GM, frens! ☕️ Ever feel like the market’s moving slower than a snail on vacation? Maybe that’s our cue to catch our breath and scribble down fresh strategies ✍️ 

Today we delve in:

• 🤡 How Argentina's president promoted a rugpull

• 🫲 Binance US restores withdrawals

• 💡 Ambire ensures gas is no longer a pain in the ass

• 🤯 $7M mind chip warning – WTH happened there?

• 📱 Pi Network goes live, proving once and for all that it was a joke

Our W3OF degen portfolio is keeping it zen after a rebalance 😐️ 

The community voted to invest in ETH, let’s see if the change in strategy can help us moon 🚀

Let’s see how long this chill lasts!

How Argentina's president promoted a rugpull

Javier Milei, Argentina’s outspoken anarcho-capitalist president just had his first major run in with the dark side of crypto.

“Run in”, as in he basically shouted “BUY!” on X/Twitter about a Solana based sh&ttoken that rugged spectacularly just hours later.

Welcome to 2025, where rugs are the norm even among top tier politicians 😢 

The $4.5 Billion crypto mirage

• It all started on February 14, when LIBRA, a Solana-native token, debuted and quickly pumped to an eye-watering $4.5 billion market cap 💰️ 

• The hype was fueled by a post from Milei himself, where he linked to the project’s website and contract address, claiming it was a “private initiative” designed to fund small Argentine businesses and boost the economy.

Sounds wholesome, right? Well, 11 hours later, the token was down 94%, wiping out billions in fake value as insiders dumped over $107 million in liquidity 🤯 

"I didn’t know"

After the inevitable crash, Milei quickly deleted his post and issued a statement claiming he had “no connection whatsoever” with the project and was simply amplifying private enterprise.

In true Milei fashion, he didn’t stop there - he doubled down, calling his political enemies “filthy rats” trying to use the situation against him.

Incompetence or something more?

• Milei has positioned himself as a pro-crypto, anti-state figure, so endorsing a token might seem like something he'd do on brand.

• But the speed and scale of the rug suggest either a stunning level of negligence or, let’s say, a conveniently timed exit for certain insiders. Blockchain sleuths found at least eight wallets linked to the project that cashed out millions right before the collapse.

What happens now?

Milei now faces an impeachment request from Argentina’s opposition, citing “international embarrassment.”

Meanwhile, regulators are poking around, and the LIBRA team? Well, they already cashed out, probably sipping cocktails somewhere very far from Argentine jurisdiction.

Though that’s probably not the end of this story.

Binance US restores withdrawals

After nearly nine months in limbo, Binance US has flipped the fiat switch back on.

Users can now deposit, and most importantly withdraw USD again, something that’s been impossible since mid-2023 when the SEC came knocking with lawsuits 🪙 

A quick recap

• Once upon a time, Binance US was a serious contender in the American crypto exchange scene, controlling around 10% of market share. Then came the SEC lawsuit, accusing Binance of dodging securities laws 🔨 

• That lawsuit hit like a nuke - fiat deposits were shut down, executives bailed, and Binance US turned into a crypto-only exchange with no way for users to cash out.

Fast forward to today, and they’re trying to claw their way back with restored ACH bank transfers and promises of expanded support soon. But that doesn’t erase the months of legal chaos, shrinking user base, and sheer uncertainty that made Binance US one of the most questionable places to park your funds 🤷‍♂️ 

Exchanges are convenient - until they aren’t

Exchanges are useful for trading, but leaving your coins there is a different story. Binance US is one of the examples of why you shouldn’t trust centralized platforms to safeguard your assets 😉 

One day, you’re making trades, thinking everything is fine. The next, withdrawals are frozen, regulators step in, and suddenly your assets are stuck. 

Sound familiar? It should - because this keeps happening.

Sure, Binance US restored fiat transactions, but the real move here isn’t getting excited about another centralized exchange limping back to life - it’s moving your assets off exchanges for good 😇 

To truly keep yourself safe - keep your crypto in self-custody wallets. Use DEXs. Stop treating CEXs like banks that won’t rug you the first chance they get. That’s the only way.

Ambire makes gas management a walk in the park

Anyone who’s ever had any crosschain experience can vouch for this: paying gas can be a total pain in the ass. Well., no longer with Ambire Wallet!

Imagine keeping gas money in USDC in a single gas tank and paying on any chain? ⛽️

Even better, you get cashback 🤑 on your transactions for even more onchain fun:

$7M mind chip warning – WTH happened there?

Crypto’s seen some wild things, but this one’s straight out of a sci-fi thriller 🤯 

A self-proclaimed "ordinary programmer and entrepreneur" decided the best way to warn the world about brain chip mind control was by torching $7 million worth of ETH 💸 

The guy has also left some messages behind onchain, just in case anyone was confused about why he thought this was a good idea 👇️ 

• The man, who identified himself as Hu Lezhi, reportedly went on a week-long crypto-burning spree, sending 2,553 ETH across multiple transactions.

• Of that, 603 ETH (~$1.65M) was permanently erased from circulation after being sent to the0x000000...dead address. The rest was sent to various places, including WikiLeaks, as donations 💵 

So what’s the message behind all this?

According to Hu, he’s been monitored and manipulated since birth by a brain-control organization. He claims that once he figured it out, “they” cranked up the harassment 🤯 

Some highlights include accusations against executives at Chinese hedge fund WizardQuant, which he claims uses brain-computer weapons to control employees 🤖 

Before going completely silent, Hu sent one last transaction to WikiLeaks, his parting words:

Since then, no further transactions, no updates, nothing. Did he just rage quit? Or did he take things to a darker place? No one really knows 🤔 

A few theories on what had happened have emerged:

• Deliberate protest – a high-stakes way to call attention to a real conspiracy theory and we’re all about to be controlled by brain chips.

• Mental health crisis – a tragic case of paranoia taken to its extreme.

• Ultra wealthy eccentricity – maybe $7M was just spare change to him, and this was performance art. Or perhaps it was a trick to get attention to the hedge fund somehow.

Regardless of the reason - this is one of the most expensive conspiracy warnings ever recorded on-chain 💀 

Pi Network goes live, proving once and for all that it was a joke

• For years, Pi Network played the long game, convincing millions that their ‘mobile mining’ scheme was going to be the next big thing in crypto 📱 

• No gas fees, no need for real mining, just tap your phone daily and somehow you’d be set for life. It was an easy sell: free coins, a slick app, and a referral system that turned it into something between a pyramid scheme and a social media cult 🤷‍♂️ 

Then, after what felt like forever, Pi Network finally went live on February 20, 2025. The mainnet launched, dreams of riches filled the air, and Pi tokens even pumped to an absurd $31.50.

The believers were finally vindicated - or so they thought…

Reality hit fast 👊 

Within hours, Pi crashed 98%. 

The price fell as early adopters dumped their bags on anyone still willing to buy. Turns out, years of "mining" on an app with zero real-world value doesn’t magically turn into a sustainable economy.

The inevitable collapse

The dump was a final confirmation of what skeptics had been saying all along. The entire model was flawed from the start. It relied on hype, promises, and a referral system that encouraged people to recruit more hopefuls instead of providing an actual use case 🪙 

Once the token was tradable, the floodgates opened. OG “miners” - who had stacked Pi tokens for years at literally no cost - saw the perfect exit.

They cashed out, and the coin got obliterated.

Even worse - most real exchanges never even had time to list Pi. Those who wanted to sell had to rely on sketchy third-party marketplaces, and for many, their Pi was effectively worthless.

Pi’s collapse wasn’t an accident - it was the natural conclusion to a years-long scheme that relied on blind faith rather than fundamentals.

If a project’s main attraction is free money, then it’s probably not a project - it’s an elaborate rug.

Other worthy reads

Some smart money alpha, from Olimpio:

“On memecoins and insiders”:

TGE red flags:

MEMES

That's all for now, frens.

We'll meet in a week! And remember, the market conditions are temporary, but our commitment to building a better DeFi is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

Brought to you by Ambire: The Only Web3 Wallet That You’ll Need!