basis raised $5 million in a token round at a fully diluted valuation of $50 million. The project will sell 10% of its "YB" token supply to investors, or 100 million of a total of 1 billion tokens. The token unlocking schedule for investors includes a six-month lock-up period, followed by a linear unlocking over two years. People familiar with the matter said that Yield Basis started the fundraising process last month and raised funds within two weeks; investor interest was "huge" and the round was "15 times oversubscribed." When contacted for comment, Egorov confirmed that he was working on the Yield Basis project and had raised funds at the above valuation. He also verified the details in the presentation. The project's token, YB, will be allocated to different categories. According to the presentation, 30% of the total supply is allocated for community incentives, which will be distributed through liquidity mining. Other allocations include 25% to the team, 15% to development reserves, 10% to Curve technology licensing, and 10% to cooperation. Egorov said: "Curve technology licensing is likely to be used to vote for the crvUSD stable pool. This seems to be the most in line with the Curve ecosystem and will also help YB." Egorov also revealed that Yield Basis is currently in the "production test" stage and is undergoing testing and auditing before the full launch of the liquidity pool, but the entire system, including the token, will take longer to launch.
AI
Insider: Musk's X is negotiating financing, with a valuation of $44 billion
Elon Musk's social media company X is in talks with investors to raise funds at a valuation of $44 billion, the same price Musk paid to buy the company in 2022, according to people familiar with the matter. The round of financing would be a major turnaround for the social media giant after Musk's acquisitions and reforms caused many users and advertisers to flee. Negotiations for a new round of X financing are still ongoing and details may change, the people said, asking not to be named because of private information. The company may also abandon financing negotiations. This is the first known round of investment since Musk took the social media company private.
Project News
Binance Alpha Lists Perry, SIREN, and BNBXBT
Binance Alpha announced the listing of Perry (PERRY), SIREN (SIREN), and BNBXBT (BNBXBT). However, please note that this does not mean that the token has been officially listed on the Binance platform. The specific information is as follows: Perry (PERRY): CZ's discarded PERREY dog; SIREN (SIREN): an AI analyst deployed completely on the chain; BNBXBT (BNBXBT): an AI agent on the BSC chain, focusing on analyzing social data to find investment Alpha opportunities. Earlier news, Binance Alpha announced the listing of Broccoli (BROCCOLI), CZ'S DOG (Broccoli), and Broccoli (Broccoli).
Binance Alpha Launches BROCCOLI (f2b), CZ'S DOG, and Broccoli (f3b)
Binance Alpha announced the listing of Broccoli (BROCCOLI), CZ'S DOG (Broccoli), and Broccoli (Broccoli), but it should be noted that this does not mean that these tokens have been officially listed on the Binance platform. Specifically: Broccoli (BROCCOLI): The contract address ends with f2b. It is said that CZ named his dog "Broccoli", inspired by a name with green elements and starting with B. CZ'S DOG (Broccoli): The contract address ends with 714. This project is owned by the community and launched through the four.meme platform. Broccoli (Broccoli): The contract address ends with f3b. This is the first Broccoli project on the four.meme platform.
Arbitrum DAO has approved the proposal to allocate 35 million ARB to RWA investment
ArbitrumDAO announced that the community has approved the allocation of 35 million ARB to various stable assets, with a total investment value of approximately US$15.5 million. The funds come from the project's Stable Treasury Endowment Program (STEP), which previously allocated 35 million ARB to investments in six products in June 2024. It is understood that STEP is a plan to invest 1% of ArbitrumDAO funds in tokenized RWAs, aiming to diversify DAO funds while taking advantage of industry growth to generate returns. The latest allocation is part of the Arbitrum DAO STEP2.0 plan. Together with the 35 million ARB from STEP 1.0 and the 15 million ARB managed by the treasury, the total investment in RWA has reached 85 million ARB. ArbitrumDAO claims that this investment is currently one of the largest investments in DAO.
Bithumb to List GNO in Korean Won Market
According to an official announcement, South Korean crypto exchange Bithumb will list the GNO token in the Korean won market.
Kraken Completes FTX Estate’s First Fund Distribution, Compensating Over 46,000 Creditors
According to Bitcoin News, Kraken has completed the first distribution of funds from FTX estate, paying more than 46,000 creditors. Earlier news said that FTX will begin repaying creditors from February 18, 2025, and the first phase of repayment will repay $6.5 billion to $7 billion.
According to Bloomberg, Reeve Collins, one of the original founders of Tether, is launching his own stablecoin. Collins' Pi Protocol will provide holders with possible returns from tokenized real-world assets. This is different from earlier stablecoins such as USDT and USDC, which are pegged to fiat currencies, and algorithm-backed DAI, which simply track the value of the US dollar. The stablecoin protocol will be launched on the Ethereum and Solana blockchains in the second half of 2025. It is not clear how the stablecoin will generate income, however, some existing tokens will be distributed through income generated by tokenized "real-world assets" such as US Treasuries. It is reported that Collins served as CEO of Tether from 2013 to 2015 after co-founding Tether with Brock Pierce and Craig Sellars.
FTX's next round of repayment distribution will begin on May 30
According to FTX creditor Sunil, the registration date for FTX's next round of distribution is set for April 11, 2025, and the distribution will begin on May 30, 2025. This distribution will be paid to claims with amounts exceeding $50,000, as well as those claims with amounts below $50,000 that were approved but did not receive payment in the first distribution.
Viewpoint
Vitalik: He has a seat on the three-member board of directors of the Ethereum Foundation since 2017
Vitalik Buterin has responded to the claim that he holds 3/5 seats on the Ethereum Foundation (EF) board of directors, which is not accurate. He clarified that he has only held one seat on the three-member board since 2017. This response was in response to Ameen Soleimani's discussion on social media about whether Vitalik's role in the Ethereum ecosystem is closer to a "king" or a "prophet", in which the majority of voters believe that he is more inclined to the latter.
According to Zak Folkman, co-founder of World Liberty Financial, the Trump-backed crypto project World Liberty Financial (WLFI) had difficulty raising funds in the early stage, but it has turned around due to the intervention of Justin Sun. Sun became an official consultant to the project after purchasing WLFI tokens for $30 million. Folkman said at the Consensus Hong Kong conference that the project goal is to integrate traditional financial institutions with decentralized finance. Folkman emphasized that the success of WLFI did not rely on venture capital support, nor did it give special treatment to any token purchaser. It is worth noting that World Liberty also purchased $10 million in TRX (the native token of Justin Sun's TRON blockchain) and WBTC.
Balaji, former CTO of Coinbase, said that with the traditional IPO and merger and acquisition (M&A) paths blocked, the security token issuance (STO) on the blockchain may become a new window for technology companies to raise funds. He pointed out that the SEC's regulatory rules make it difficult for small companies to IPO, and the recent tough stance of the Federal Trade Commission (FTC) on large-scale mergers and acquisitions has further restricted the exit path for startups. This policy environment may weaken the flow of funds and competitiveness of the entrepreneurial ecosystem. However, he believes that policy changes in the crypto field have opened the door to STO, and the new government's support for cryptocurrency has made blockchain-based financing models more attractive. STO can not only reduce the cost of listing for small businesses, but also provide startups with a source of capital independent of large technology companies. Balaji emphasized that this model is in line with the government's goal of small businesses to remain independent, while also providing global investors with the opportunity to participate without directly owning corporate control.
CryptoQuant CEO: BTC will not enter a bear market this year, Strategy's BTC cost base is $65,033
Ki Young Ju, CEO of CryptoQuant, said that he believes that Bitcoin will not enter a bear market this year and is still in a bull cycle. He pointed out that Bitcoin prices will eventually go higher, but the fluctuation range may be large. He personally believes that even if the price falls 30% from historical highs (such as $110,000) to $77,000, the bull cycle is likely to continue, which is consistent with past market cycle performance. In addition, he mentioned that Strategy (formerly MicroStrategy) has a Bitcoin cost basis of $65,033. Earlier today, CryptoQuant CEO: The cost basis of BTC in ETFs or custodial wallets is $89,000.
Changpeng Zhao: All tokens received in the wallet will be donated
Binance founder Zhao Changpeng (CZ) posted on the X platform: "When you try to make money quickly, you tend to lose money. When you donate generously, you get more in return. I donated 150 BNB (about $100,000) to a college student, and he took out $50,000 of his own money to help Libra victims. (The student seemed to make a lot of money on BNB.) Now, this address has received more BNB than I donated, and more tokens. I won't keep a penny. I will donate it again, most likely to those who have suffered losses on TST or some Broccoli tokens. This is not an endorsement of any token. Don't over-interpret this."
Galaxy: LIBRA's "runaway" incident further hit investors' demand for SOL holdings
Galaxy Research said in a report on Monday that the apparent LIBRA token scam is the latest incident to have a negative impact on the Solana Meme coin ecosystem, according to CoinDesk. This trend has begun to worsen since the launch of the TRUMP token in January and the subsequent "liquidity exhaustion" it triggered. The report said that LIBRA could cause more damage to the Meme coin system. Galaxy said that this could reduce investors' demand for holding Solana's SOL tokens, noting that SOL's rise was mainly driven by demand for SOL-denominated assets such as Meme coins; the LIBRA token scam is the "latest dirty incident" in the Solana Meme coin system, which has fallen sharply since TRUMP was launched in January and briefly rose to the apex of a fully diluted valuation (FDV) of $75 billion.
K33 Research: Bitcoin market in "low state" since US election
According to The Block, Vetle Lunde, head of research at K33 Research, analyzed in a report that Bitcoin is still in a low volatility range. Bitcoin fell slightly by 2% this week as risk-averse traders pushed down yields, volatility and trading volumes to multi-month lows. Lunde wrote that although the Trump administration, which supports cryptocurrencies, is a long-term positive factor for Bitcoin and the entire crypto industry, short-term uncertainty has led to sluggish market activity. Bitcoin's various indicators are weakening across the market. Trading volume, yields, option premiums and ETF inflows have all fallen to pre-US dollar election levels. Amid these downturns, volatility has also fallen to multi-month lows. Lunde emphasized that 37% of the top 100 US companies currently have a higher 30-day volatility than Bitcoin, which has not been seen since October 2023. But he also warned that such periods of low volatility rarely last for long, and traders should be prepared for sudden changes. "Overall risk aversion suggests that traders are prepared for downside volatility, while current modest leverage levels suggest that there is less overhang from a wave of liquidations," Lunde said. Lunde's analysis of CME Bitcoin futures shows that premiums have recently fallen below 5%, which he noted is a rare occurrence. When looking at data from 2021 to 2025, Lunde found that low premiums generally coincide with weaker market performance, a condition that could be affected by the prolonged bear market in 2022. Lunde stressed that Bitcoin tends to perform best under a strong basis regime and called for caution amid current market uncertainty.
Important data
A whale was liquidated again with 7511 cWBTC, equivalent to about 14.43 million US dollars
According to Lookonchain monitoring, during the recent market decline, a whale was liquidated again for 7,511 cWBTC (about $14.43 million). Previously, during the 2022 crash, the whale was liquidated three times, totaling 74,426 cWBTC (US$32.82 million).
Abraxas Capital Mgmt associated address recharged 24,810 ETH to the exchange in the past 24 hours
According to the monitoring of on-chain analyst @ai_9684xtpa, Abraxas Capital Mgmt's associated address 0xEd0...a4312 has deposited 24,810 ETH to the exchange in the past 24 hours, with a total value of US$66.04 million and an average deposit price of US$2,661. The address currently holds a total of 110,224 ETH in protocols such as Lido, ether.fi, Aave, and Compound, with a total value of up to US$295 million.
According to on-chain analyst Ember, although the ETH/BTC exchange rate has fallen to 0.028, there are still whales that are looking down on the ETH/BTC exchange rate: a whale has withdrawn a total of 1,444 cbBTC (about US$138 million) from Coinbase in the past two weeks, and then deposited it into Aave as collateral to borrow 29,025 ETH (about US$77.6 million) and then transferred it to Coinbase.
Bubblemaps: A trader turned $1.09 million into $109 million by trading the meme coin TRUMP
According to The Block, blockchain analysis platform Bubblemaps claimed in a social media post on Tuesday that according to its analysis, anonymous cryptocurrency trader Naseem is an account that has made a profit of $109 million by trading the Meme coin TRUMP. According to research conducted in conjunction with YouTube blogger Coffeezilla, Naseem successfully "sniped" the TRUMP token shortly after its launch. On-chain data shows that an address starting with 6QSc2 was used to purchase tokens worth $1.09 million for the first time, and then the tokens were dispersed into at least 9 wallets. Although the study cannot conclusively prove that Naseem is ultimately behind these trading activities, the Bubblemaps team wrote in the report that indirect evidence shows that "there are too many connections that cannot be ignored." Bubblemaps allowed Naseem to respond to potential insider trading issues, which Naseem denied. Although he was able to buy more than $1 million worth of TRUMP tokens within the first second of trading, partly due to paying $84,000 in priority transaction fees, Naseem said he was not directly informed of the issuance time of the token.
