GM, frens! ☕️

Most of the stuff we have in our industry looks fast from the outside. In reality, it’s slow and stubborn. Things only start working because someone kept fixing the same problem over and over until it stopped breaking. A steady effort that eventually compounds into something solid.

That part doesn’t trend, but it’s the reason anything in our space survives longer than a season ❤️ 

Here’s what we’re looking at this week:

• 🚦 Why traders are pointing at Jane Street again

• 🔥 Citrea support arrives in Ambire

• 🤖 How a Solana AI agent got hustled in public

• 🐧 ZachXBT names Axiom in insider trading allegations after a week of speculation

And below is how $WALLET is trading right now 👇️ 

If you care more about what’s being built than what’s being hyped, our Discord is always open 🤠 

Why traders are pointing at Jane Street again

People didn’t wake up one day and decide “today I will blame a quant firm for my red candles” 😴 

It started smaller than that, like these things usually do.

Some in the community stare at the chart long enough and begin to notice habits. A little sell pressure that shows up around the same time. A dip that feels… scheduled. People turn it into a meme, and call it a conspiracy theory.

But then the meme turns into a “pattern” and the pattern turns into a villain because the human brain hates randomness more than it hates losing money 🤐 

• For a while, one of those habits had a time stamp: around 10 AM EST. Some traders kept pointing at it like it was a daily alarm clock for pain. Then, out of nowhere, the day they expected the usual dump… it didn’t really come.

• That’s when the Jane Street conspiracy went from background noise to something people actually started repeating with a straight face.

• Not because there was a clean, public proof that says “we did it” but because the timing lined up a lawsuit 👨‍⚖️ 

In the middle of all the usual market talk, a court filing landed that basically poured gasoline on the rumor pile. The claim, in plain terms, is that Jane Street was tied to trading around the TerraUSD collapse, and that the market’s weirdness wasn’t just crypto being crypto 👇️ 

• The suit comes from Todd Snyder, the plan administrator winding down Terraform Labs.

• The allegation is that Jane Street and named individuals, including co-founder Robert Granieri and employees Bryce Pratt and Michael Huang, were involved in trading that benefitted from nonpublic information connected to Terraform Labs and the May 2022 blowup 🫢 

If you were around for Terra, you already know why this hits a nerve. Terra wasn’t a normal crash. It was a chain reaction. UST lost the peg, Luna followed it into the ground, and the whole market got to watch how fast “serious DeFi” can turn into a liquidation festival. The lawsuit leans into that moment and claims there were trades that sped things up 📉 

One detail that jumps out in the story is a group chat the complaint calls “Bryce’s Secret”. 

• Allegedly, it was a chat with former colleagues, including people connected to Terraform’s business side, and the claim is that it became a channel where information flowed back toward the firm.

• The filing also points to specific timing around large UST withdrawals in May 2022, and suggests a wallet linked to Jane Street made a big move shortly after a major withdrawal that was not public yet 🤔 

To be clear, there’s an important sentence sitting under all this that people tend to skip because it ruins the fun: there’s no public proof in the open that Jane Street “sold Bitcoin at 10 a.m. every day” Even in the coverage, that part is spelled out. The market loves a clean story, but reality is usually messier than the meme version.

Still, the reason this is landing differently is simple: it’s one thing when the theory lives as a tweet. It’s another when it shows up in a court document with names and dates.

And that’s why you can feel the community mood changing.

This isn’t just “FUD” in the lazy sense where people toss fear around because they’re down bad. A lot of the talk right now reads more like: “If a firm like this is even being seriously accused, and if courts are involved, maybe this isn’t nothing” 🥴 

• Crypto has been getting more institutional and that means the possible villains scale up too. When your mental model is “random whales and leverage addicts” you can laugh it off. When your mental model becomes “giant, disciplined firms that can move size and hedge it cleanly” the same chart behavior starts to feel less like chaos and more like structure 🤓 

• Add Terra/FTX angles and you get the perfect mix for a lasting narrative: a past trauma everyone remembers, a sophisticated firm everyone assumes is capable, and a lawsuit that gives the story a spine.

Where this goes next depends on what survives outside twitter posts. Lawsuits are allegations until they’re not. Markets can rally for a dozen reasons that have nothing to do with one firm changing behavior. A “pattern” can also be people reacting to the same liquidity and the same macro calendar at the same time, which ends up looking coordinated even when it isn’t.

Citrea support arrives in Ambire

Ambire just added Citrea network support to the extension 👀 

What matters: you get the same Ambire safety stack on Citrea (phishing protection, token tracking, transaction simulation) and a smoother execution flow thanks to batching, so you can queue multiple actions and sign them in one go instead of clicking through every step ⚙️ 

The wallet is also leaning into EIP 7702 style UX improvements, plus more flexible gas handling so you’re not forced to babysit a single “native token only” fee setup.

Net effect: Citrea becomes usable inside a wallet people already trust, without the usual friction tax 🤝 

How a Solana AI agent got hustled in public

You know that kind of reply on X that’s basically digital panhandling. “Hey, can you spare a bit”? An equivalent of someone throwing the cup out and hoping it lands under the right account 🥤 

That’s how this started.

The target was Lobstar, one of those Solana AI agent experiments where a bot has a wallet, posts in public, and is expected to trade “autonomously” with a bankroll while everyone watches 🤖 

Lobstar had been funded with around $50,000 in SOL and it also had a meme token attached to it.

Then some random e-beggar asked it to donate 4 SOL.

Lobstar didn’t send 4 SOL. Instead, it sent a huge chunk of its own token, roughly $250,000 worth, straight to the requester’s address 💰️ 

The receiver then did what receivers do when they’re not trying to be polite about your LP: they dumped it in one batch. That’s how a crazy “$250K” turns into a very different realized number. The sale nuked the price on the way out and the proceeds came out closer to $44,000 🫠 

• What made people actually pay attention wasn’t the begging. It was the fact that an agent with a wallet can be prodded into making a financial decision by a throwaway mention. Humans usually have a filter for this, even the gullible ones 🤪 

• They ignore, they block, they laugh, they hesitate, they ask someone, they at least do the tiny bit of social math that says “why am I sending money to a stranger”. The bot doesn’t have that layer. It has instructions and execution 🔌 

And once you see it like that, the whole “agents” thing starts looking less like the future and more like a very fast way to run your funds through a blender 🤷‍♂️ 

People also immediately started doing what crypto always does after an absurd mistake goes viral: they started questioning whether it was truly accidental.

Not because conspiracy is fun, but because we all know the “whoops, I made a mistake” play has worked out well in the past. A public mistake turns into attention, attention turns into buys and that turns into a second act where the project somehow benefits from the chaos 🙃 

Even if this one really was a genuine screwup, it rhymes with the classic playbook enough that nobody wants to be the person defending it too early.

Then the story got even more crypto, because Lobstar kept trading and shitposting. It kept operating like nothing happened and the numbers later looked healthier again, with mentions floating around of the bot’s memecoin recovering into the hundreds of thousands and its liquidity expanding 👇️ 

The point isn’t the exact recovery figure. The point is the market reaction: even if the robot is genuine, instead of treating this as a warning label people kept engaging with it, sending tokens, watching it, trading around it, basically turning the incident into fuel 🤦‍♂️ 

ZachXBT names Axiom in insider trading allegations after a week of speculation

For the past week, crypto space was doing the Columbo routine 🕵️ 

It kicked off with a ZachXBT post that basically teased: a major investigation is coming, it drops Feb 26, and it’s aimed at one of the most profitable businesses in crypto 👇️ 

• The allegation he hinted at was multiple employees allegedly abusing internal data to insider trade over a long period of time.

• No company name was mentioned, which made the entire industry start guessing and right away, almost everyone in the space found 5 to 10 projects they were “sure” it had to be 🤯 

That’s not even a compliment to anyone’s detective skills. It just speaks volumes about crypto that a single anonymous “insider trading” tease instantly produces a believable shortlist in everyone’s head 🤦‍♂️ 

Then the gambling layer woke up.

• Polymarket started running a contract along the lines of “which crypto company will ZachXBT expose for insider trading?” and it pulled serious volume fast. With that, the guessing stopped being just a rumor sport and turned into price action.

• Names of “top suspects” started circulating, including Axiom and a few others, alongside other usual targets people love to throw into these things 🔎 

A few days of this goes by and the whole thing turns into a feedback loop: vague claim → aggressive speculation → money piling into the speculation → more speculation because “look how much money” 💸 

Then the actual report landed.

ZachXBT named Axiom, and the allegation wasn’t “somebody traded” - it was about access, and what people did with it. Specifically: employees allegedly using internal tools and customer support systems to look up user wallet information, track activity, and use that visibility to profit from trades 🥷 

The details in the reporting get very operational:

• A senior business development employee is alleged to have used internal customer support tools to access private wallet data tied to Axiom users.

• The behavior is described as tracking wallets gradually so it “does not look suspicious”

• There are allegations about screenshots from internal dashboards and compiling lists of wallets linked to specific traders and KOLs 🗣️ 

• There’s also an allegation that people discussed plans to profit from that privileged access, including an outline involving helping another team member profit around $200,000 😲 

That’s the difference between a scandal people forget in 48 hours and one that stays forever. If true, it’s not just some oops moment.

Axiom responded publicly too. Standard crisis language, but the key part is the action: removing access means the access was real enough to matter.

Then came the second wave everyone always jumps to: “okay, did anyone position early?”

That’s where the prediction market angle comes back. The reporting mentions unusual Polymarket activity around the speculation, and one onchain analyst account cited a trader who was betting more than $50,000 on Axiom being named while odds were lower, then closed for roughly a $400,000 profit in a single day 💰️ 

That doesn’t automatically prove inside knowledge because prediction markets are full of big bettors making educated guesses, but it’s exactly the kind of detail that keeps the paranoia machine running 🫥 

And the part that should bother people most isn’t even the prediction market drama. It’s how quickly the industry treated “it could be any of these 10” as a reasonable stance.

Not because everyone is guilty (they most likely are though) but because the space has trained itself to believe that internal visibility and tradable edge are always sitting uncomfortably close together 🤷‍♂️ 

Other worthy reads

“How to Build a VC Firm” by Haseeb:

“Investing In Light Of The Big Cycle” by Ray Dalio:

“Agentic Finance Landscape Report Q1 2026”

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 Web3 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!