Hong Kong fintech sector sees 250% blockchain growth since 2022

Hong Kong anticipates the continued growth of its fintech ecosystem, with blockchain, digital assets, distributed ledger technology (DLT) and artificial intelligence playing a central role in shaping its future.Hong Kong is home to over 1,100 fintech companies, which include 175 blockchain application or software firms and 111 digital asset and cryptocurrency companies, marking a 250% and 30% increase, respectively, since 2022, according to the Hong Kong Fintech Ecosystem report by InvestHK, a government department overseeing Foreign Direct Investments.Participants of the Hong Kong Fintech Ecosystem. Source: InvestHKExploring deeper fintech revenue streamsThe expansive growth of Hong Kong’s Web3 industry is attributed to proactive government policies and an active licensing regime for crypto exchanges or virtual asset trading platforms.“The revenue for the Hong Kong fintech market is projected to reach US$606 billion by 2032, with an anticipated annual growth rate of 28.5% from 2024 to 2032,” the report stated.InvestHK, along with other Hong Kong authorities, surveyed 130 fintech companies operating in Hong Kong and identified talent shortage as the top concern in the region, cited by 58.8% of respondents, followed by access to capital (43.9%). Related: Coinbase to add 1,000 more US jobs in 2025, thanks to Trump — Brian ArmstrongAddressing these hurdles will be critical to sustaining Hong Kong’s momentum to become the top financial hub.Over 73% of the surveyed fintech companies operate in the AI subsector, far exceeding the 41.5% focused on digital assets and cryptocurrency.China’s “one country, two systems” policy at playThe InvestHK report highlighted Hong Kong’s advantage in adopting China’s “one country, two systems” policy, allowing it to maintain a free-market economy, unrestricted capital flow, and strong global trade relations while benefiting from its proximity to mainland China.As a result, the Hong Kong government was able to roll out several Web3 innovations, including a licensing regime, spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds, the Hong Kong Monetary Authority’s stablecoin sandbox and tokenized finance and AI integration.Hong Kong Monetary Authority’s five-step “Fintech 2025” strategy. Source: HKMAIn 2021, the HKMA unveiled a strategy to establish itself as a financial hub by 2025. The strategy included encouraging fintech adoption among banks, increasing Hong Kong’s readiness in issuing central bank digital currencies at both wholesale and retail levels, enhancing the city’s existing data infrastructure and building new ones, increasing the supply of fintech talent and formulating supportive policies for the Hong Kong fintech ecosystem.Magazine: Vitalik on AI apocalypse, LA Times both-sides KKK, LLM grooming: AI Eye

ZKsync sunsets liquidity program amid bearish market

ZKsync’s DeFi Steering Committee (DSC) said it will not renew ZKsync Ignite, its liquidity reward program, as the project shifts its focus to broader network expansion.The DSC confirmed that Ignite’s second season will not proceed and that the program will be discontinued on March 17. This also cancels the reward allocation for period 6, the final phase of the program’s first season.ZKsync said it would focus its resources on its Elastic Network, an architecture that aims to transform the platform into an ecosystem of interconnected zero-knowledge (ZK) chains. “Our long-term vision for ZKsync is increasingly centered on the Elastic Network, and we want to focus our resources to accelerate this becoming a reality,” the project stated. It said that pouring its resources into a single-chain program does not align with this interoperability goal. Cointelegraph reached out to Matter Labs, the company behind ZKsync, for comment, but had received no response at the time of writing.Source: ZKsync IgniteNavigating a bearish crypto marketThe team acknowledged that current market conditions influenced the decision to end Ignite. “To stay sustainable, we’re tightening our focus and spending smarter rather than fighting headwinds,” the team said. ZK tokens performed well in 2024, reaching a high of $0.26 on Dec. 8. However, ZK prices failed to maintain their highs, experiencing continued sell pressure as market conditions worsened. The token currently trades at $0.06, a 76% drop from its price in December. ZKsync token’s 1-year price chart. Source: CoinGeckoRelated: ZKsync targets 10K TPS and sub-zero fees by 2025 roadmap goalsZKsync Ignite boosted the project’s TVL to $270 millionAccording to ZKsync, the program surpassed its goal of driving DeFi total value locked (TVL) to $100 million. The program helped drive TVL to over $270 million, making trading on the chain more seamless. However, DefiLlama data shows that ZKsync’s TVL is currently down to $139 million. ZKsync’s total value locked. Source: DefiLlamaThe Ignite program originally planned to allocate 300 million ZK tokens in a span of nine months to DeFi users who would provide liquidity to key token pairs. The first season was scheduled from Jan. 6 to March 31, allocating 100 million tokens worth about $21 million during launch. At current ZK prices, 100 million tokens are only worth $6.8 million. Apart from ZKsync, the broader crypto market is also experiencing an industry-wide downturn, with top crypto assets like Bitcoin (BTC) and Ether (ETH) struggling to maintain prices. Magazine: Vitalik on AI apocalypse, LA Times both-sides KKK, LLM grooming: AI Eye

Pump.fun memecoins are dying at record rates, less than 1% survive

The memecoin frenzy on Pump.fun is hitting a wall, with the platform’s “graduation rate” sinking below 1% for a fourth straight week.“Graduation rate” is the memecoin launchpad’s term for tokens that make it through the incubation phase and become fully tradable on a Solana decentralized exchange (DEX). To graduate, a token must meet specific liquidity and trading requirements.Over the past four weeks, starting Feb. 17, Pump.fun’s graduation rate has remained below 1% for the first time, Dune Analytics data shows.Pump.fun’s tanking token success rate. Source: Dune AnalyticsPump.fun’s graduation rate has never been particularly high. The platform’s best-performing week was in November 2024 when 1.67% of memecoins moved on to the open market. However, the sheer volume of tokens launched on the platform at the time made this percentage more significant than it is now. During the week starting Nov. 11, 323,000 tokens were created on Pump.fun, meaning the 1.67% graduation rate translated to roughly 5,400 tokens entering Solana’s DeFi economy in a single week.Related: Pump.fun’s memecoin freak show may result in criminal charges: ExpertWith token creation volume declining on both Pump.fun and Solana, weekly token graduations have plummeted to a four-week average of around 1,500 tokens at the time of writing, according to Dune.Memecoins are dying, and they’re not responding to positive market signalsPump.fun’s dropping graduation rate reflects waning investor appetite for memecoins, which have developed a reputation as degenerate lottery tickets or quick cash grabs for their creators.Several political figures have launched their own memecoins as well, including US President Donald Trump. His token is down 84% from its all-time high set on Jan. 19, according to CoinGecko.Related: Argentine lawyer requests Interpol red notice for LIBRA creator: ReportMemecoins’ struggles persist despite improving liquidity, according to Matrixport. In February, Matrixport analysts noted that a strengthening US dollar had pressured Bitcoin prices by tightening dollar-denominated liquidity.Since then, the US dollar has weakened. Over the past month, the US Dollar Index (DXY), which measures the dollar against a basket of major currencies, peaked at 107.61 on Feb. 28 before dropping to 103.95 on March 14.DXY performance in the past month shows the US dollar weakening. Source: TradingView“The US dollar has recently weakened, leading to a rebound in liquidity indicators and some marginal improvements in inflation data. Despite these positive shifts, memecoins — previously one of the strongest narratives during this bull market — continue to struggle significantly, with no apparent recovery,” Matrixport said in its report.Bitcoin caught in memecoin aftershocksThe struggling memecoin market has contributed to a $1 trillion wipeout in crypto market capitalization, according to Matrixport.“This redistribution of wealth may lead investors to remain cautious about deploying further capital, causing rebounds — even those triggered by better-than-expected inflation data — to be limited,” the report noted.Matrixport analysts warn that this could lead to further Bitcoin declines, with a potential retracement to as low as $73,000 — a level they believe would provide “strong support.”Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express

Hong Kong crypto payment firm RedotPay wraps $40M Series A funding round

Hong Kong-based crypto payment platform RedotPay closed a $40 million Series A funding round led by Lightspeed, with participation from HSG and Galaxy Ventures.RedotPay aims to enable cryptocurrency use in everyday transactions while simplifying blockchain transactions for spenders, akin to fiat. In November 2023, the company launched its own physical Visa cards, which can be used for ATM cash withdrawals, along with a virtual card that supports digital payment services like Apple Pay and Google Pay.The company has expanded its blockchain integrations, adding Solana in December 2024 and Ethereum layer 2 Arbitrum in February. Additionally, it partnered with StraitX and Visa to support retail crypto payments in Singapore.Still, RedotPay appears to have cross-border service restrictions. Visitors outside Hong Kong are greeted with a warning when accessing the company’s website.RedotPay appears to have cross-border service restrictions. Visitors outside Hong Kong Source: RedotPayCrypto payments options rising in Asia, with stablecoins at the forefrontDirect cryptocurrency payment solutions are gaining traction across Asia. In November 2024, Singapore-based digital asset trading platform Crypto.com partnered with Triple-A to enable direct crypto payments, eliminating the need to convert crypto into fiat.Hong Kong has its share of competitors. Infini, a stablecoin-focused crypto payment firm, offers payment services while earning yields. However, it recently suffered a $50 million USDC exploit, allegedly orchestrated by a rogue developer who swapped USDC for DAI — a decentralized stablecoin that cannot be frozen like its centralized counterparts.Related: Infini loses $50M in exploit; developer deception suspectedUnlike volatile cryptocurrencies like Bitcoin (BTC) or Ether (ETH), stablecoins can offer a more consistent option to hold for those who want to use them for payments, as the assets are designed to maintain a value pegged to their fiat counterparts. Japan, the second-largest Asian economy by gross domestic product, is making significant strides in stablecoin adoption. A recent report by Tokyo-based research and consulting firm Yuri Group shared with Cointelegraph Magazine suggests that the Japanese government views stablecoins as a potential catalyst to unlock $14 trillion in household savings.Japan’s eyes digital assets resurgence behind established financial institutions. Source: Yuri GroupYuri Group highlights Progmat as a key player in Japan’s digital asset ecosystem. Backed by the nation’s largest bank, Mitsubishi UFJ Progmat operates in compliance with Japan’s strict regulatory framework, which mandates a 1:1 reserve backing. This ensures that Japan’s established financial institutions remain at the forefront of digital asset management.In contrast, China, Asia’s largest economy, has banned cryptocurrency trading and recognizes the renminbi as the country’s sole legal tender.Magazine: How Chinese traders and miners get around China’s crypto ban

Behind Elon Musk’s X outage: What really happened and why it matters

What caused the X outage? On March 10, 2025, X’s services went down for many users, causing frustration and confusion across the platform. The outages were significant enough to make headlines and draw attention from the tech community and the media. Elon Musk, ever the outspoken owner, quickly attributed the disruptions to a “massive cyberattack.”While the initial response was that the attack might have originated from a coordinated group or even a nation-state, Musk’s comments pointed to Ukrainian IP addresses as the suspected source. However, he later clarified that the evidence was not definitive.Also, several cybersecurity experts emphasized that attributing the source of such attacks based solely on IP addresses is unreliable, as attackers often use compromised devices worldwide to mask their actual location. So, what was the cause of X’s disruption? It was a large-scale, distributed denial of service (DDoS) attack. Such attacks involve overwhelming a server with so much traffic that it cannot serve legitimate requests, effectively bringing down the platform. This attack is a common method for cybercriminals to take down websites and was the primary factor behind X’s downtime. The technical side: How the DDoS attack impacted X DDoS attacks are no small feat. These attacks flood the target’s servers with excessive traffic, rendering them unable to function correctly. It’s a strategy designed to exhaust a system’s resources and make it impossible for genuine users to access the service. Experts pointed out that the attack on X was massive and well-coordinated, taking down parts of the platform for hours.Here’s a timeline of the events on March 10:Early morning (Eastern Time): Users began reporting issues accessing X, with over 21,000 reports in the US and 10,800 in the UK. 9:30 am ET: A second wave of outages occurred, with about 40,000 users reporting disruptions. This outage persisted into the afternoon.Throughout the day: Users continued to experience intermittent access issues, with reports peaking during critical periods such as the start of National Football League free agency.Evening: By 6:24 pm ET, the number of reported issues decreased significantly to 403 in the US and 200 in the UK, indicating that the platform was stabilizing.Security experts noted that some of X’s origin servers had not been adequately protected behind Cloudflare’s DDoS defense systems. This created a vulnerability that cyber attackers could exploit, contributing to the success of the attack.Did any individual or group claim responsibility?Yes, in the aftermath of the attack, a pro-Palestinian hacker group known as Dark Storm Team claimed responsibility. This group has been active since late 2023 and is known for targeting organizations and governments perceived to support Israel. Their tactics often involve DDoS attacks to disrupt services and draw attention to their political motives. While X took quick action to shore up these weaknesses, this incident served as a reminder that even the most prominent platforms are not immune to cyber threats if their security infrastructure isn’t up to the task.Did you know? Cloudflare is renowned for its robust DDoS protection, having previously defended against some of the largest recorded attacks, including a 5.6 terabit per second assault in October 2024. From fail whale to Musk’s era: Major X outages in history Over the years, the platform has faced several high-profile outages caused by cyberattacks, internal errors and technical limitations.In its early days, X (then Twitter) was notorious for frequent crashes, often displaying the now-iconic “fail whale” image to users. These outages were primarily due to the platform’s struggle to handle surges in traffic, particularly during major global events like elections, award shows and sports finals.“Fail Whale” was Twitter’s old error message, showing a cartoon whale being lifted by birds. It appeared when Twitter was overloaded or crashed. It became a symbol of Twitter’s frequent outages, especially in its early days.Notable incidents from Fail Whale to Musk’s X era include:2016 Dyn DDoS attack: One of the most severe outages in X’s history occurred during the Dyn cyberattack in October 2016. This massive DDoS attack targeted a key internet infrastructure provider, taking down major websites, including X, Reddit and Spotify. The incident underscored the risks of centralized internet infrastructure.2020 API failures: In October 2020, a widespread outage due to internal system changes led to API failures. While not a cyberattack, the event demonstrated how a misconfiguration could bring down the platform for hours.2022 takeover disruptions: Following Elon Musk’s acquisition in late 2022, several outages occurred due to mass layoffs affecting critical engineering teams. Reduced staffing raised concerns about the platform’s ability to maintain reliability.2023 rate limit issues: In July 2023, X imposed strict rate limits on users due to excessive data scraping. This decision led to widespread service disruptions, with many users unable to load tweets.Did you know? The US Treasury is being sued for allegedly giving Elon Musk’s Department of Government Efficiency (DOGE) access to millions of Americans’ sensitive financial and personal data. The lawsuit, filed by the AFL-CIO, claims this access violates federal laws and raises significant privacy concerns. Lawmakers, including Senator Elizabeth Warren, have warned that Musk’s involvement could lead to unprecedented data misuse. The growing importance of social media security The X outage highlights the growing concern about social media security in today’s digital world. Platforms like X, Meta and Instagram have become crucial communication channels for individuals, businesses, governments and activists. Even X has become a hub for the crypto community, serving as a central platform for discussions, updates, and networking within the industry. However, these platforms are increasingly under threat from cyberattacks, misinformation campaigns and data breaches.Here are some key areas where social media security is essential:Protecting user data: With millions of users actively posting, messaging and storing sensitive data, social media platforms are prime targets for hackers. Personal information, including emails, phone numbers and even financial data, can be compromised if security measures are weak.Enhancing user authentication: Stronger authentication methods, such as multifactor authentication (MFA), biometric logins and encrypted messaging, can reduce the risk of unauthorized access. Users should be encouraged to enable MFA to add an extra layer of security to their accounts.Fighting disinformation and fake accounts: Cyberattacks aren’t always about taking down a platform; sometimes, they aim to manipulate public perception. Fake accounts, bots and misinformation campaigns can create chaos, influence elections and spread propaganda. Social media companies must use advanced AI tools to proactively detect and remove such threats.Preventing DDoS and cyberattacks: As seen in the case of X, DDoS attacks can cripple a platform. While companies invest heavily in cybersecurity, hackers continue to evolve their tactics. This calls for constant vigilance and AI-driven security systems to detect and mitigate threats in real-time.Regular security audits and updates: Cybersecurity is an ongoing process. Social media companies must conduct regular security audits to identify and patch vulnerabilities before attackers can exploit them. Keeping systems updated ensures that the latest security measures are in place.Finally, as you continue to integrate social media into various aspects of your lives, prioritizing security will ensure that these platforms remain trusted and reliable channels for communication and engagement.

Bitcoin panic selling costs new investors $100M in 6 weeks — Research

Bitcoin speculators suffered losses of over $100 million in just six weeks thanks to panic selling, new research calculated.Data from onchain analytics platform CryptoQuant revealed the extent of recent capitulation by short-term holders (STHs).Bitcoin speculators run to the exit “in the red”Bitcoin (BTC) entities hodling coins between one and three months bore the brunt of a brutal bull market drawdown, and many did not stay the course.CryptoQuant suggested that this section of the overall STH investor cohort, defined as those buying up to six months ago, is around $100 million out of pocket.“This represents a significant reduction in the value of Bitcoin held by this cohort, who are now underwater as many bought at higher prices and are exiting with losses,” contributor Onchained wrote in one of its “Quicktake” blog posts on March 13.Onchained referenced the market cap and realized cap of the relevant entities, corresponding to the current value of the BTC they own versus the price at which they last moved onchain.“The market capitalization (MC) of their holdings is now lower than the realized capitalization (RC), signaling that these holders are locking in realized losses,” the post said. “This behavior is contributing to increased selling pressure and could lead to further downward price action in the short term.”Bitcoin 1-3 month investor market cap, realized cap (screenshot). Source: CryptoQuantAn accompanying chart shows a dramatic negative weekly change in the realized cap on a scale not seen in many months.The cohort’s net unrealized profit/loss (NUPL) score is currently at -0.19, likewise suggesting more coins are being held “underwater” than at any time over the past year.Bitcoin 1-3 month investor NUPL. Source: CryptoQuantBTC price drawdown belies “broader bearish phase”February marks just the latest trial for recent Bitcoin buyers, with BTC/USD losing up to 30% versus its latest all-time highs seen in mid-January.Related: Bitcoin price drops 2% as falling inflation boosts US trade war fearsAs Cointelegraph reported, sudden corrections have tended to cost speculative investors heavily, with loss-making sales commonplace as fear and panic set in.Large-volume entities, meanwhile, are increasingly ignoring short-term BTC price fluctuations to add exposure at levels around $80,000.In its latest weekly report seen by Cointelegraph on March 12, CryptoQuant warned that the current correction may be more tenacious than it appears on the surface.“Historically, bull market corrections tend to be short-lived and followed by strong recoveries, but current on-chain indicators point to a potential structural shift that could preclude a broader bearish phase,” it summarized.Bitcoin price drawdowns by year. Source: CryptoQuantThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

XRP price poised for 46% gains after Ripple secures first Dubai license

XRP’s price is eyeing a breakout from a classic chart pattern in the near future after Ripple acquired its first-ever license in the Middle East. XRP price chart hints at possible 46% gainsXRP (XRP) has been consolidating inside a descending triangle pattern since topping out at its seven-year high of $3.40 on Jan. 16. After finding support from the triangle’s horizontal line at $2.00, the XRP/USD pair has left behind a sequence of higher lows over the last four days to its upper trendline, as shown in the chart below.XRP/USD daily chart. Source: Cointelegraph/TradingViewXRP‘s price is now testing the triangle‘s upper trendline at $2.30, raising hopes of a daily candlestick close above this level.If this happens, XRP could rally toward the $3.00 psychological level, a critical supplier congestion zone that has recently rejected the price twice.A move past this level would push the price toward the next major resistance at $3.27 and later to the multi-year high at $3.40, amounting to a rise between 30% and 46%.Meanwhile, crypto analyst CrediBull Crypto says XRP’s drop to sub-$2.00 levels provided a perfect entry for buyers, targeting profits around $3.40.Manifest destiny. $XRP https://t.co/Pa2pKSbYHq pic.twitter.com/FyeWfMrw5z— CrediBULL Crypto (@CredibleCrypto) March 14, 2025Ripple secures Dubai licenseOn March 13, Ripple announced that it had secured approval from the Dubai Financial Services Authority, allowing it to offer regulated crypto payment services in the UAE.Ripple has secured regulatory approval from the Dubai Financial Services Authority (DFSA), making us the first blockchain payments provider licensed in the DIFC. https://t.co/6oHWtnjODrThis milestone unlocks fully regulated cross-border crypto payments in the UAE, bringing…— Ripple (@Ripple) March 13, 2025This approval, Ripple’s first in the Middle East, will allow the payments company to tap into the UAE’s $40 billion remittance and $400 billion international trade markets.Related: Price analysis 3/12: BTC, ETH, XRP, BNB, SOL, ADA, DOGE, PI, LEO, HBARFollowing the announcement, XRP’s price gained 6% from a low of $2.21 to a high of $2.34 on March 11, reflecting market optimism.“Ripple’s DFSA license in Dubai’s DIFC marks a game-changer, ” said commentator Vincent van Code in a March 13 post on X, adding that it positions the “company as a leader in regulated crypto payments across the UAE’s $40B cross-border market.”“This could unlock massive potential for XRP, driving adoption and growth as blockchain transforms global finance.”Ripple’s battle with SEC nears an endAnother potential catalyst for XRP price is the possible end of the SEC’s case against Ripple.Ripple’s prolonged legal battle with the US Securities and Exchange Commission (SEC) since 2020 over allegations of unregistered XRP sales may be nearing a resolution.A July 2023 judge’s ruling deeming XRP not a security for retail sales but fining Ripple $125 million for institutional violations, marked a turning point. Recent reports suggest both parties might drop their appeals, with Ripple negotiating better terms amid a perceived shift in SEC priorities under new leadership.“The SECGov vs. Ripple case is in the process of wrapping up and could be over soon,” said Fox Business’s Eleanor Terret, citing two unidentified sources.Terret explained the SEC may be reconsidering its aggressive crypto enforcement, potentially aligning with a more lenient regulatory stance.“The argument, I’m told, is that the new SEC leadership is wiping the enforcement slate clean for all previously targeted crypto firms because it believes regulatory clarity will resolve the underlying issue.”As Cointelegraph reported, several cases against crypto companies were dismissed in recent weeks, including Coinbase, Robinhood and Kraken, by the new SEC administration under acting Chair Mark Uyeda.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Calls for stricter rules on political memecoins after $4B Libra collapse

Industry voices warned that politically endorsed cryptocurrencies must adopt stronger investor protections and liquidity safeguards to prevent another major market collapse.Investor sentiment remains shaken after the Libra (LIBRA) token, which was endorsed by Argentine President Javier Milei, suffered a $4 billion market cap wipeout due to insider cash-outs.According to blockchain analytics firm DWF Labs, at least eight insider wallets withdrew $107 million in liquidity, triggering the massive collapse.Source: Kobeissi LetterTo avoid a similar meltdown, tokens with presidential endorsements will need more robust safety and economic mechanisms, such as liquidity locking or making the tokens in the liquidity pool non-sellable for a predetermined period, DWF Labs wrote in a report shared with Cointelegraph.The report stated that tokens from high-profile leaders would also need launch restrictions to limit participation from crypto-sniping bots and large holders or whales.“Limiting bot and whale activity is essential in limiting the impact of individuals acting on insider information to corner a large percentage of the token supply,” according to Andrei Grachev, managing partner at DWF Labs:“Projects must strive to deliver as fair a launch as possible so that all participants have an equal opportunity to secure an allocation and aren’t disadvantaged by a handful of well-funded or well-informed players claiming the lion’s share of the supply.”Source: DWF LabsThe Libra scandal resulted in 74,698 traders losing a cumulative $286 million worth of capital, according to DWF Labs’ report.The token’s quick meltdown further illustrated the need for liquidity locking, which “ensures that there is sufficient liquidity for users to buy and sell into without high slippage,” Grachev said, adding:“This is particularly valuable during the launch phase of a token when there is high volatility, ensuring there is sufficient liquidity to satisfy large trades without major price impact.”DWF Labs’ report comes a week after New York lawmakers introduced legislation aimed at protecting crypto investors from rug pulls and insider fraud, amid the latest wave of memecoin scams. Related: TRUMP, DOGE, BONK ETF approvals ‘more likely’ under new SEC leadershipMore transparency needed for token launchesThe Libra token’s meltdown illustrates the necessity for more transparent token launch mechanisms, explained DWF Labs’ Grachev, adding:“These include pre-launch wallet transparency and launchpads conducting and better due diligence on projects.”“There’s always a degree of risk when launching any token, something which can’t easily be fully mitigated,” he said.“Nevertheless, by carefully scrutinizing the projects they partner with and taking full advantage of the transparency that is one of blockchain’s core features, launchpads can empower users to make more informed decisions,” he added.Related: Memecoins: From social experiment to retail ‘value extraction’ toolsSome troubling developments have emerged since the meltdown of the memecoin endorsed by the Argentine president, including that Libra was an “open secret” in some memecoin circles, which were aware of the token’s launch up to two weeks ahead.Milei has requested the Anti-Corruption Office to investigate all government members, including the president, for potential misconduct, according to a Feb. 16 X statement issued by Argentina’s presidential office, Oficina del Presidente.Milei faces impeachment calls from his political opponents after endorsing the cryptocurrency that turned into a $100 million rug pull.Magazine: Caitlyn Jenner memecoin ‘mastermind’s’ celebrity price list leaked