From evangelist to harvester: Galaxy’s art of “pump and dump”

Author: Daii Source: mirror

In the world of cryptocurrency, the distance between "evangelists" and "harvesters" is often separated by a thin, almost invisible line.

This line is called "trust."

The evangelist we are going to talk about today is Mike Novogratz, a former Goldman Sachs partner, New York Fed consultant, and now the founder and CEO of Galaxy Digital. With unparalleled passion and firm belief, he has spread the vision of cryptocurrency to the world in a variety of ways, becoming a voice that cannot be ignored in the industry.

Galaxy Digital, known as "Wall Street's most cryptocurrency-savvy institution", not only manages billions of dollars in assets, but also enjoys a high reputation in the entire crypto industry. Countless investors have invested their own funds without hesitation because of their trust in Novogratz and Galaxy, dreaming of seizing the opportunities of the times and becoming the lucky ones.

However, sometimes "trust" becomes a fatal trap.

The story we are going to tell today was originally supposed to be shared with you last week, but the sudden Sino-US tariff war forced us to temporarily insert an episode on the topic of the cracking of the US dollar hegemony and the rise of decentralized stablecoins. Although those grand narratives are about the global situation, for ordinary investors, today's story may be more important.

If you have lost all your money in Luna investment, don't blame yourself too much. Because it's not that you lack judgment, nor is Luna destined to fail from the beginning, but you don't know that the person who encourages you to "stick to your faith" every day has quietly cleared his chips when you buy at a high price.

What you need to be more vigilant about is that such a harvest drama has never ended, but the scene and actors have changed. Behind almost every "faith carnival", there are countless retail investors paying for the precise calculation of the shipping strategy of a small group of people.

Perhaps you will be angry and even try to seek justice. But the cruel fact is: unless you can clearly prove the fraudulent intentions of these KOLs (Key Opinion Leaders) or institutions, it is almost impossible to recover the losses you have suffered.

Because the legal threshold for defining fraud is extremely high, you must provide sufficient evidence to prove that the other party not only knows that the project has huge risks or false information, but also has clear malice and deliberately misleads you to enter the market to facilitate their cashing out at a high position.

However, reality is always more complicated than theory. KOLs shrewdly avoid the red line of the law. What they say is always ambiguous "optimistic", "huge potential", "represents only personal opinions and does not constitute investment advice". As long as their language is vague enough and the shipment action is concealed enough, it is almost impossible to convict.

This is the thickest fig leaf for KOL-style harvesting - motives are difficult to prove and subjective without basis.

But you must be curious: Since it is so difficult to be discovered, why did Galaxy CEO Mike Novogratz eventually "turn over"?

Speaking of this, we must mention a key figure - the Attorney General of New York, and a special law - the Martin Act. It is precisely because of this law, or more precisely, the existence of the law, that the Attorney General of New York State can launch an investigation without proving a clear intention to defraud, and uncover the sophisticated scam hidden behind "belief". Galaxy is the first to be caught, but it will never be the last. We have had a very detailed introduction to the Martin Act. This law, which once fined the Trump Group $450 million, is now targeting the cryptocurrency circle. English version

After reading this 44-page document from the New York State Attorney General's Office, I have to sigh: If there were no restrictions on the so-called "most ruthless securities law in the United States", there would be no in-depth investigation by the New York State Attorney General. We may never know: Behind the bursting of the $40 billion bubble of Luna, there is such a sophisticated and brilliant institutional shipping script.

I hope that today's article, for you, is not just a financial story with ups and downs, but also a warning to keep a distance from KOLs and institutions.

Next, let’s first figure out how Galaxy and LUNA came together?

1. How did Galaxy and Luna “get together”?

Before we start to tell this thrilling “shipping story”, we must first figure out the origin of a protagonist - Galaxy.

1.1 Who is Galaxy?

Galaxy Digital, full name Galaxy Digital Holdings Ltd., is registered in the Cayman Islands and headquartered in New York. It was founded by a big man who has been working on Wall Street for decades: Mike Novogratz.

Who is he? A former partner of Goldman Sachs, he served as a member of the Investment Advisory Committee of the Federal Reserve Bank of New York. As early as 2013, he began to get involved in Bitcoin and was one of the earliest "institutional believers" who publicly supported crypto assets. You have seen his name in CNBC, Bloomberg, and Financial Times about the "future of Bitcoin".

In 2018, he founded Galaxy, which manages more than $5 billion in assets and has 123 subsidiaries around the world, covering market making, venture capital, trading, custody, research... It is almost a "Morgan Stanley in the crypto world."

In other words, if the industry needs a representative who is "most like Wall Street", it must be Galaxy. Obviously, Galaxy is the best partner for Luna, no doubt about it.

1.2 What is Luna?

Now let's get to know another protagonist of the story: Luna.

Luna is a cryptocurrency issued by Terraform Labs in 2018. The project was founded by Korean Do Kwon and registered in Singapore. Its core goal is to create a dual-currency system of "algorithmic stablecoin + main currency".

This ecosystem consists of several parts:

• Terra blockchain: the underlying ledger where transactions occur;

• Luna: the platform's native token, used for governance, staking and regulating the supply and demand of stablecoins;

• TerraUSD (UST) and TerraKRW: so-called "stablecoins" that claim to be anchored to the US dollar and the Korean won;

• CHAI: a Korean payment app used to promote "real world use cases."

Sounds cool, right? But the problem is: its "stabilization mechanism" is completely dependent on market behavior. Once UST is unpegged, Luna will fall into a "death spiral". UST is essentially an algorithmic stablecoin, and there has been no successful case so far. The previous issue of "Tariffs are Knives, Currency is Shield" has a more detailed analysis and introduction of stablecoins, you can go and learn about it.

You need to pay attention to the CHAI payment system mentioned above, which is somewhat similar to China's Alipay and the United States' PayPal. Do Kwon is the co-founder of CHAI. It is precisely because of the existence of this real-world connection point that Galaxy has important materials to push up Luna.

To put it bluntly: Behind Luna is an innovative financial project, which has the possibility of success, but the possibility of failure is greater. However, Do Kwon thinks this story is exciting enough, and he needs to find a "Western spokesperson" to help him tell this story to Americans.

1.3 "Connection": The transaction script of Western endorsements

The time came to 2020, and Do Kwon understood that if he wanted to make Luna popular, it would not be enough to rely on Korean speculators and white papers. He wanted to increase his popularity in the Western market, and he needed a "credible" brand endorsement. So they found Galaxy.

In August 2020, Terraform extended an olive branch to Galaxy and proposed a deal: Terraform hopes Galaxy can be their advocate, and as long as Galaxy's CEO is willing to speak out to promote Luna, we can give you better investment terms.

Galaxy immediately started discussing it. They had long noticed Terraform's technology and realized that there was a huge capital demand behind this project. On October 27, 2020, the two parties finally finalized the deal, as shown in the figure below:

• Galaxy invested US$4 million;

• purchased 18.51 million Luna at a discounted price of US$0.22 per coin;

• 1/12 is unlocked every month and can be taken and sold at any time.

Note: The market price was $0.31 at the time, Galaxy got a 30% discount, and was not forced to lock up. This is not a "good price from heaven", this is the trading rights they exchanged for endorsements, publicity, and platforms.

The hidden rule behind this is: as long as you are willing to "say something nice", we will let you "unlock quickly". Galaxy accepted all of this with a smile, and even wrote in an internal memo that Terraform is not well-known in the US market, and it depends on us to promote it so that people can believe that its economic activities are real. See the text in the red box in the figure below for details.

So, starting from November 2020, Galaxy began to "mention" Luna in podcasts, tweets, and interviews in a planned manner, and the price began to rise, and the trading volume expanded rapidly. This rhythm lasted for a whole year.

1.4 Summary: Doing it for “money”

The reason why Galaxy and Luna met was not because of “ideas in common” or “technological leadership”, but a thoroughgoing “exchange of interests”:

• Terraform provided discounts and unlocking privileges;

• Galaxy provided traffic, trust and packaging;

• Both parties reached an implicit consensus: you are responsible for setting up the game, I am responsible for calling orders, and no one can reveal the truth.

• From the results, this "cooperation" was very successful:

• Luna's price rose from $0.31 to a maximum of $119;

• Galaxy made a profit of more than hundreds of millions of dollars;

• Retail investors took over at high prices and then stepped into a "death spiral".

In essence, this is a typical "structured delivery script", but it does not violate the traditional securities law provisions, which is why many KOLs have complained about Galaxy. But in the face of the Martin Act, this is an outright fraud, because your words and deeds are inconsistent, raising prices while selling, which is market manipulation and is illegal.

It is for this reason that Galaxy is willing to pay a settlement of 200 million in exchange for a "stop guarantee" from the New York Attorney General's investigation, as shown in the figure below.

In order to analyze Galaxy's pump-and-dump tactics, I carefully read this 44-page document, and I will dismantle it for you one by one below.

2. How did Galaxy pump and dump?

Next, we will reveal how Galaxy shouted "belief" while accurately selling chips in the "shipping art". Before I delve into this sad story, I must objectively say a few fair words for Galaxy and Mike Novogratz, so as not to make you mistakenly think that Novogratz is just a "shameless guy." You may not know that as early as 2013, when the entire Wall Street was still collectively laughing at Bitcoin, Novogratz had already invested real money in it. Not only did he publicly buy Bitcoin, he also publicly expressed his optimism about crypto assets in mainstream financial media and supported this "financial revolution." More precisely, he predicted in 2013 that the price of Bitcoin would rise significantly, and in 2014 he invested in Ethereum, which was still in its infancy, through crowdfunding. He once said that 20% of his net worth was invested in Bitcoin and Ethereum, which was shocking in the conservative and cautious Wall Street circle at the time.

As of 2024, Galaxy has publicly invested in 72 projects, including Polygon, Bitfarms, Celestia and other top crypto projects, with a cumulative investment of billions of dollars. Although Circle (USDC issuer) and Bitwise (crypto ETF issuer) have not directly disclosed Galaxy's investment records, Galaxy's active participation in ecological cooperation and consulting services still contributes to the overall ecological construction of the crypto industry.

In other words, you can buy coins on Coinbase today, transfer with USDC stablecoins, and Ethereum ETF is approved. Behind this, it is indeed inseparable from the power contributed by Galaxy in the early stage of market uncertainty. Galaxy is not the so-called "harvesting foreign capital", but an "old-school player" who has truly accompanied the industry's growth for a long time.

This is exactly why the "shipping incident" we are going to reveal today is so sad. Because, with Galaxy's long-term accumulated market reputation and resource advantages, they could have chosen a more transparent and legal way to make profits, rather than falling into the quagmire of "gray shipping" that is now criticized.

Unfortunately, Galaxy did not resist the temptation in the end. They fell into the trap they designed and chose such a clever but unethical way of making profits - raising shipments.

Next, I will dismantle for you in detail how Galaxy manipulated market sentiment step by step and completed the shipment and cashing out with superb techniques.

2.1 Trial: The first attempt at "shouting and selling"

The story begins at the end of 2020.

The agreement signed by Galaxy unlocks 1/12 of Luna every month. As a veteran of Wall Street, Novogratz naturally understands that the most effective way to make quick money is to "shout and sell".

On November 11, 2020, before Galaxy received the first batch of Luna, Novogratz couldn't wait to start standing up for Luna. On the well-known podcast Nugget's News, he told listeners that he recently bought a bunch of Luna, which is a Korean payment company, a bit like a credit card company, and users can get discounts with it. See the picture below for details. In fact, this is not true at all, and Luna is not used in reality. A few days later, on November 14, a netizen asked on Twitter: "Dude, can you recommend a coin?" Novogratz immediately replied: $luna. See the picture below. In December, Novogratz tweeted: South Korea’s payment app Chai already has 80,000 active users per day, $LUNA has great potential! As a result, Luna’s daily transaction volume instantly jumped from $27.5 million to $69 million that day, and the market heat was ignited.

On the same day, Galaxy received the first batch of unlocked Luna: more than 1.54 million pieces. However, this "respectable" Wall Street veteran told the internal team: Don't rush to sell. His rule is not to ship within 3 days after sending a positive tweet.

Two weeks later, on December 16 and 17, Galaxy sold all of this batch of Luna at a price of $0.50 to $0.52 per piece, and the first "call for shipment" ended perfectly.

Back to the "no delivery within 3 days of pushing up the price", it sounds very particular, right? However, even this self-imposed rule was not well implemented. In the face of the torrent of money, everything seemed so vulnerable.

2.2 Battle for return on investment: Bloomberg's divine assist

Galaxy is obviously addicted to "shouting orders to ship". But in order to quickly realize profit and return on investment, they need a bigger stage. This time, they chose the mainstream financial media - Bloomberg.

In January 2021, Galaxy contacted Bloomberg and provided a press release containing false data, claiming:

Terra now has the third highest number of transactions of all blockchains (after BTC and Ethereum) and is generating 13M USD in fees annually. Terra KRW today powers CHAI, one of the largest e-commerce wallets in Korea, which hosts over 2 million users and generates $1.2 billion in annualized transaction volume.

Translation: Terra has become the third largest blockchain in the world in terms of transaction volume, second only to Bitcoin and Ethereum, creating $13 million in fees. Terra’s Korean won stablecoin (TerraKRW) supports CHAI, one of South Korea’s largest e-commerce wallets, with 2 million users and an annual transaction volume of $1.2 billion.

The truth is that Chai’s transactions do not use the Terra blockchain at all, and all payments are still made in Korean won, which has nothing to do with Luna and TerraKRW. So why did Galaxy and Terra have to fake it and use Chai as a prop? Because without Chai as a backing, the story has no imagination.

On January 26, 2021, Bloomberg published a blockbuster report titled "Novogratz Invests in Crypto Startup Serving Millions in Korea", and the price of Luna immediately soared from $0.89 to $1.23.

CoinTelegraph reported the report with the title "LUNA doubles in price after $25 million investment by Galaxy Digital", which triggered a crazy pursuit of high prices in the market.

Just a few days after Bloomberg's report, Galaxy Shipped again, on January 30, 2021, more than 1.54 million Luna were sold at a price of up to $1.47 per piece. At this point, Galaxy has successfully recovered the initial investment of $4 million.

This battle was fought cleanly and neatly, truly interpreting what is called "shipping art".

2.3 Worse: A combination of tattoos and false data

After recovering the investment, Galaxy became even more unscrupulous. They began to use big moves.

In March 2021, Novogratz shouted on Twitter: If Luna rises to $100, I will get a Luna tattoo! This personal promise that hits the heart quickly caused a sensation in the circle.

At the same time, Novogratz continues to confuse the relationship between Chai and Terra, making people mistakenly believe that the Terra blockchain has powerful real-world application scenarios. For example:

On April 26, 2021, Novogratz said in a podcast: 6% of payments in South Korea are already using Chai.

On May 21, he further exaggerated that 7%-8% of payments in South Korea are already made through blockchain Chai.

On June 22, he said: 8% of all payments in South Korea are paid with Chai.

On September 13, he gave a speech at the Barclays Global Financial Summit and said that 9% of payments are now completed through the Luna blockchain.

However, Chai actually accounts for less than 1% of all transactions in South Korea, and Chai is not supported by the Terra blockchain, and has nothing to do with Luna. These data are completely false, but the effect is immediate. After each speech, the price of Luna has risen sharply, and Galaxy has taken the opportunity to sell chips without hesitation every time:

In early May 2021, 1.3 million Luna were sold at a price of up to $18.60 per coin;

On June 4, nearly 1.79 million Luna were sold at a price of about $6.91 per coin;

In early August, another 1.61 million Luna were sold at a price range of $12.19-14.79.

On Christmas Eve, December 24, 2021, Luna really rose to $100! Novogratz kept his promise and posted a photo of a Luna tattoo on his arm, which caused a carnival on the entire social media.

However, Galaxy, which was tattooing and shipping at the same time, had no intention of stopping. On Christmas Day, they began to sell Luna at $96.96. Thereafter, in early January 2022, Galaxy continued to sell a large number of them at a high price of around $90, cashing out tens of millions of dollars in total.

Can you imagine? When Novogratz posted the photo of the arm tattoo, the traders behind him were quickly typing on the keyboard, throwing Luna chips into the frenzied market.

2.4 The final madness: shouting "Keep the faith" while shipping in large quantities

At the beginning of the new year of 2022, Galaxy and Novogratz began to stage the final madness.

On January 5, when Luna slipped from a high of $100 to around $80 and market sentiment began to waver, Novogratz appeared again. He comforted anxious investors on Twitter: After a big rise in the market, there will always be a consolidation, and $100 is just a symbolic number. Be patient, Luna will definitely rise. Keep the faith!

This famous phrase "Keep the faith" seemed to be a shot in the arm, and tens of thousands of Luna holders rekindled their hope. However, at the same time, a completely different scene was playing out in Galaxy's trading room:

On January 5, Galaxy sold more than 160,000 Luna at a price range of US$77.51-84.80, cashing in about US$13.58 million on the same day;

Then, from January 6 to January 7, Galaxy again sold more than 160,000 Luna without hesitation. 520,000 Luna, with a total amount of nearly 40 million US dollars;

From January 10 to January 13, in just four days, Galaxy shipped nearly 680,000 Luna in a row, cashing out more than 50 million US dollars again.

In Novogratz's enthusiastic voice of "Keep the faith", in just one week, Galaxy has quietly sold more than 1.3 million Luna, with a cumulative cash of up to 104 million US dollars! At the same time, they did not disclose any sales to the public, and still maintained their "faith-blessing" personality.

However, just within an hour and a half after the tweet, Galaxy quickly sold 13,276 Luna, accurately capturing the short-term rebound and cashing out $1.15 million.

In the following week, Galaxy sold more than 1.1 million Luna coins almost crazily, and the price kept falling, from $69 to $48.

Despite this, Novogratz still shouted Keep the faith, encouraging followers to hold on, as if this was just a normal market adjustment.

2.5 Summary: After the carnival, the ground is full of mess

Galaxy and Novogratz’s final madness on Luna perfectly illustrates what the art of institutional shipments is.

On the surface, they always act as loyal crypto evangelists, shouting "faith" inspiringly, and even tattooing the Luna totem on their arms.

However, behind the spotlight, they carefully planned and sold Luna on a large scale and continuously until their positions were almost cleared.

The end of this game is doomed. On May 9, 2022, when TerraUSD (UST) completely collapsed, triggering Luna's death spiral, Luna's price plummeted from $65 to $0.004 in just three days, and the market value of $40 billion was wiped out.

But at this time, Galaxy had already left safely, with only 2,060 Luna left on the books, worth less than $10.

3. Can you avoid this scam?

After reading the ups and downs of Galaxy's pump and dump story, perhaps you have already raised an urgent question in your heart: If I were smarter and more cautious, could I avoid this scam?

To answer this question seriously, we must use an objective attitude, based on facts and data, to gradually dismantle the clues hidden behind this scam, and what advantages and disadvantages ordinary investors have. Next, we will conduct an in-depth analysis from the two dimensions of why it can be done and why it cannot be done.

3.1 Why?

In fact, if you can remain vigilant enough, have enough common sense and patience, it is entirely possible to avoid the "pump and dump" scam carefully woven by Galaxy.

First, clues of exaggerated data

Careful investors only need to do a little homework to detect that the data used by Galaxy and Novogratz in their publicity are seriously exaggerated or even false.

For example, Novogratz repeatedly emphasized

In April 2021, 6% of payments in South Korea were made through Chai.

On May 21, this number became 7%-8%.

By September, Novogratz boldly claimed that 9% of all payments in South Korea were completed using the Luna blockchain.

But what is the actual data? According to Chai's official data (which can be queried through channels such as Chaiscan), Chai's payment transaction volume has always accounted for less than 1% of the Korean payment market. And Chai has never actually used Terra's blockchain to settle transactions.

If you check the Chaiscan data, you will find that these so-called powerful application scenarios are castles in the air. In other words, as long as you pay a little attention, you can easily find that there are huge data deviations and misleading elements in Galaxy's publicity.

Second, there are obvious signs of long-term cashing out

Another important clue to identify a scam is the market performance after each public call of Galaxy.

Let’s take December 3, 2020 as an example. When Novogratz announced on Twitter that Chai had 80,000 daily active users, Luna’s trading volume on that day quickly soared from $27.5 million to $69 million.

Just two weeks later, Galaxy quickly cleared out the first batch of Luna at a price of around $0.50, realizing quick cash out.

For another example, on January 30, 2021, just a few days after Bloomberg reported that Galaxy invested in Luna, Galaxy quickly cleared out 1.54 million Luna again. This shipment time is very close to the publicity, and each time the price is immediately cashed out after it has just risen.

This regular shipment is repeated every month thereafter. As long as you pay a little attention to the on-chain data or the circulation of Luna, you can clearly see the signs of this kind of large-scale regular reduction of positions, and thus infer that the operator behind the scenes may have a structured intention to ship.

Third, exaggerated personal endorsement

The third signal that can help you avoid scams is Novogratz's obviously exaggerated personal endorsement.

Novogratz said: If Luna reaches $100, he will get a tattoo of Luna! This kind of personal commitment can certainly drive emotions, but it is also too exaggerated and obvious, which exposes the manipulator's eagerness to drive market sentiment.

Real professional investors and institutional investors usually do not make such clear market commitments in public. When the market sees similar dramatic promises or overly extreme orders, cautious investors should be vigilant and avoid blindly following the trend.

3.2 Why not?

However, in addition to rational analysis, we must also admit that for the vast majority of ordinary investors, it is actually very difficult to avoid Galaxy's high-level, structured scams, and it can even be said to be almost impossible.

First, the authority of the institution is too strong

Galaxy Digital's CEO Mike Novogratz himself is a legend in the crypto market. He was a partner of Goldman Sachs and has long appeared on top financial media such as CNBC and Bloomberg. In addition, his successful experience in investing in Bitcoin and Ethereum in his early years has established him with extremely high authority and credibility.

For ordinary investors, seeing such an "industry expert" who once accurately predicted market trends personally come out to recommend a project can easily form a strong psychological anchoring effect, quickly relax their vigilance, rely entirely on the expert's recommendation to make decisions, and give up independent thinking.

Galaxy precisely used this authority effect to successfully manipulate market sentiment. For most investors, it is extremely difficult to see through the hidden motives behind this authority.

Second, sophisticated media operations and public relations strategies

When promoting Luna, Galaxy cooperated with many top media (such as Bloomberg and CoinTelegraph) to successfully create a market impression that Luna seems to be real and credible.

A Bloomberg report on January 26, 2021 clearly showed that Galaxy directly provided false data to Bloomberg to render Terra and Luna

This kind of precise manipulation in the media makes it difficult for ordinary investors to doubt. After all, when ordinary people see the mainstream media's positive reports on a project, they naturally tend to think that this is objective and reliable information that has been investigated by the media, and it is extremely difficult to think that this is a carefully designed manipulation of public opinion.

Third, Keep the faith's emotional manipulation

From a psychological perspective, Novogratz's Keep the faith The slogan of faith is extremely effective in manipulating investors' emotions. When the market falls, what ordinary investors want to hear most is someone encouraging them to stick to their faith and not give up easily.

This emotional guidance is more penetrating than any rational analysis. Novogratz is good at using this emotion to firmly control market sentiment with his infectious rhetoric, making investors still unwilling to sell when the market falls, and even continue to increase their positions at low levels, becoming the leeks who take over the market.

In fact, when Galaxy was frantically selling from high levels, it was almost impossible for ordinary investors to stay fully awake. Because when everyone shouts about faith, skeptics will be regarded as outliers and suffer huge psychological pressure.

3.3 Summary: The trade-off between what can and cannot be

Back to our original question: Can you escape this scam?

Objectively speaking, it depends on how much market knowledge, investment experience and independent thinking you have.

If you are careful enough, can keenly perceive the difference between data and reality, can find the abnormal cash-out pattern after each call, and can be vigilant against dramatic propaganda, you are likely to see through the scam in advance.

But if you are just an ordinary investor, confused by the halo of institutional authority, misled by the media's elaborate packaging, and infected by emotional slogans, then most people are almost unsustainable in front of Galaxy's carefully designed script.

There will always be greed and deception in the market. Galaxy's story is not the first, and it will never be the last.

Conclusion

The line of trust between preaching and harvesting, once crossed, becomes the edge of the sickle. Behind every scam is a game of human greed and fear.

In the story of Galaxy and Luna, we see how authority becomes a tool for harvesting, how the media becomes a megaphone for scams, and how emotions become fuel for greed. But in the final analysis, there is no free wealth in this world, and no sudden wealth for no reason.

Faith is the most moving word in the investment world, but when it is used by people with ulterior motives to manipulate the market, faith becomes poison and eventually backfires on every blind follower.

However, we must also admit that Galaxy is not a mere predator. They bravely stood at the forefront of the trend when the crypto market was still in its wild period, injecting capital and confidence into the industry. Novogratz's foresight and Galaxy's contribution to the standardization of the industry have indeed pushed the crypto world into the mainstream. They have accompanied the industry through ups and downs, witnessed and promoted the change of an era and the rise of the industry. Unfortunately, when the temptation of capital collided with the bottom line of morality, Galaxy failed to keep its original intention and chose a less glorious shortcut.

Real investors must understand that investment does not rely on the guidance of authority, nor on the clamor of the media, but on their own independent thinking and rational judgment.

Because: every time you blindly follow others, you are paying for the scam; and every time you question others, you are accumulating capital for freedom.

From today on, please remember:

Don't be superstitious about authority, believe in data;

Don't blindly follow others, think independently;

Don't be carried away by emotions, control them with reason.

After all, the market is never kind, and only those who really stay sober are worthy of true financial freedom.

Finally, we should thank the Martin Act. We hope that under the powerful deterrence of the Martin Act, KOLs will no longer be so unscrupulous in pumping up shipments.