Meme coins can murder
As a dedicated crime enthusiast, I’ve come across many sinister cases. My book list and Youtube feed are full of crime and mysterious events investigations. One recent incident struck my nerve a lot. A sinister tale of intrigue and tragedy unfolds in the sun-kissed paradise of Bali, at the backdrop of a luxury resort. A young couple, Li Chiming, male, 25 years old, and Cheng Jianan, female, 23, were discovered dead in the resort. The crime scene was shocking, to say the least, without a prime suspect. Adding more twists to the case, rumors suggest that crypto is involved.
Overview of the Case
The incident took place at the InterContinental Hotel, a local five-star resort. The couple had booked room number 4223 under Cheng’s name.
Based on hotel surveillance footage, Cheng arrived at the hotel alone and checked in around 8 p.m. on April 30th. Later, at approximately 12:17 a.m. on May 1st, Li arrived at the Hotel in a vehicle. He entered the hotel lobby and waited on the sofa for a period of time before Cheng came downstairs to meet him. They returned together to room 4223. At around 12:50 a.m., Li briefly left the room, glancing hesitantly towards the neighboring room 4222. Subsequently, they ordered a meal, which was delivered to their room at 1:17 a.m. After the hotel staff left, they remained inside.
According to the surveillance footage, at approximately 6:32 a.m. on May 1st, Li emerged from the room covered in blood. The footage did not capture the presence of any other suspicious individuals. Soon after, a hotel staff member received a call from a guest reporting hearing someone calling for help in the hallway at around 6:34 a.m. Li was found lying on his back in the hotel corridor with wounds on his neck and left leg. Cheng was discovered in a bathtub filled with water, her neck wrapped in cloth and showing signs of strangulation. Both individuals were naked and covered in blood. On the morning of May 4th, the Chinese Consulate General in Denpasar confirmed that both victims were Chinese citizens.
Questionable Conclusions
In the aftermath, the Indonesian police swiftly reached a conclusion that chilled the hearts of many. They declared that Li had taken the life of his beloved Cheng before succumbing to his own despair. This conclusion feels awry and has many loopholes. Unsettling rumors and puzzling evidence suggest a path less traveled — a connection between Li’s involvement in the world of cryptocurrency and their untimely demise.
A Speculative Theory
It is within the realms of speculation that I find a thread of possibility. Whispered through the digital realms of a Weibo thread, a theory emerges, shared through a tweet. This speculation suggests that Li ventured into the murky world of money laundering, using the enigmatic meme coins as his tool. Yet, when one endeavor failed, he was entangled in a web spun by those wielding illicit funds. Their dire threats plunged Li and his beloved Cheng into a sinister abyss, where their lives were mercilessly extinguished. We must approach this theory with utmost caution and respect, as concrete evidence remains elusive. However, it serves as a gateway to understanding the intricate mechanics of money laundering through meme coins — a topic that demands every crypto investor’s attention.
The Rise of Meme Coins
Meme coins, the whimsical darlings of the crypto world, hold no intrinsic value and seemingly materialize out of thin air. They captivate investors with the prospect of overnight growth, sometimes soaring a mind-boggling 100x overnight. But beware, the path of meme coins is filled with unexpected twists and turns. Analyzing their fundamentals or predicting their trends is a waste of time as they are often under the control of someone pulling the strings.
Listing a meme coin and Liquidity Pools
The listing process for meme coins is as effortless as purchasing an over-the-counter drug. Decentralized exchanges, known as DEXs, offer a permissionless listing. By depositing meme coins and another token, typically a stablecoin, the liquidity pool is created, and anyone can come to trade.
If you are yet to know how a liquidity pool works, this article gives you a basic idea.
Money Laundering Unveiled
To understand money laundering through meme coins, let’s dive into the process.
- Use clean money to buy the coin when its price is low
- Pump up the price
- Sell when the price reaches a high point
- Use the dirty money to buy the coin
The crucial phase is pumping up the price. This is where the meme coin’s manipulator takes center stage, using tactics like building a strong community and leveraging influencers. It’s all about creating an illusion of organic growth, with ups and downs along the way. This is where most naive investors fall. When the price peaks, the manipulator sells, reaping substantial profits.
The grand sell-off triggers a massive dump, sending panic among naive investors, who hastily sell their holdings. At this point, the “dirty” money swoops in, using it to buy worthless meme coins. The liquidity pool now contains dirty money and meme coins, while all the illicit funds have transformed into clean profits.
Money laundering serves as a concrete use case for meme coins. You may buy a meme coin for fun but hope you never fall victim to a money laundering scheme.
