Real-name rug or hacked? The whole story of the Notebook crash in 5 minutes

What Happenedurred?

On the afternoon of May 20, 2025, the $NOTEBOOK token was launched on the Launchcoin platform, released by Cheng-Wei Hu (Twitter ID: @HcwXd), who claimed to be a Googleole Notebook LM developer. Cheng-Wei Hu also showcased a GitHub homepage with 266 stars, attempting to endorse the token and attract investor attention. After the tweet was posted, $NOTEBOOK quickly sparked market enthusiasm, with many investors viewing it as a potential project in the "AI + Education" concept, rushing in.

Just 20 minutes after launch, $NOTEBOOK's market cap surged to $4.4 million, with trading volume spiking to $166.00K. However, around 18:30, the market suddenly changed, with prices plummeting 96% in just 5 minutes, shrinking the market cap to only $100,000. As the price crashed, Cheng-Wei Hu deleted the project's official announcement tweet, further intensifying community panic. fear. Discussion on X platform surged 200% within an hour, with negative sentiment accounting for 70%.

On-chain data showed that the front-row addresses (suspected to be insider traders) sold) at the peak with 15% of tokens quickly emptied. Some in the community regretted during the review: "Completely missed the holding distribution, bought at low points, got cut at high points, directly losing half." The community generally believed this was a carefully planned "Rug Pull", though some speculated that Cheng-Wei Hu's account might have been hacked, as the risk of running away after a real-name token issuance is extremely high.

What Was Google Notebook LM Originally?

Google Notebook LM is an AI-driven note-taking tool designed to help users more efficiently organize, understand,. launched in 2023, powerful AI features quickly gained favor among educators and content creators. Users can upload documents, PDFs, even web content, and Notebook LM automatically generates mind maps, summaries, key questions to help extract core information. In September 2024, Google added support for YouTube videos and audio files to Notebook LM, allowing users to transform video content into conversational podcasts, a feature especially popular among teachers and students. For example, a high school teacher can use Notebook LM to organize historical course materials into mind maps, while students can review knowledge points through audio overviews, significantly improving learning efficiency.

Notebook innovation lies not only in its technical capabilities but also also also-friendly design. Its interactive mind map map function allows allows users to delve into related concepts by clicking nodes, similar to a "knowledge exploration" experience. Google once stated that Notebook LM's goal is to "Augment Human Intellect", rather than replace human thinking, a concept also reflected in the mind map screenshot accompanying the publisher's tweet. However, the $NOTEBOOK token has no technical connection to Notebook LM. The publisher's claimed "weekend project" was merely borrowing the Google product's name to hype the coin. The community quickly discovered that $NOTEBOOK didn't even have a whitepaper, let a technical architecture or actual application scenarios, purely a hollow concept hype.

This "name-borrowbehavior not only damaged Notebook Lbut also raised doubts about the authenticity of AI + crypto projects. Google Notebook LM, as a solid a solid AI educational tool, should have been unrelated to the crypto market's speculative frenzy, yet was unexpectedly drawn into this farce.

Community Voices and Launchcoin Reflection: Web2 Identity Harvesting Web3's Chaos

The $NOTEBOOK crash event triggered intense responses in the crypto community, with anger, questioning questioning, and reflection intertwiningined furiously exc: "This is definitely a real-name Rug Pull, too arrogant! I'm preparing to write a report letter to Google HR, issuing a token using Notebook LM clearly violethics. If not an American, lose job and be deported; if an American, would also lose job loss employment!" This voice represents many investors' emotions, believing the exploited Google employee identity to issue tokens, only deceiving the community but potentially touching professional ethics' red lines.

<

However, different views exist within the community. Some questioned: "The publisher's Twitter has no official Google follow or like, might be account hacked. Who would be so stupid to real-name Rug Pull themselves?" Others analyzed from the project perspective: "$NOTEBOOK is just a generic AI meme, narrative hollow,, possibly a team borrowing identity for hype." Another community member added: "$NOTEBOOK lacks mainstream news and social heat, on-chain distribution transparency is average, short-difficult term to emotional bottlensuitable for high-risk players to ambush than high." Community sentiment split, some demanding thorough investigation of the publisher's true identity, others, others calling for investors to raise vigilance, learn to judge project value through on-chain data.

< p launch,coin, low as a launched token issuance platform 2became popular due to low threshold and high return potential, but also became a "Rug Pull" disaster zone. Some in the community lamented: "unchOin is platform is a double-edged sword, giving Web2 projects exposure opportunities, but also letting scammers take advantage." The reflected that the's employee identity quickly won community trust, but this trust was built on unverified "celebrity effect". In fact, the Web2 Web and Web3 divide lies in trust trust mechanisms::: Web2 alized2 relies on centralized endorsement ((like company reputation), while Web3 emphasizes decentralized verification (like on-chain data). The $NOTEBOOK event indicates that Web2 trustworthiness in Web stricter verification, such as on-chain background checks or social media interaction authenticity verification.

La,unchcoinoinoin's threshold faced criticism. Community called for stricter review mechanisms, requiring project parties to provide whitepa,pa-on-chain address transparency, media even through decentralized governance (DAO), need to enhance risk awareness to value through holding distribution fund flows, logic, than by BY fof emotions. The>